A new report by global market research and advisory firm Technavio forecasts that the web real-time communications (webRTC) market will grow by roughly $66.6 billion by 2027.
The report estimated that the webRTC market will grow at a compound annual growth rate (CAGR) of 48.9 percent between 2022 and 2027.
The report attributed various drivers to webRTC's market growth, writing:
The growth of the market depends on several factors, including the growing popularity of video and audio conferencing, the increasing proliferation of WebRTC apps in social media, and the rise in the number of connected devices."
WebRTC is an open-source platform that enables P2P connection for voice and video conferencing, with WebRTC-enabled applications obtaining audio, video, or any other data stream. WebRTC empowers clients to access the stream through a microphone or a webcam via a peer-to-peer data channel.
Technavio's report also included historical data and highlighted that the webRTC market was valued at around $1,339 million in 2017, illustrating the sector's meteoric growth in recent years, primarily enabled by the pandemic and the rise of remote and hybrid working and the need for enterprise-grade video and voice conferencing solutions.
What Did Technavio Find Were the Biggest Market Drivers and Trends?
The primary driver, expectedly, was the growing popularity of video and audio conferencing. "Voice and video conferencing are crucial for IT infrastructure and businesses to enhance communication and collaboration among employees, partners, and customers," the report wrote.
The significant innovations made in video and voice conferencing technology over the years, and its availability to a mass audience, were credited with the swelling popularity of these products.
Technavio attributed the increased adoption of Bring Your Own Device (BYOD) practices as the primary market trend, with BYOD encouraging employees to bring their own devices to workplaces. Technavio found that roughly one-third of global businesses provide devices, such as smartphones and tablets, to their staff and that more than half encourage employees to bring their own devices to work.
WebRTC solutions offer enterprise-grade solutions supporting BYOD practices that enhance communication tools in small businesses, ensuring a high-quality user experience. These solutions underscore the lower-end processing power of a smartphone to send multiple signals to the users in a conversation. WebRTC solutions can reduce the burden by tweaking the frame rate and resolution supplied by the device.
What Did Technavio Consider the Key Challenge to Realising Market Growth for webRTC?
The absence of high-end video conferencing features.
