Web Real Time Communication (webRTC) Market to grow by USD 66.58 billion from 2022-2027, Increasing adoption of bring-your-own-device (BYOD) to be a major trend - Technavio

NEW YORK, Feb. 5, 2024 /PRNewswire/ -- The global web real-time communication (webRTC) market size is estimated to grow by USD 66.58 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 48.89% during the forecast period. The primary trend driving the Web Real-Time Communication (WebRTC) market growth is the increasing adoption of bring-your-own-device (BYOD) policies.

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With more employers encouraging or providing devices to staff, WebRTC solutions offer professional standards of interaction across various remote devices, supporting the trend and enhancing communication tools in small businesses, thus contributing to market growth.

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ALE International, Alphabet Inc., Anthology Inc., Apple Inc., AT and T Inc., CafeX Communications Inc., Cisco Systems Inc., Enghouse Systems Ltd., Hewlett Packard Enterprise Co., International Business Machines Corp., Microsoft Corp., Mitel Networks Corp., Oracle Corp., Plivo Inc., Quobis Networks SLU, Ribbon Communications Inc., Sangoma Technologies Corp., Telefonaktiebolaget LM Ericsson, Twilio Inc., and Avaya Inc. are the major companies in the market.

• Oracle- The company offers web real-time communication solutions such as MiCollab and MiTeam Meetings.
• Anthology- The company offers web real-time communication solutions under the brand, Blackboard Inc. 
• Apple- The company offers web real-time communication solutions such as Apple Safari WebRTC.

Technavio has segmented the market based on Application (Video, Voice, and Data sharing ), Platform (Mobile, Browser, and UC ), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The video segment is poised for significant growth. WebRTC solutions enable instant, high-quality video conferencing directly through web or mobile applications, without requiring additional downloads. Leveraging browser extensions and built-in HTML APIs, such as getUserMedia and RTCPeerConnection, WebRTC facilitates seamless communication, positioning video conferencing as a key driver in the market's segmentation analysis.
• North America will contribute 35% to the growth during the forecast period.

Insights on the market contribution of various segments including country and region, historical data (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report

"The growing popularity of video and audio conferencing drives growth, however, the lack of high-end video conferencing features may hamper the growth."

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Web Real Time Communication (webRTC) Market report?

• CAGR during the forecast period
• Detailed information on factors that will drive the growth of the Web Real Time Communication (webRTC) Market between 2023 and 2027
• Precise estimation of the Web Real Time Communication (webRTC) Market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Web Real Time Communication (webRTC) Market industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Web Real Time Communication (webRTC) Market vendors

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Applications include:

The Web Real-Time Communication (WebRTC) industry is witnessing robust growth driven by its versatile applications in video conferencing, VoIP solutions, and real-time collaboration. This technology facilitates seamless browser-based communication, enabling online meetings, live chat solutions, and remote collaboration. With a focus on unified communications and cloud communication, WebRTC platforms are shaping the future of digital communication and telecommunication industry trends.

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SOURCE Technavio