Agora, Inc. (NASDAQ: API), a pioneer in real-time engagement APIs, has swiftly established itself as a leader in the APAC region by capturing the largest market share in the Real-Time Communication (RTC) industry.
Singapore, 3 October 2024 – The Asia-Pacific (APAC) video streaming market is projected to experience explosive growth, with market size reaching $112.89 billion by 2030, driven by a robust compound annual growth rate (CAGR) of 22.5% from 2023. This expansion is fueled by surging demand for mobile-first streaming services, particularly in key markets such as Indonesia and Malaysia, where mobile content consumption via smartphones dominates, with 69% and 86% of users respectively streaming on these devices. Amid this boom, Agora, Inc. (NASDAQ: API), a global leader in Real-Time Communication (RTC) technology, is positioning itself to capitalize on these trends, bringing innovative communication solutions to meet the evolving needs of this rapidly expanding market.
The APAC region’s video streaming landscape is increasingly defined by a mobile-first approach, necessitating high-performance, low-latency communication solutions to ensure seamless and real-time user experiences. Agora’s cutting-edge real-time engagement technology empowers developers to integrate voice, video, and interactive features effortlessly, making it possible for businesses to deliver the high-quality, instantaneous interactions that users now expect. As the demand for real-time communication (RTC) continues to rise, Agora is uniquely positioned to support businesses looking to engage more deeply with their audiences.
“We are seeing unparalleled growth in the video streaming market, and Agora’s technology is at the forefront of this revolution,” said Tony Wang, Co-Founder and Chief Revenue Officer at Agora. “Our commitment to innovation ensures we meet current demands while anticipating future trends like AI integration, multimodal communication, and immersive AR and VR experiences. The key is enabling businesses to deliver real-time, interactive experiences that keep users engaged, no matter where they are.”
Agora’s Real-Time Engagement Platform currently supports more than 60 billion minutes of live voice and video each month, serving over 1,700 clients in more than 200 countries. This represents a 14% year-on-year increase, underscoring the platform’s growing significance in powering critical communication services across various industries. Agora’s technology has become integral to the success of 60% of the top 1v1 video apps by revenue, 45% of leading dating apps in Southeast Asia, and 65% of the top 20 voice chat rooms in the region. Furthermore, Agora holds a dominant 40% share among leading live-streaming apps, the highest among third-party RTC providers.
Shaping the future with AI and multimodal communication
Agora’s vision goes beyond traditional RTC technology. The company aims to revolutionize the AI landscape with multimodal solutions combining voice, video, and chat to enable real-time, AI-powered experiences with ultra-low latency, even under varying network conditions.
Multimodal AI is set to transform business operations by fostering human-AI collaboration. For instance, in telehealth, Agora’s AI solutions could streamline diagnoses and make healthcare more accessible. Similarly, sectors like education, entertainment, and customer service are expected to benefit from these AI-driven systems, which offer real-time insights, generate creative content, and provide user-based recommendations.
Innovations like AI-based noise suppression and real-time transcription (RTT) are already integrated into Agora’s platform, enabling superior communication experiences in noisy or low-bandwidth environments. These technologies ensure businesses remain competitive, where user experience and reliability are paramount.
“Agora is actively responding to the rapid shifts in the APAC video streaming landscape,” added Effie Fang, Director of Agora’s APAC Sales Team. “Our technology not only supports but also drives innovation in how businesses interact with their audiences. Leveraging our advanced real-time communication solutions, companies can enhance user engagement and capitalize on the market’s explosive growth.”
In Indonesia, Everywhere.id has used Agora’s real-time communication technology to drive a 71% boost in user interactions, achieving 13 million minutes of peak monthly engagement. Similarly, Fastwork, a prominent freelancing platform, doubled its chat-to-payment conversions after integrating Agora’s real-time calling API, demonstrating the transformative impact of seamless communication on business performance.
Addressing industry trends and challenges
As the RTC industry evolves, Agora is tackling key trends and challenges, including the rise of 5G, the integration of AI, IoT, and machine learning, and the growing importance of AR/VR and metaverse applications. Agora is not only keeping pace but actively driving these developments. By optimizing its solutions for 5G networks, Agora ensures that its platform delivers top-tier audio and video quality, regardless of location.
Security and privacy are critical concerns in the RTC space. Agora has introduced industry-leading safeguards to protect its users, with a strong focus on compliance and data security, positioning the company as a leader in a market that prioritizes trust and safety.
Looking ahead: Agora’s strategic roadmap
As the APAC video streaming market continues to grow, Agora is focused on staying ahead by pushing the boundaries of AI and multimodal communication. These advancements set the bar for real-time, AI-powered solutions in broadcasting, customer service, and healthcare.
Regional expertise is a key part of Agora’s strategy. By investing in localized training, the company ensures its teams can deliver tailored solutions that meet the unique needs of each market. This ability to customize offerings for different industries and regions gives Agora a strong competitive edge.
Agora is also expanding into high-growth markets like South Korea, Japan, Vietnam, and Thailand, particularly in sectors such as media, entertainment, and live commerce. These areas are rapidly growing, making Agora’s technology indispensable in meeting the demands of these industries.
Through focused marketing initiatives, Agora is enhancing its brand visibility and reinforcing its leadership position in real-time communication technology. With innovation, customer success, and market leadership at its core, Agora is shaping the future of communication across APAC.
This press release has also been published on VRITIMES