According to the latest market research report published by MarketsandMarkets, the Web real-time communication, or WebRTC market, will be estimated to reach a value of around USD 1.04 billion by 2017, projected to reach USD 6.49 billion by the end of 2022. Those numbers indicate a CAGR of around 44.2% over the forecast period. The research can be accessed here.
What’s Driving the WebRTC Growth?
So, what’s causing such phenomenal growth in the WebRTC space? Some of the major factors that are moving the market include an increased demand for robust and secure communication solutions, along with the webification of communication strategies, and the need for enterprises to improve their customer relationships.
The WebRTC solution industry is currently expected to hold the largest market share for the WebRTC market; providing APIs for the telecommunication network that will utilise the existing architecture of telecommunication solutions, and help to improve operational revenue by offering a more user-centric and qualitative collection of applications for possible clients.
WebRTC solutions allow modern businesses to access communication and collaboration through a range of devices, including PCs, tablets, and smartphones. This may be part of the reason why the adoption of such solutions has been increasing.
Focus on the IT and Telecom Vertical
During the forecast period for WebRTC growth, the Telecom and IT vertical is predicted to hold the largest share of the market. This particular vertical integrates the most advanced technologies alongside existing infrastructures to deliver real-time solutions for customers. With the use of the WebRTC solution, complexities faced during communications can be eliminated.
This modern solution for technology also means that industry operators can simplify the delivery of high-quality efficiency and service when interacting with customers.
North America will Hold the Largest Market Share
Finally, the market research suggests that the WebRTC market in North America is likely to hold the largest share during the forecast period. This space is expected to see significant benefits from technological advancements and a vast online infrastructure, as well as the wide-spread adoption of new technology, alongside the emergence of a powerful domestic solution contributing to a growth in the need for WebRTC products.
The need for greater operational efficiency and low-cost business processes is expected to help drive growth in the WebRTC market. The main vendors for the study include TokBox Inc, AT&T, Polycom, Oracle, Twilio, CafeX Communications, Avaya, and more.
