The web real-time communication market size is expected to reach US$ 39.78 billion by 2028; it is estimated to grow at a CAGR of 21.6% between 2022 and 2028.
Web real-time communication solutions provide applications and tools that enable direct communication between end users using a web browser. It is based on an open-source project, which is offered free of cost, and enables real-time communication (RTC) to web browsers and mobile applications through application programming interfaces (APIs). Web real-time communication facilitates real-time communication using various multimedia file forms such as video, audio, and text. It provides users with secure, easy-to-use, economical, and uninterrupted communication services, ultimately improving productivity.
MARKET DYNAMICS
Increasing demand for web and mobile applications by organizations for business processes, rising number of APIs offered by vendors, and growing penetration of smartphones across various industries are the major factors expected to drive the web real-time communication market. Additionally, an increase in demand for robust and secure communication systems and high requirements for web real-time communication solutions from small and mid-size businesses are driving the web real-time communication market.
MARKET SCOPE
The "Global Web Real-Time Communication Market Analysis to 2028" is a specialized and in-depth study of the market with a special focus on the global market trend analysis. The report aims to provide an overview of the market with detailed market segmentation by component, device type, organization size, and industry vertical. The global market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading market players and offers key trends and opportunities in the web real-time communication market.
Strategic Insights
MARKET SEGMENTATION
The global web real-time communication market is segmented based on component, device type, organization size, and industry vertical. Based on component, the market is bifurcated into solutions and services. The solutions segment is further divided into messaging & file sharing, voice calling & conferencing, and others. The services segment is again segmented into implementation & integration services, consulting services, and other services. In terms of device type, the market is segmented into desktop, mobile, laptop, and others. Further, based on organization size, the market is bifurcated into SMEs and large enterprises. Moreover, based on industry vertical, the market is segmented into BFSI, IT & telecom, media & entertainment, manufacturing, retail, and others.
REGIONAL FRAMEWORK
The report provides a detailed industry overview, including qualitative and quantitative information. It provides overview and forecast of the global web real-time communication market based on various segments. It also provides market size and forecast estimates from 2019 to 2028 with respect to five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. Each region's web real-time communication market is later sub segmented into respective countries and segments. The report covers analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in the region.
From the regional perspective, North America dominated the web real-time communication market with ~35% market share in 2021. The dominance of the region in the market is majorly attributed to the presence of a large number of market players who have been increasingly focusing on the development of innovative solutions. The region's key web real-time communication market players include Oracle Corporation; Cisco Systems, Inc.; Avaya Inc.; Plantronics, Inc.; and AT&T, Inc. These market players have been witnessing constant demand from SMEs and large enterprises. The figure below showcases the revenue growth trend in the global market.
Source: The Insight Partners Analysis
The report analyzes factors affecting the web real-time communication market from both demand and supply sides and further evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive PEST analysis, highlighting the factors affecting the web real-time communication market in these regions.
IMPACT OF COVID-19 PANDEMIC
The US, India, Brazil, France, Russia, Turkey, the UK, Argentina, and Colombia were among the worst-affected countries by the COVID-19 pandemic. The outbreak disrupted the functioning of various industry verticals, leading to serious volatility and instability in the business environment. Implementing containment measures such as trade bans, travel restrictions, and workforce limitations at workplaces also impacted various businesses' normal functioning. Such disruptions promoted strong adoption of digitalization across the globe, which positively impacted the web real-time communication market, as such solutions allowed for accelerating automation and streamlining workflow. Thus, the pandemic positively impacted the global web real-time communication market.
MARKET PLAYERS
The reports cover key developments in the web real-time communication market's organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Inorganic growth strategies witnessed in the market were acquisitions and partnerships & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market players are anticipated to have lucrative growth opportunities in the future with the rising demand for web real-time communication. Below mentioned is the list of a few companies engaged in the web real-time communication market.
The report also includes the profiles of key web real-time communication market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information for the last three years, and key development in the past five years.
- Oracle Corporation
- Cisco Systems, Inc.
- Avaya Inc.
- Plantronics, Inc.
- AT&T Inc.
- Vonage America, LLC
- Ribbon Communications Operating Company, Inc.
- Twilio, Inc.
- VoIPStreet, Inc.
- Enghouse Systems Ltd.
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.