Virtual Classrooms Amidst Pandemic Tests the True Potential of Web Real-time Communication Market
Adoption of bring-your-own-device (BYOD), across multiple verticals, as remote workplaces turn to reality has opened up a plethora of opportunities for the global web real-time communication (RTC) market. The security offered by these solutions as end users operate from single communication device has won the technology a special importance in the virtual world. The technology can convert devices with web browsers into sophisticated communication devices, providing the same functionality of smartphones to the users.
Web Real Time Communication Solution Market
A recent market study published by Future Market Insights (FMI) on the Web Real Time Commu...
Web real time communication allows peer-to-peer messaging and has the potential to eliminate the need for CRM systems, by keeping instant records of all the communication. This very attribute has widened its scope in promoting a BYOD culture amongst organization that seek cost-efficient ways of communicating with the suppliers, customers, and retailers.
The global web real time communication (RTC) solution market is expected to witness a CAGR of 21.1% between 2020 and 2030.
Key Takeaways of Web Real Time Communication (RTC) Solution Market Study
- Healthcare segment to register CAGR of 23.7% during the forecast period as web RTC solutions ease management of doctor appointments and follow-ups, reducing multiple patient visits
- Video conferencing to remain key application area for WebRTC technology registering a growth of 22% Y-o-Y as remote workplaces surge amidst pandemic 2020 - 2025
- Private cloud segment to dominate in 2020 with a whopping 41.7% share in the market followed by public cloud and hybrid cloud
- South Asia & Pacific web real time communication (RTC) solution market is estimated to grow at a higher CAGR owing to the increasing deployment of dedicated WebRTC solution by SMEs to facilitate real-time communication at affordable cost
“Key players are expected to form alliances with other players in order to enhance the market presence and customer base. Thus, joint ventures, partnerships, and acquisitions to integrate WebRTC powered video and audio to offer real-time customer services will be seen as emerging trends. Players are expected to focus on deliver next generation of messaging communication to businesses and consumers to,” says FMI Analyst.
COVID-19 Impact Analysis on Web RTC Solution Market
As lockdowns disrupt global businesses, they have fuelled the usage of video-based collaboration technologies. Expenditure by organizations on workplace collaboration related technologies were up by nearly 10-15% during Q1-2020. According to statistics, in March 2020, the video call applications like Zoom and Skype increased due to social distancing norms. People are engaging more on virtual communication technologies to collaborate for work as working from home is poised to be the new norm even in the coronavirus-free world.
The use of collaborative technologies like video conferencing is witnessing a skyrocketing surge in sectors such as IT, government, healthcare, and education sector due to the pandemic. This trend is projected to favour growth of web real time communication solutions, which are becoming an integral part of the organizational functioning and collaborative work. The web RTC solution market is estimated to grow by 1.4X from 2019-2020 and would see a surge in demand in Q3-Q4 2020.
Dependency on Web RTC Solution Spikes as Schools Goes Virtual Globally
The overnight shift of educational institutes to a virtual learning led to a sudden spike in application of WebRTC solutions. Video calls for running classes increased the adoption of web real time communication to make distance learning meaningful. The booming digital education trend is projected to lead to an expenditure of US$ 65 Bn by 2021 on e-learning.
Schools are adopting virtual schooling as it offers flexibility of courses and pace of learning. This is expected to propel the use of WebRTC technology, which will play a critical role in developing virtual classrooms. Web real time communication solution provides the ability to connect and communicate via video conferencing through their internet connected devices without installing any plug-ins, software or codecs. The educational applications and services integrated with WebRTC infrastructure software development kits give a stronger and clearer connection as dedicated communication servers are used.
These servers allow the students and professors to achieve higher quality voice and video calls to mobile devices by seamlessly bridging 3G, 4G, and Wi-Fi networks so that the student don’t miss anything while learning due to the low bandwidth. The monumental potential of WebRTC solutions will be put to test in the coming decade, giving the market a massive boost.
More Valuable Insights on Web Real Time Communication (RTC) Solution Market
FMI’s report on the web real time communication (RTC) solution market is segmented into five major sections such as type (solution, and services), deployment model (private cloud, public cloud, hybrid cloud), application (social networking, gaming, voice calling, video conferencing, and others), Vertical (BFSI, public sector, manufacturing sector, transportation sector, healthcare sector, media & entertainment sector, IT & Telecom, retail, energy & utilities) and region(North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa) to help readers understand and lucrative evaluate opportunities in the web real time communication (RTC) solution market.
About Technology Division at Future Market Insights
The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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 Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make 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 tracks 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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