The global 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 fueled by the cost savings that cloud-based deployments of online real-time communication solutions providers, as well as the growing number of internet users. The rising need for real-time communication across browsers and mobile apps is one of the key reasons driving the growth of the online real-time communication solution market.
Takeaways from the Market Study on Web Real-Time Communication Solutions
Large corporate applications will hold a 60.4 percent market share through 2031, owing to large-scale data transformation needs in these industries and rising demand from small and medium businesses. With the advent of 5G technologies, the IT and telecom industry will see increasing adoption rates, with 29 percent of the market in 2021. With the increased demand for cost-effective online real-time communication solutions for SMEs in the area, China leads the East Asia market, with a CAGR of nearly 49.3% through 2031. The market in the United States is expected to grow at a CAGR of 42.8 percent through 2031, owing to the presence of prominent players.
Due to the increasing prevalence of internet and smartphone technologies in the area, Germany will dominate Europe by the end of 2031, with a CAGR of nearly 54.5 percent. “The use of online real-time communication solutions is likely to be driven by the growing acceptance of secure and robust communication, as well as increased demand from small and medium businesses.” According to a Future Market Insights (FMI) analyst, “digital transformation initiatives are projected to offer possibilities for the online real-time communication solution market in the foreseeable future.”
Who is the victor?
Players in the somewhat consolidated online real-time communication solution market are increasingly focused on the creation of new product offerings as well as strategic efforts to expand geographically. Furthermore, the market for online real-time communication solutions is expected to rise due to the rising need for automation and digitalization technologies.
Avaya Inc., Google Inc., Cisco Systems, Inc., IBM Corporation, Huawei Technologies Co., Ltd., Ericsson, TokBox Inc., and Mitel are among the leading companies in the online real-time communication solution industry.