Demand for Web Real-Time Communication Solution Market is expected to rise at a CAGR of 44.4% during the forecast period 2031
The demand for web real time communication solution is expected to top US$ 4,528.3 Mn in 2021. As per Future Market Insights (FMI) analysis, the market will register impressive growth at 44.4% CAGR between 2021 and 2031, as enterprises around the world are exhibiting high demand for web real time communication solutions and services.
Newly released data on web real time communication solution indicates a 41.6% y-o-y growth in 2021. WebRTC Solution will continue to have the largest market share. On the other hand, demand for web real time communication services is forecast to grow at a 46.5% CAGR through the assessment period.
Aside from that, the market is being driven by the cost-saving advantages offered by cloud-based arrangements of web real-time communication solutions, as well as an increasing number of web clients. The rising interest in real-time communication over programme and portable applications is one of the key factors driving the development of the web real time communication solution market.
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Key Takeaways from Web Real Time Communication Solution Market Study
Large enterprise applications will dominate the market through 2031 with 60.4% value share, supported by large-scale data transformation requirements in these businesses and increasing demand from small and medium enterprises.
The IT & telecom industry will reflect higher adoption rates holding 29% of the market in 2021, supported by the introduction of 5G technologies. China leads the East Asia market, reflecting a CAGR of over 49.3% through 2031, with growing demand for cost effective web real time communication solution for SMEs in the region.
The U.S. market is projected to expand at a CAGR of 42.8% through 2031, supported by the presence of key players in the market. Germany will hold the lead in Europe by the end of 2031, with a CAGR of over 54.5% owing to the rising penetration of the internet and smartphone technologies in the region.
“Growing adoption of secure & robust communication coupled with increasing demand from small and medium enterprises is expected to drive the adoption of web real time communication solution. Digital transformation investments are expected to create opportunities in the foreseeable future for the web real time communication solution market,” says a Future Market Insights (FMI) analyst.
Impact of COVID-19 on Web Real Time Communication Solution Market
The COVID-19 pandemic has disrupted many industries, including the market for web real time communication solutions and services. Different industry verticals have suffered notable losses as a result of mobility and travel restrictions for public health reasons, among other social distancing measures.
Disruptions in services are having an impact on economies and trade, given the role of services in offering inputs connecting supply chains and facilitating trade. The extent of impact on trade varies by mode of supply and sector.
Trade involving proximity among consumers and suppliers is severely impeded. The COVID-19 crisis is leading to greater adoption of online services in retail, education, health, and telecom sectors. The outbreak of the COVID-19 crisis has led to the withdrawal of several corporate events, international seminars, trade shows, and investor presentations. As a result, these events have turned towards web real time communication solutions and services for communication, thereby driving the market growth.
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Who is winning?
The moderately consolidated web real time communication solution market is characterized by players who are increasingly focusing on the development of new product offerings in addition to strategic endeavors towards geographical expansion. Moreover, growing demand for automation and digitalization tools is anticipated to drive the growth of the web real time communication solution market.
Prominent players in the web real time communication solution market include but are not limited to
More Valuable Insights on Web Real Time Communication Solution Market
A revised market research report published by Future Market Insights (FMI) on the global web real time communication solution market includes global industry analysis for 2016–2020 and opportunity assessment for 2021–2031.
The report provides valuable insights on the basis of component (WebRTC solution and services); enterprise size (SMEs and large enterprises); industry (IT & telecom, BFSI, media & entertainment, healthcare, government, manufacturing, and others), and across six major regions.
Market Segmentation by Category
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About Future Market Insights, Inc. Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Aw
Jan 17, 2023
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