What is a “blue ocean” market? A blue ocean is the term for an uncontested market that offers huge opportunities for the vendors and solution providers found therein. It's also a great market to be in, and according to new research analysis from MarketsandMarkets, Web-based real time communications (WebRTC) isn't just a blue ocean, but a blue ocean packed with treasure fleet wreckage.
The report, “Web Real-Time Communication Market by Product Type, by Vertical (IT & Telecom, Media & Entertainment, BFSI, Retail and Consumer Goods, Public Sector & Education, Healthcare, Transportation & Logistics, Others), and by Region - Global Forecast to 2020”, illustrates the current state of the market and future projections. By just 2020, the report projects the market will be valued at $4.45 billion, a compound annual growth rate (CAGR) of 50.9 percent from 2015 to 2020.
WebRTC will make these gains thanks to sheer versatility. With users able to use WebRTC as a means to attract new customers and keep the old—it can be used to provide at least one part of an omnichannel experience, and arguably, others as well—WebRTC can have significant bottom line impact. Click-to-call services become fairly easy to add with WebRTC, and some have used WebRTC as an easy-access mobile replacement for conferencing tools like Skype.
Further backing the WebRTC market is the ongoing effort of several major firms in the market, to ensure that there are plenty of new products to choose from and lots of variety in the market. Indeed, the report notes that the solution segment is currently the dominant part of the market, and is expected to remain dominant for some time.
Information technology (IT) and telecom users are considered the biggest market in the forecast period, expected to dominate throughout the forecast's time frame. Geographically, regions worldwide—particularly the Asia-Pacific, Latin America, and Middle East & Africa regions—are all looking to WebRTC as a means to make new revenue streams happen.
We've already seen WebRTC connected to just about everything from video games to retail store websites, and those are far from the only uses. With no shortage of potential use on hand, and comparatively few replacement goods in play, it's not surprising this would be regarded as a blue ocean market with lots of opportunity afoot. This is a service users will want in increasing quantities over the next few years to come, particularly as users continue an exodus to mobile devices and want ways to easily contact businesses without an accompanying app being necessary.
WebRTC is going to be a big market in the months ahead, and we'll likely see this show up in more places the farther in we go. Those developing solutions here will have a stake in this market, and a stake that should prove valuable in the end.