WebRTC Market Expected to Reach $38 Billion by 2027

Brandessence Market Research valued the global WebRTC market at $2.4 billion in 2020 and expects it to reach $38.2 billion by 2027, growing at a compound annual rate of 41.2 percent. It credits the rising number of internet users, technological advancements, and growing demand for voice calling and conferencing as some major factors driving the growth.

Web Real-Time Communication is an online source application supporting program-to-program continuous connection. WebRTC allows P2P audio, video, and data communication between browsers without plug-ins.

Currently, various browsers, such as Mozilla Firefox, Google Chrome, Opera, and Microsoft Edge, support WebRTC.

The COVID-19 pandemic positively impacted the market, as the cancellation of live corporate events and work-from-home policies resulted in increased demand.

The research firm also noted that the quality of service cannot be guaranteed all the time and a rise in security and privacy concerns are some factors that could hamper the growth of the WebRTC market. In spite of that, integration of artificial intelligence with WebRTC, proliferation of the bring-your-own-device trend, and increase in use of WebRTC for Internet of Things devices might offer more opportunities for growth, it said.