In its research report, Market Research Future (MRFR) emphasizes that the global web real-time communications market 2020 is expected to grow signifcantly, securing a substantial market valuation of up to USD 10 billion and a healthy 44% CAGR over the review period.
Drivers and Restraints
The factors that contribute to the growth of the web real-time communications market are growing demand for safe communications mode, increasing demand from business to enhance customer relationship management, increasing adoption of such solutions in the healthcare sector, and increasing demand for better communications solutions. In addition, web RTC offers a higher quality of video and audio at a lower cost with an improved level of protection relative to other telecommunications systems and thus could drive the development of the global web RTC industry. The benefits of introducing such approaches also improve the efficiency of an organization, reduce various costs, and reduce the complexities. Web real-time communications can offer improved video and audio quality at a lower cost than other telecommunications systems. Consumer development facing industries such as retail, healthcare, and hospitality will further fuel the development of the RTC web sector.
Web RTC is still an evolving technology, however, and thus has specific problems such as privacy issues in the use of the public internet and data protection. These issues are expected to curb global network RTC market growth. The web real time communication technology is not supported in iOS, and windows are hampering the growth of the overall market.
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The global market has been segmented, based on type, into solutions and services. The solutions segment comprises video conferencing, messaging, voice calling, and others. The services segment comprises of consulting, integration, and others.
Based on the organization size, the market comprises of large, medium, and small.
On the basis of vertical, the global market has been divided into healthcare, IT & telecommunications, media & entertainment, BFSI, government and transportation, retail, among others. Out of these verticals, the IT & Telecommunications segment assessed as the largest market share majorly due to advanced technologies with the existing infrastructure, delivering real-time solutions to consumers, and eliminates various complexities. The healthcare segment is slated to grow at a fast pace over the review period, 2017-2023.
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The geographical overview of the global market has been analyzed in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world. Due to increased acceptance of innovative technology technologies, expansion of the internet network, increased demand for improved operational performance, and a strong presence of solution providers, North America had the largest market share. Countries like the U.S. and Canada primarily lead to business growth. Over the forecast period, the market is projected to rise in the North American region with the largest market share to gain a CAGR.
Europe takes North America’s lead. A growing understanding of its potential benefits for this area is pushing the demand ahead. During the forecast era, APAC expects the fastest CAGR. Countries like India and China have started implementing the technology with their considerable industrial growth, which ensures a significant rise in the regional market. In addition, several companies are centered in this area that can serve as a software-defined booster to the security industry.
The major market players operating in the global market as acknowledged by MRFR are AT&T (U.S.), Avaya, Inc. (U.S.), Apidaze (France), Cafex Communications, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Dialogic, Inc. (U.S.), Polycom, Inc. (U.S.), Oracle (U.S.), Twilio, Inc. (U.S.), TokBox, Inc. (U.S.), GENBAND Inc. (U.S.), and Quobis (Spain) among others.
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