The global WebRTC market is expected to grow from $1.04 billion this year to nearly $6.5 billion by 2022, at a compound annual growth rate of 44.2 percent, with AT&T, Avaya and Cisco Systems among the major vendors.
That’s according to a new report by MarketsandMarkets. Other leading vendors include TokBox, Apidaze, Genband, Dialogi, Polycom, Oracle, Twilio, Quobis and Cafex Communications.
Some of the major factors driving the WebRTC market include demand for “secure and robust” communication, webification of communications and enterprises requiring improvement in customer relationship, according to the report.
The WebRTC solution market is expected to hold the largest market share during the forecast period, according to MarketsandMarkets. WebRTC solutions, the adoption of which has been increasing, allow businesses to collaborate and communicate using smartphones, tablets and PCs.
The IT and telecom vertical is projected to hold the largest market share during the forecast period in the WebRTC market. The vertical integrates advanced technologies with the existing infrastructure, delivering real-time offers for customers.
The WebRTC market in North America is expected to hold the largest market share during the forecast period. It is expected to benefit from technological advancements and internet infrastructure, widespread adoption of new technology, and the presence of strong domestic providers contributing to the growth in demand for WebRTC solutions.
The need for better operational efficiency and business processes at low operating costs also is expected to drive the growth of the WebRTC market, MarketsandMarkets said.