WebRTC Market is Expected to Reach US$ 54,944.9 Mn by 2026
According to a new market research report published by Transparency Market Research titled ‘WebRTC Market (Platform Provider: Browser, Mobile, Unified Communication; Solution: Voice, Video, and Data Sharing; End-use Industry: Telecommunications, IT, Health Care, E-commerce, Education, Media & Entertainment, BFSI, and Others (Energy and Transportation)) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2026,’ the global WebRTC market is expected to reach US$ 54,944.9 Mn by 2026. The market is anticipated to expand at a CAGR of 17.9% during the period from 2018 to 2026. The global demand for WebRTC is expected to rise, largely due to a rise in its application in end-use sectors such as telecom, IT, e-commerce, and others.
In recent years, real-time Internet applications have been taken into consideration in order to provide quality of service (QoS) requirements. For real-time media, application designers are mainly concerned with temporal properties such as jitter, delay, bandwidth, and synchronization and reliability properties such as ordered delivery, error-free delivery, and fairness. In order to achieve such efficiency, industries across the globe are focusing on introducing real-time communication applications that can provide multiple advantages such as network reliability, security, efficiency, timeliness, and peer-to peer.
Interoperability is a major issue faced by the WebRTC market. Interfacing of edge devices might pose a challenge to their smooth functioning due to differences among vendors providing edge devices, service providers, and IP-PBX. Furthermore, virtualization across IT and network environments in the form of cloud services, network functions virtualization (NFV), and software-defined networking architecture (SDN) includes greater complexity and is challenging the competency of traditional operators in IT organizations.
The mobile segment held a share of 49.0% of the global WebRTC Market in 2018. This is the result of increased adoption of smartphones. The mobile segment is expected to expand at a significant growth rate during the forecast period. This is due to a rise in smartphone penetration and preference of end-users for the mobile platform. Health care is anticipated to be a rapidly expanding segment of the market. It is expected to expand at a CAGR of 21.9% during the forecast period. Furthermore, in the health care industry, patients and doctors are adopting WebRTC solutions in order to reduce their commute to hospital also to improve mobility and device support. WebRTC solutions allow doctors and hospital staff to use collaboration suites everywhere to virtually treat patients. Additionally, WebRTC solutions provide customers with a click-to-call solution, which helps connect doctors and hospitals with patients. WebRTC solutions could be the first step in implementing a full electronic health system that can bring the doctor home.
In terms of end-user, the telecommunication industry dominates the WebRTC market. The Internet and app ecosystem have already driven disruption with VoIP, IM, and social networks taking consumer mindshare. WebRTC have brought bigger opportunities for the telecom industry. Traditional telecom players are focusing on reviewing obsolete business models and developing communications services and applications that meet real human needs. The BFSI, media and entertainment, and others (energy and transportation) segments are also estimated to expand during the forecast period.
North America held a prominent market share of around 39.8% in 2018. Expansion in the technology industry in the U.S. has boosted demand for web communication through video, voice, or data sharing. The market in Asia Pacific is expected to expand at a rapid CAGR of 20.7% during the forecast period.
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