Unified Communications Market - Financial Overview and Growth Prospects Predicted by 2023

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Industry Insight

The fast-emerging global unified communications market 2020 is noticing escalated growth, which has been recorded at a substantial CAGR by Market Research Future after an exclusive study. It has also noted down that the market has huge chances to reach a high valuation by the year 2023, which is being instigated by various factors counting at the world level. Such a growth scene will take place during the years 2018 to 2023, which is stated to be the market’s forecast period. The market will gain maximum prominence during these years.

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Top Influencing Factors

The technological advancements and innovations in unified communications are likely to fuel demand for unified communications over the next couple of years, which has created mush possibilities for the market in recent years. The governments are attempting to promote the adoption of the communication system in various developed economies around the world. This, in turn, has poised the augmentation of the global market in the forthcoming years.

The use of cloud-based solutions for fast and seamless communication across businesses is expected to impact market growth in the forecast period positively. The organizations are efficiently deploying cloud-based collaboration solutions in various time zones so that they can improve the productivity of its mobile team members.

Upward adoption of cloud-based unified communication platforms is allowing geologically-diverse and dispersed teams to work together and collaborate in real-time through voice and video conferencing. The transition toward the cloud is also allowing businesses to curb capital spending by adopting operational cost models that will facilitate with paying on the basis of the capacity they require. All these factors are related to high growth possibilities for the market during the forecast period.

At the same time, the rising demand for unified communications solutions is paving ways for opportunities for solution providers in order to launch advanced versions of team collaboration software for various businesses. The critical solution providers such as Avaya, Inc.; Cisco Systems, Inc.; and IBM Corporation are offering a mix of UC and team collaboration solutions as part of efforts to strengthen market position, which is in a way contributing to the market’s growth over the forecast period.

Segmentation of Market:

As per segmentation, Unified Communications Market has been studied among various segments such as product type, application and end-user type.

Depending on product type segment, the market has included on-premise and cloud-based.

Depending on application type, the market has included Unified Messaging, Contact Center, Video, Telephony, conferencing and others.

Depending on end-user type, the market has included healthcare, enterprises, education, government, RETAIL, IT & Telecom, BFSI and others.

Regional Outlook

Europe, Asia Pacific, North America, and the Rest of the World are the key regions where the market’s study has been conducted.

North America region led the global market back in the year 2018. The high adoption rates of advanced technologies in the U.S. are possible to drive the regional market in the forecast period. In fact, the presence of several significant players and the surged popularity of BYOD solutions are further contributing to regional growth.

The Asia Pacific market is also probable to exhibit considerable growth owing to the popular trend of mobilization among various businesses. The growth in the regional market can also be accredited to the rising importance of conquering costs as well as demand for collaborations in the region. Sectors such as banking and financial services (BFS), business process outsourcing (BPO), telecom, government, logistics, and hospitality have been changing to unified communications to enable efficient collaboration and communication.

Top Market Contenders

The top market players operating in the global unified communications market are listed as NEC, Aastra, Google LLC, Siemens Enterprise Communications, IBM Corporation, Verizon, Avaya Inc., Asnet, Star2Star, Mitel, Orange, Hewlett-Packard, Microsoft Corporation, NTT, RingCentral, Connect Solutions, Cisco Systems, Huawei, Unify, Alcatel-Lucent S.A and At&T.

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About Market Research Future: 

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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