The global online web real time communication solution market is predicted to grow at a CAGR of 44.4 percent during the forecast period, according to an updated analysis by Future Market Insights (FMI) (2021-2031). The increase may be ascribed to the increased need for real-time communication over the internet, with a market value of US$ 4,528.3 Mn predicted in 2021.
Aside from that, the market is propelled by the cost savings that cloud-based deployments of online real-time communication solutions provide, as well as the growing number of internet users. The rising need for real-time communication across browser and mobile apps is one of the key reasons driving the growth of the online real-time communication solution market.
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Key Takeaways from Web Real Time Communication Solution Market Study
Large enterprise applications will dominate the market through 2031 with 60.4% value share, supported by large-scale data transformation requirements in these businesses and increasing demand from small and medium enterprises. The IT & telecom industry will reflect higher adoption rates holding 29% of the market in 2021, supported by the introduction of 5G technologies.
China leads the East Asia market, reflecting a CAGR of over 49.3% through 2031, with growing demand for cost effective web real time communication solution for SMEs in the region. The U.S. market is projected to expand at a CAGR of 42.8% through 2031, supported by the presence of key players in the market.
Germany will hold the lead in Europe by the end of 2031, with a CAGR of over 54.5% owing to the rising penetration of the internet and smartphone technologies in the region.”Growing adoption of secure & robust communication coupled with increasing demand from small and medium enterprises is expected to drive the adoption of web real time communication solution. Digital transformation investments are expected to create opportunities in the foreseeable future for the web real time communication solution market,” says a Future Market Insights (FMI) analyst.
Impact of COVID-19 on Web Real Time Communication Solution Market
The COVID-19 pandemic has disrupted many industries, including the market for web real time communication solutions and services. Different industry verticals have suffered notable losses as a result of mobility and travel restrictions for public health reasons, among other social distancing measures.
Disruptions in services are having an impact on economies and trade, given the role of services in offering inputs connecting supply chains and facilitating trade. The extent of impact on trade varies by mode of supply and sector.
Trade involving proximity among consumers and suppliers is severely impeded. The COVID-19 crisis is leading to greater adoption of online services in retail, education, health, and telecom sectors. The outbreak of the COVID-19 crisis has led to the withdrawal of several corporate events, international seminars, trade shows, and investor presentations. As a result, these events have turned towards web real time communication solutions and services for communication, thereby driving the market growth.
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Who is winning?
The moderately consolidated web real time communication solution market is characterized by players who are increasingly focusing on the development of new product offerings in addition to strategic endeavors towards geographical expansion. Moreover, growing demand for automation and digitalization tools is anticipated to drive the growth of the web real time communication solution market.
Prominent players in the web real time communication solution market include but are not limited to Avaya Inc., Google Inc., Cisco Systems, Inc., IBM Corporation, Huawei Technologies Co., Ltd., Ericsson, TokBox Inc., Mitel Networks Corporation, AT&T Inc., Plivo Inc., and Twilio, Inc., among others.
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