According to a new report by Allied Market Research, titled, "WebRTC Market by Component and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2017-2023," the WebRTC market was valued at $812 million in 2016, and is projected to reach $10,367 million by 2023, growing at a CAGR of 42.8% from 2017 to 2023 The WebRTC market share for services segment is anticipated to grow at the highest growth rate during the forecast period.
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North America was the largest market in global WebRTC industry, in 2016, as it offers adequate infrastructural development for the adoption of WebRTC technology. Leading WebRTC users, such as Facebook, Twitter, Snapchat, Google Hangouts, and others have originated from North America. In addition, leading vendors focus on the development of innovative solutions, strategic alliances, and geographical expansion to strengthen their market presence and to create more awareness about this new technology globally. Asia-Pacific WebRTC market is expected to grow at the highest rate during the forecast period, owing to high market potential in developing countries in Asia-Pacific including China, Singapore, and India. For instance, in January 2017, CafeX-a WebRTC developer-expanded its presence in Japan, which allowed to extend their sales reach to South East and North Asia.
Based on industry vertical, the global WebRTC industry is studied across banking, financial services, and insurance (BFSI); retail; IT & telecom; public sector; media & entertainment; manufacturing; healthcare; and others (transportation & logistics and energy & utility). IT & telecom segment accounted for the highest share of revenue in 2016, while healthcare WebRTC market is anticipated to grow at the highest rate of 43.6% during the forecast period.
The surge in ICT expenditure, rise in adoption of smart devices, increase in broadband subscriptions globally, and adequate IT infrastructure development fuel the growth in digitization, thereby driving the growth of the WebRTC market. Prominent regions including Asia-Pacific and Europe provide growth in infrastructure development, high adoption of Internet of Things (IoT) technology, growth in population, and high youth population active on digital platforms, which are anticipated to fuel the WebRTC market growth in the near future.
Based on the geography, the WebRTC market is studied across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor in 2016, accounting for around 31.8% share of the overall WebRTC market. The Asia-Pacific WebRTC market is projected to grow at the highest CAGR of 44.5% during the forecast period, driven by rise in adoption of advanced connected devices and surge in internet connectivity.
The report features a competitive scenario of the global WebRTC industry and provides comprehensive analysis of key growth strategies adopted by the major players. Key players profiled in the study are Avaya Inc., Cisco Systems, Inc., Polycom, Oracle Corporation, Tokbox Inc., AT&T Inc., Genband, Plivo, Twilio, Quobis, and Apidaze. These players are involved in the competitive strategies, such as geographical expansion, mergers & acquisitions, new product launch, and partnership & collaborations to augment the growth of the WebRTC market.
Key Findings of the WebRTC Market:
- WebRTC solution segment accounted for the highest share of the global WebRTC industry in 2016, growing at a CAGR of 42.3% during the forecast period.
- IT & telecom WebRTC market generated highest share of revenue in 2016, and is projected to grow at a rate of 42.2%.
- North America generated the highest revenue in 2016, valued at $259 million.
- WebRTC services market is expected to experience the highest growth rate during the forecast period in the component segment.