With 5G access now somewhere around three years out, network operators have been in a rush to upgrade to—and from in many cases—4G LTE networks. This has meant no shortage of growth on the LTE front, and with that growth has come growth in other, related market sectors. Web-based real time communications (WebRTC) has proven to be one of those, seeing substantial gains of the kind never before seen.
Many thought that WebRTC was an over-hyped technology, since it was indeed heavily hyped since its earliest days. This wasn't without reason, as WebRTC had a lot of potential as a technology, some of which we're seeing come fully active today. Thanks to WebRTC, increasing numbers of companies are able to add whole new communications channels directly to websites and better push for the omnichannel customer experience.
Since WebRTC is a free and open project, it's been a great incentive for others to get involved in the development of WebRTC-based tools and bring new communications options into the field. Throw in the increasing number of devices that WebRTC will function on, and there's an excellent prescription for growth. This is especially so given that 4G LTE has been rapidly expanding, and 5G isn't so far behind.
A report from Transparency Market Research projects the global market for WebRTC systems to show a compound annual growth rate (CAGR) of 24.3 percent between now and 2025. That rate would put the market on tract to be worth $81.52 billion in 2015, up from its 2016 levels of $10.71 billion. North America is set to lead this market, holding over 40 percent of total market share, thanks to high overall Internet speeds and a steadily-increasing number of mobile subscribers. Video, meanwhile, is set to be the fastest-growing part of the WebRTC market itself.
With the mobile workforce on the rise, a handy means to communicate regardless of location is a powerful tool. WebRTC can figure into that market handily, thanks to its video and voice channels functioning as a portable conferencing system and its data channel allowing for easy document exchange. Throw in the ever-increasing demand for an omnichannel customer experience and being able to incorporate WebRTC-based contact methods directly into a website only adds more fuel to this fire.
WebRTC might have been an overhyped technology, but increasingly we see it living up to this hype by bringing out new services and taking on new markets. Its ability as a contact method is proving increasingly valuable, and that value means more purchases of WebRTC systems and a steadily rising market prospect. Times are looking good for WebRTC, and we'll likely only see this trend continue.
Edited by Alicia Young