What is WebRTC? The $21 Million Market
Simpler real-time communications for the Masses
Today’s consumers and employees are both looking for more convenient and intuitive ways to communicate. Phone calls and emails still have their place, but for genuinely immersive conversations, real-time messaging, screen sharing, and video conferencing are growing increasingly essential.
Sometimes, the biggest issue that companies face when it comes to boosting their communication strategy is ensuring that all of their contacts have the right technology to accept a VoIP call or video conference.
Fortunately, WebRTC solves this problem, by allowing unified communication vendors to stream conversations in real-time through a web browser. There’s no need for any additional software or plugins. Anyone can simply click on a link and join the meeting.
What is WebRTC?
Web Real-Time Communications or WebRTC is a collection of APIs and communication protocols developed by Google. This technology enables real-time video and voice communications through P2P or “peer to peer” connectivity.
With WebRTC, web browsers can request real-time data from the browsers of other users accessing the same system, allowing for group communication via video, voice, chat, and more. It’s even possible to share screens and files. WebRTC also enables developers to embed their communication systems directly into their browser-based enterprise tools, such as social apps or CRM software. This provides users with the power to communicate from within any web interface they choose, without plugins or added hardware.
WebRTC is particularly useful when companies want to connect with their customers over the internet and provide information through video or file-sharing. It can also be helpful when organisations need to interact with contractors, suppliers, and third-party companies. With WebRTC, you don’t have to ask someone to download plugins and applications just so that they can communicate with you.
Although WebRTC has been around for quite some time now, it’s becoming increasingly popular in an era defined by ever more flexible communications, and rising consumer demands. Some experts believe that WebRTC will also be the tool of choice for upcoming developments in cloud communications and 5G mobile conversations.
According to Zion Market Research, the current market for Global WebRTC was worth around 1,669 million in 2018. However, by the time we reach 2025, the space will be worth more than $21 million, equalling a CAGR of 43.6%. Here are some of the trends leading this growth.
1. New User Expectations
“Experience” is a growing trend in several different areas. Today’s technology vendors aren’t just focused on what experience means to customers; they’re also looking for ways that they can improve experiences for users and businesses too. In a world where everyone is looking for easier ways to stay connected, WebRTC provides one of the simplest modes of access for VoIP and video conferencing.
Shifting to WebRTC solutions will allow companies to deliver a more accessible end-user experience, ensuring that anyone and everyone can take part in audio and video conversations. Additionally, WebRTC also requires fewer resources, less bandwidth, and allows for a more seamless communication network.
2. The Rise of 5G
As mentioned above, some groups are beginning to see the benefits of WebRTC in a world where mobile connections will be faster and more reliable. As 5G technology rolls out, people will be able to access and stream high-quality video content from their phones, wherever they might be. This means that people offering WebRTC connected to 5G will be able to deliver HD video conferencing and more on-the-go.
As video collaboration and communication becomes more popular, the combination of WebRTC and 5G will ensure that everyone can access the immersive visual environments they need to stay connected with teams and co-workers.
3. WebRTC (PaaS)
While WebRTC may be incredibly easy to access on the front-end, with no plugins or downloads required to share data, it’s got a complicated development side. It’s not something that can be handled by any coding novice and sometimes requires entire servers to manage. However, by accessing the “as a service” model, companies will be able to simply embed WebRTC into their existing communication strategies quickly and easily.
This ease of access will allow more developers to build and deploy applications infused with WebRTC into their environments cost-effectively. This is an exciting proposition for small and large companies alike.
The statistics around WebRTC as a specific technology are still somewhat limited. We know that the environment is growing at a rapid pace, driven by things like a demand for simplicity and video conversation.
- American businesses hold around 11 million meetings per day
- WebRTC is currently growing at a rate of 6% per year between 2019 and 2025
- The global value of WebRTC is expected to reach more than $21 million in 2025, a considerable increase from $1.6 million in 2018.
- Geographically, North America should have the biggest market share for real-time communications.
- More than 30% of consumers today expect to be able to engage in a live conversation on a business website.
WebRTC Hashtags Used on Social Media