Driven by the burgeoning significance of real-time communication during COVID-19, the web real-time communication (WebRTC) market is estimated to witness robust expansion through 2027. Moreover, escalating consumer demand for effective communication solutions across the globe is expected to further support market growth over the forecast period.
Web real-time communication (WebRTC) refers to an industry-wide, open-source project designed to offer real-time video and audio communications to web browsers and mobile applications using application interfaces. It has gained popularity as a strong and dependable open-source tool that can equip web browsers with the capacity to support real-time video, voice, and data sharing.
WebRTC implements the appropriate real-time protocols that allow peers to transfer media through web browsers. This helps users initiate click-to-start meetings without the need to download dedicated plugins or apps, which has been favorable for product uptake in recent years.
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Notably, the advent of smart devices and the Internet of Things (IoT) has also played a vital role in industry expansion. Furthermore, the COVID-19 outbreak forced people to work from home to curtail the spread of the novel coronavirus. As a result, increased requirement for seamless videoconferencing to support remote work infrastructure has also positively influenced business growth in key regions globally.
The web real-time communication (WebRTC) market has been categorized on the basis of component, enterprise size, application, and region. Based on component, the market has further been bifurcated into solution and service.
In 2020, the service sub-segment held a considerable market share in terms of revenue and is expected to grow at over 45% CAGR through the assessment timeframe. Increasing demand for integrating WebRTC across web applications is set to drive the growth of the segment in the coming years.
From the application perspective, the market has been segmented into retail, IT & telecom, government & defense, BFSI, media & entertainment, healthcare, and others. The retail sub-segment is expected to garner a market share of about 15% by 2027. Surging focus on the development of various e-commerce platforms is likely to propel segmental expansion over the following years.
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The media & entertainment sub-segment is calculated to observe substantial growth by 2027, delivering a CAGR of more than 40% through the review period. Rapid digitalization in the media industry is slated to boost segmental development in the forthcoming years.
In the regional landscape, Latin America accounted for nearly 5% of the web real-time communication (WebRTC) market in terms of revenue in 2020 and is projected to grow at a steady pace over 2021-2027. Soaring demand for web-based communication services across LATAM is foreseen to bolster regional market growth through the study timeframe.
The Middle East & Africa web real-time communication (WebRTC) market is anticipated to register a CAGR of around 40% over the forecast timeline to attain a considerable share in the overall industry revenue by 2027. Mounting need for unified communication services in MEA is speculated to foster regional market outlook in the future.