Selbyville, Delaware, October 5, 2021 (GLOBE NEWSWIRE) –
Real-time web communication market revenues are expected to register a valuation of $ 20 billion by 2027, according to the most recent study from Global Market Insights Inc. Growing trends of working from home in businesses due to COVID-19 restrictions across various industry verticals are supporting market growth.
The growth of the WebRTC market is attributed to the increasing demand for improved, secure and robust communication solutions. With mobility making rapid inroads into many large and small businesses around the world, WebRTC solutions are experiencing accelerated adoption in the market. Companies are increasingly realizing the benefits of BYOD in terms of increasing employee productivity and efficiency. The growing trend of BYOD is supporting the growth of the market.
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The messaging and file sharing segment held a market share of over 30% in 2020 due to the growing adoption of messaging solutions to enable instant communication channels in the business environment. This solution has helped companies to effectively coordinate team members, clients and external agencies easily and share files without any data leakage. This is a major factor supporting the growth of the market during the forecast period.
SMEs are expected to grow at a CAGR of over 45% during the forecast period due to the growing trend of working from home in SMEs. The increasing trend of labor mobility and budget constraints will force companies to seek effective ways to reduce telecommunications expenses. SMBs are quickly adopting WebRTC solutions because this technology enables cost-effective voice communications.
The BFSI sector held a significant market share in 2020 due to the increasing demand for improved communication services in the BFSI industry. Banks and financial institutions need effective communication platforms that reduce costs by combining data and voice services on a single channel to support mobile interactions. They are rapidly moving from on-premises platforms to cloud technology to support the growing demands for mobility and collaboration. WebRTC solutions enable companies in the BFSI industry to streamline their operations and communicate with multiple stakeholders and customers to improve productivity and provide enhanced banking services.
Europe is expected to generate more than $ 6 billion in revenue by 2027 in the WebRTC market. The growth of the market is attributed to the increasing adoption of cloud computing services in the region. For example, according to Eurostat, around 50% of small and medium-sized businesses in Europe were using cloud computing technology, 12% more than in 2018. Around 33% of small businesses and 46% of medium-sized businesses were using cloud technology computing in Europe.
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Companies operating in the market are focused on strategic partnerships to enhance WebRTC capabilities. For example, in June 2021, NFON, a European provider of voice-centric communication solutions, partnered with Meetecho, an Italian WebRTC company, to enhance the capabilities of its WebRTC solution. This partnership has enabled the company to enrich its portfolio of communication products.
Here are some of the key findings of the WebRTC Market report:
- The growing demand for VoIP solutions to improve communication between businesses is supporting the growth of the market.
- The growing demand for integrating communication APIs into web browsers is fueling the demand for WebRTC solutions.
- The European WebRTC market is driven by the growing demand for secure and robust communication services in SMEs.
- Companies operating in the market focus on developing innovative WebRTC solutions and services to gain competitive advantage.
Partial chapters of the table of contents (TOC) of the report:
Chapter 3 WebRTC Industry Overview
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreaks
3.3.1 Regional perspectives
126.96.36.199 North America
188.8.131.52 Latin America
3.3.2 Industry value chain
3.3.3 Competitive landscape
3.4 Industry Ecosystem Analysis
3.4.1 Software vendors
3.4.2 Web browser providers
3.4.3 System integrator
3.4.4 End users
3.4.5 Matrix of suppliers
3.5 Industry evolution
3.6 Technology and innovation landscape
3.6.1 5G network
3.6.3 Artificial Intelligence
3.7 Investment portfolio
3.8 Regulatory landscape
3.8.1 Markets in Financial Instruments Directive (MiFID)
3.8.2 The 2003 Regulation on Confidentiality and Electronic Communications (EC Directive)
3.8.3 The Dodd-Frank Law
3.8.4 Health Insurance Portability and Accountability Act (HIPAA)
3.8.5 The Privacy Act (2013)
3.8.6 Law 25 of 2002 on Electronic Communications and Transactions
3.8.7 Nigeria Communications Act (2003)
3.9 Industry impact forces
3.9.1 Growth drivers
184.108.40.206 Growing popularity of BYOD trend
220.127.116.11 Growing trend of teleworking
18.104.22.168 Growing demand for secure and robust communication solutions
22.214.171.124 Growing demand for WebRTC in SMEs
3.9.2 Industry pitfalls and challenges
126.96.36.199 Interoperability issues between web browsers
188.8.131.52 Lack of standardization
3.10 Analysis of growth potential
3.11 Porter’s analysis
3.11.1 Authority of the supplier
3.11.2 Purchasing power
3.11.3 Threat of new entrant
3.11.4 Threat of substitution
3.11.5 Competitive Rivalry
3.12 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and consulting services; offering syndicated and personalized research reports as well as growth consulting services. Our business intelligence and industry research reports provide clients with insightful insights and actionable market data specially designed and presented to aid strategic decision making. These comprehensive reports are designed through proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.