Industry Growth Factors
Thanks to the phenomenal progress in communication technology, the global web real-time communication (webRTC) market is witnessing a substantial rise in its valuation. The application of webRTC has increased remarkably in both telecom and unified communication applications and is expected to continue expanding in the coming years, stimulating the market to grow further. Over the next few years, the demand for WebRTC is expected to surge significantly among end users, owing to its open source nature and the high compatibility with multiple devices, which is likely to reflect positively on the progress of this market in the near future.
In 2016, the worldwide market for webRTC was valued at US$10.71 bn. Analysts predict the progress in this market to be paced at a CAGR of 24.30% between 2017 and 2025, and reach US$81.52 bn by the end of 2025.
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Demand for Voice WebRTC Solutions to Remain Strong
Voice, video, and data sharing are the key webRTC solutions provided by market players across the world. The demand for video webRTC solutions is higher than other types of solutions. This segment led the global market with a share of more than 57% in 2016 and is projected to remain so over the forthcoming years, owing to its increasing uptake in a number of telecom and IT based end-use applications. The data sharing segment is also expected to witness substantial growth in the years to come.
Browser, mobile, and unified communication are the main platforms on which webRTC solutions can be run. With the significantly high user base of mobile phones, the mobile platform has been leading this market and is anticipated to continue like this over the next few years. Unified communication platform is also anticipated to report a steady rise in the near future.
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Regional Analysis: North America to Maintain Dominance
The global market for webRTC registers its presence across Europe, the Middle East and Africa, Asia Pacific, North America, and South America. Among these, North America acquired the leading position in 2016 with a share of more than 40%. The high adoption rate of webRTC technology, thanks to its increasing usage in UCaaS and telecom services, has been boosting this regional market considerably.
Over the coming years, analysts expect the North America market for webRTC to remain dominant on the grounds of high internet speed and the burgeoning number of mobile subscribers in this region.
Among other regional markets for webRTC, Europe also possesses a significant share in the global market due to early adoption of technology. Asia Pacific, on the other hand, is likely to present lucrative growth opportunities for market players in the near future, thanks to the significant rise in the telecom and IT sector and the increasing base of internet users. Various Asian countries, such as Japan, China, and India, are anticipated to witness a noticeable rise in the uptake of WebRTC solutions, which is likely to propel the Asia Pacific market for webRTC in the years to come.
Twilio Inc., Avaya Inc., Sinch AB, Acano Ltd., Dialogic Corp., Oracle Corp., TokBox Inc., Cafex Communications Inc., Mitel Networks Corp., TeleStax Inc., Genband US LLC, and Quobis Networks S.L. are some of the key players in the global webRTC market.