I once heard our present circumstances in the Web-based real time communications (WebRTC) market described as “the end of the beginning for WebRTC,” and that sounds about right in many ways. A new report from Future Market Insights (FMI) shows this is a market well on its way to maturing, as it should approach the $23 billion mark by 2025.
The FMI report projects a roughly $22.98 billion market for WebRTC solutions by 2025, and unless the currency devalues to somewhere around Zimbabwean levels by then, that's no small market. That represents a compound annual growth rate (CAGR) of 45.2 percent, which will be driven forward by a variety of factors.
Solutions alone will represent about half of the market for 2014, though it will be on the decline going forward. The services market will take an increasingly larger chunk of the field, likely owing to organizations maintaining what was already picked up. Since the services market includes things like consulting, implementation and maintenance, it's safe to say that servicing a mature market will represent an increasingly large portion of the whole market.
Three major deployment models run WebRTC: public, private, and hybrid cloud. The private cloud market will have the largest share by 2025 with just over half—52.6 percent—of the market, but hybrid cloud will have the fastest growth rate at a 48.6 CAGR. The market itself is driven by a broad array of use cases as well as rising overall demand within these cases. With increasing numbers of social media users as well as Internet users overall, a growing focus on better customer experiences with the use of omnichannel customer service methods, and increasing development to make even more use cases happen, it's easy to see why there's a spiking demand.
Those who want an even better look at the market, meanwhile, need only attend ITEXPO, running February 8-10 in Fort Lauderdale. There, Phil Edholm will offer a session called “Real Time Web Communications – The Next Revolution” running down some of the expected key points to come in the 2017 WebRTC market.
When a market contains a product that has as many different uses—from education to gaming to healthcare and beyond—as the WebRTC market does, it's not exactly a surprise to see that market projected to go on a catastrophically upward tear. Sure, it's a new technology, so it may have taken longer than some thought it would to work through the “early adopter” phase, but we seem to be getting to that point now.
A maturing market is stepping in, and though it looks different from an early stage market, it offers its own breed of opportunities. Keeping abreast of these changes, therefore, will be crucial to success.
Edited by Alicia Young