Web real-time communication industry to reach $35.6 bn by 2027

The global web real-time communication market size reached US$ 4.1 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 35.6 Billion by 2027, exhibiting a CAGR of 43.37% during 2021-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor, according to Research and Markets.

Web real-time communication (WebRTC) supports browser-to-browser applications for the direct exchange of media. It is usually implemented as an open web standard and widely available as regular JavaScript Application Programming Interfaces (APIs) on major browsers. It enables video, voice, and generic data sharing, thereby allowing developers to build robust communication solutions. As a result, it is utilized in essential web apps that use the camera or microphone and advanced video-calling applications that offer screen sharing.

Web Real-Time Communication Market Trends:
With the digital transformation in financial services, mobile banking and insurance apps are gaining immense traction for faster communication via messaging. This represents one of the major factors bolstering the market growth as WebRTC allows rapid money movement and quick process claiming and improves overall customer experience. Moreover, it eliminates the need for installing third-party desktop communication software.

Consequently, it is finding applications in the retail sector across the globe to provide powerful multimedia capabilities without requiring special drivers, plug-ins, and intermediary servers.

Furthermore, the rising use of connected devices, such as smartphones, tablets, personal computers (PCs), remote sensors, and routers, is propelling the demand for WebRTC for car-sharing services and airline apps. Businesses around the world are also adopting WebRTC for task coordination, employee scheduling, work news, and other core functions.

Besides this, the aging population, improving telecommunications, and the increasing need for healthcare facilities are some of the factors catalyzing the adoption of customized WebRTC-based video conferencing services for telehealth. This, in confluence with the surging coronavirus disease (COVID-19) cases, is escalating the need for telehealth services for remote management of patients and contributing to the growth of the market.

CT Bureau