DUBAI, U.A.E, July 13, 2020 /PRNewswire/ -- Award-winning market research firm Future Market Insights' latest report puts forth the findings that the web real time communication solutions market is slated to embark on a stellar growth trajectory, reaching a valuation of US$ 22.4 Bn by 2030.
Web real time communication is an open source application, developed by the World Wide Web Consortium (W3C), providing mobile applications and web browsers by virtue of application programming interfaces (APIs). It permits video and audio communication to function through direct peer-to-peer communication, negating usage of additional plugins or downloading indigenous applications. The service has been gaining traction with respect to providing context-based support, allowing for information transmission, making room for swift assessment of requests.
As virtual reality becomes the new normal amid the coronavirus pandemic, business entities and households are effectively leveraging this service for a plethora of operations. On the business front, organizations are utilizing Web-RTC to conduct training and strategic planning to enhance cash flows. Critical domains such as healthcare and defense use them for training exercises. These typically involve live simulations to provide a life-like learning experience. Schools and universities have undergone an overnight shift to virtual platforms, leading to a spike in Web-RTC solutions adoption.
Based on these aforementioned trends, the market for Web-RTC is only expected to broaden in the future. Besides streamlining operations, these platforms have also led to a reduction in companies' operating costs, permitting them to experience more revenue generation.
"The future of web-RTCs looks extremely bright, thanks to the need for streamlining business operations to compete with technological advancements. Enforcement of remote working directives in lieu of the pandemic has considerably reduced greenhouse gas emissions as employees no longer need to travel to their workplaces. This will compel business organizations to review and refabricate their incumbent business policies," concludes an FMI analyst.
Key Takeaways from FMI's Web Real Time Communication Solutions Report
Online gaming shall be a principal beneficiary, registering a 15-18% year-on-year growth rate between 2020 and 2030
North America shall generate an absolute $ opportunity worth US$ 6.5 Bn from 2020-2030
Video conferencing remains the major application area in business settings due to work-from-home policies initiated by corporate entities
Relief in managing doctor appointments and reduced follow-up visits have increased Web-RTC implementation in the healthcare industry
Private cloud deployment shall capture over 2/5th of the global Web-RTC market in 2020
The global Web-RTC market shall expand at a whopping 21.1% CAGR across the forecast period
Virtual Schooling, Online Gaming to Augur Web-RTC Solutions Adoption
As the coronavirus pandemic asphyxiates the global economy, educational institutions are increasingly going virtual, leading to a spike in Web-RTC solutions adoption. Video streaming of classroom lectures have generated a northward shift in the demand for virtual platforms such as Skype, Zoom and Duo. This has made distance learning highly effective, leading to a boom in online education. The introduction of self-paced e-learning programs offered by various education platforms such as edX has also burgeoned adoption of Web-RTC platforms to facilitate hindrance-free interactions by providing excellent quality voice and video calling services. Eventually, e-learning is anticipated to become the new normal, attributed to the high level of flexibility offered to students.
Another fertile area for the rapid proliferation of Web-RTC solutions is in the online gaming segment. As school and college lecture timings are now highly flexible, students are only required to devote an hour or two for the classes. With the remainder of their time being free, students are investing a substantial amount in virtual gaming. Recently, a number of online gaming platforms have emerged, equipped with multiplayer facilities. Such fora require individuals to connect to an internet chatroom or server where they can interact with other players through audio or video streaming, thereby uplifting the implementation of real-time virtual solutions. Besides enhancing the voice and video capabilities, these solutions allows for voluminous in-game data transmission, resulting in reduced data costs.
Web Real Time Communication Systems Market: Region-wiseAnalysis
South Asia & the Pacific is the fastest expanding Web-RTC market, poised to generate a US$ 4.5 Bn incremental opportunity between 2020 and 2030
A flourishing call center industry combined with advancements in education and healthcare across emerging economies is driving the Asian growth
India is an exhaustive user of Web-RTC solutions, attributed to its rapidly growing call center market. According to estimates, the Indian call center industries contributed over 5% growth as of 2019
North America dominates the market, attributed to high demand for user-friendly and cost-effective real-time communications solutions across critical industrial verticals
Market Players Focusing on Inorganic and Organic Strategies to Consolidate Footprints across Potential Hotspots
Prominent market players across the Web-RTC solutions landscapes emphasize on collaborating with established players and acquiring niche vendors to acquire a competitive edge. Additionally, they continuously dole out advanced solutions for potential end-users.
Some of the prominent market players include IBM Corporation, Cisco Systems Inc., Google, Twilio, Inc., TokBox, Inc., Huawei Technologies Co, Ltd., Avaya Inc., Ericsson, AT&T and Mitel Networks Corporation.
For instance, Avaya Inc. offers cloud-based solutions to various businesses. The solution enables end-users establish customer loyalty by facilitating easy and fully-integrated interactions across any channel at any time. Its products include the Avaya OneCloud CPaaS, CCaaS and UCaas Services.
In June 2020, Hrvatski Telekom negotiated a technology sharing agreement with Ericsson Nikola Tesla, Ericsson's Croatian venture to be the sole provider of 5G Radio Access Network (RAN) services until 2024 throughout the Balkan nation. In 2019, a proof of concept partnership was established between TDC NET and Ericsson to deploy 5G technology at a Grundfolds' facility in Denmark in place of wired connections.
More Valuable Insights on Web Real Time Communication (RTC) Solution Market
FMI's report on the web real time communication (RTC) solution market provides an unbiased analysis of the key factors influencing growth trajectory over the 2020-2030 forecast period. It takes into account the vital growth dynamics such as the drivers, opportunities and restraints existing across the three segments profiled for the purpose of this study. Each segmental analysis has been presented based on a regional analysis spread across six key geographies, highlighting the revenue and market shares for the aforementioned assessment period.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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