The latest report from market research company Markets and Markets examines the real-time communications industry and shows that could experience a compound annual growth rate (CAGR) of more than 50 percent through the end of this decade.
Markets and Markets shows in its “Web Real-Time Communication Market - Global Forecast to 2020” publication that the current revenue attracted in the real-time communications sector draws in 569.2 million. At a CAGR of 50.9 percent, that figure could rise to 4.45 billion by 2020.
Individual parts of the market are expected to grow at different paces. Healthcare services such as telehealth and mobile-driven health should push beyond other parts of the industry and make for compelling reasons why web-based real-time communications should find a home in all manner of hospitals, emergency centers, and medical facilities. Those types of outfits in North America and Europe should have the largest impact on this segment’s exceptional growth.
On the other hand, it is also worthwhile to take a look at the Asia-Pacific region, which Markets and Markets has pegged as the most likely to lead the globe in adoption and implementation of web-based real-time communications products. The select countries of Australia, China, India, Japan, and South Korea are all expected to adopt such services at a high rate during the five year forecast period and, as such leaders, they will drive the entire region in its possible fate to leading the globe.
TMC has pointed to some challenges in the market such as its attachment to the public internet and lack of service guarantees. The WebRTC standard comes free and contained with goodies such as encryption, but it can still lag when an entire network lags. For business clients, many third parties service providers are correcting this issue with improved network access through tightly-controlled wide area networks. Still, the public could witness slowdowns on their personal devices.
Despite the hurdles, real-time communications on the public and private internet will undoubtedly experience strong growth through 2020. Service providers will continue to think of ways to improve the open format and provide quality of service guarantees that meet the needs of even the most demanding enterprise clients. Everyone involved will hope to grab a piece of the revenue that, to be clear, will reach a tremendous size if Markets and Markets’ prediction of 50.9 CAGR comes to pass.