Does it feel like news about Web-based real time communications (WebRTC) has started to slow down? This market has been rapidly approaching the maturation stage for some time now, and a lot of new products and services have been emerging accordingly. A new report from Credence Research says that this market has plenty of growth in it, and will show that growth with a compound annual growth rate (CAGR) of better than 40 percent until 2023.
The Credence report broke down the WebRTC market in several ways, particularly by service, by application, and by end user. This sheer amount of breakdown alone suggests that there's a pretty widely-varied potential market, and contributes quite a bit to the notion of steady and objective huge growth patterns over the next few years.
Naturally, there will be differences in how these systems are used and to what degree, but it's becoming increasingly clear that there are more uses for WebRTC systems than were immediately considered, and more and more market verticals are finding new ways to put this system to use. For instance, the healthcare market is increasingly turning to real-time communications options as a means to offer better customer service. Some have looked to it as a way to thin out space in hospitals, by allowing patients to recover at home following surgery or the like.
That's not the only new use, though, as some new solutions are coming in from such unexpected quarters as retail markets—likely using the system as a means to allow customers to ask questions or place orders—and the media and entertainment fields. WebRTC has for some time now been at least part of some games, allowing users to converse as though in the same room while playing a purely computer-driven game. Such a use has been around for quite some time; just look at most any first-person shooter and you'll see the value of a chat component.
It's actually possible the market could grow further, reports note, if not for some impediments like an increasingly-felt lack of efficiency in network infrastructure. Growing mobile broadband capability may give this market some help, though, and given that the reports cover the first three full years after 5G's commercial launch, the expanded mobile connectivity the study talks about could well come to pass.
Looking at the market going forward, it may not have been a prudent idea for Credence to issue a report that tries to project outbound growth where a major shakeup in mobile communications hits during the middle of said report. Either way, we're likely looking at a whole lot of change to come for WebRTC and beyond.
If you’d like to learn more about WebRTC, be sure to check out TMC and Crossfire Media’s newest conference and expo, Communications 20/20, happening July 18-20 at Caesars Palace in Las Vegas. The event will focus on the next wave of technology and innovations that will transcend the importance of person to person contact, disrupting the future of the entire communications industry. Find out more HERE.
Edited by Alicia Young