ID: MRFR/ICT/5112-HCR | October 2018 | Region: Global | 100 pages
According to the latest research report, the unified communications market size is expected to grow at a significant CAGR by 2023. The communication system has applications in a variety of industries, including education, healthcare, and banking, and finance. The expansion of end-user industries is expected to have a positive influence on the worldwide unified communications industry. A unified communications system is widely utilized for collaborative work and making decisions. The technology allows interoperability; administration cost reduction, flexibility, quicker availability of information, and so on, paving the way for successful implementation in the future years.
The use of cloud-based solutions for quick and smooth communication across organizations is projected to boost the unified communications market growth. Organizations are successfully adopting cloud-based collaboration solutions across several time zones in order to boost the efficiency of their mobile members of the team. The increasing use of cloud-based unified communication solutions enables geographically varied and scattered teams to work together and communicate in real-time via phone and video conference. The move to the cloud also enables businesses to reduce capital expenditures by using an operational cost model that allows them to pay based on the capability they use. As the need for UC solutions grows, solution providers will have more possibilities to develop sophisticated versions of team collaboration software for companies. As part of their attempts to enhance their market position, solution providers such as Cisco Systems, Inc., Avaya, Inc., and IBM Corporation are delivering a combination of UC and team collaboration solutions.
This report contains all the information on the unified communications market research report and its strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the unified communications market analysis forecast for 2023 is also included in the report.
Since this majority of individuals work from home, the unified communications market has benefited from the COVID-19 epidemic. This technology enables businesses to participate in audio and video conferencing, send and receive messages from a remote location, and access real-time data. They may share a presentation by using the screen-sharing feature. Instant messaging allows you to ask questions or make comments during a video conference without interrupting the speaker, which is extremely useful when hosting a big meeting. This feature of unified communications may be utilized to share files as well. As a result, owing to the COVID-19 outbreak, numerous advantages connected with the UC platform will not have an impact on company operations.
The growing need for mobility, the desire to lower the cost of administrative procedures, and the expanded market for cloud solutions are all contributing to unified communications market expansion in numerous industries. Businesses benefit from unified communications because it allows for real-time communication, interoperability, and quicker access to information. It offers a single interface for integrating numerous devices, allowing for smoother interaction and better decision-making. The industry is projected to rise as the demand for cloud-enabled solutions expands.
Globalization has increased the demand for effective real-time communication solutions. It is anticipated to offer up new opportunities for unified communications market growth participants.
A key restraint of the global unified communications market is cyber and data security while integrating multiple platforms on the cloud.
The challenges of boosting a company through unified communication are numerous. All speech apps run on a local area network (LAN), and any changes to the LAN or IP address might cause applications to fail. Providing more effective solutions by addressing the particular demands of various business groups connected to various applications inside the firm is a big issue. This makes integrating unified communication into an existing infrastructure difficult. These are the key roadblocks to the unified communication market's expansion.
Cumulative Growth Analysis
The growing use of the Internet of Things (IoT) has enabled businesses to combine their data and equipment with IoT technologies, resulting in an autonomous work environment. Sensors in conference rooms, for example, may track the number of staff, the system utilized, and the length of the meeting. This information assists the organization in determining how much money they should spend on rooms.
Large businesses are quickly embracing Unified Communication-as-a-Service (UCaaS), which integrates numerous communication channels such as chat, e-mail, text, and phone to provide a variety of options. UCaaS packages have been shown to be more cost-effective than a single UC service. This reason has pushed businesses to opt for package services. The unified communications business is projected to expand as the demand to decrease operating expenses and avoid the acquisition of a standalone system grows.
Value Chain Analysis
According to the reports, the global unified communication market is segmented on the basis of product type, application, end-users, and regions. In 2018, the on-premise segment dominated the market. However, due to large initial expenditures and the rising adoption of cloud-based solutions, demand for on-premise solutions is projected to decline throughout the projection period. Furthermore, these solutions incur additional expenses for training corporate employees to manage and operate unified communications software systems. In 2018, the hosted UC market contributed more than 45.0 percent of total revenue. An increasing number of businesses are using cloud-based solutions to provide easy-to-manage and consistent telephone services across many office locations in various countries.
In 2018, the enterprise segment accounted for more than 50.0 percent of total unified communication market sales. Rising business use of UC to provide web conferencing, messaging services, and collaboration portals is projected to boost the market. Furthermore, in order to encourage creativity, businesses are transitioning from a document-focused work style to a people-focused work style. In recent years, organizations have shown a preference for using network convergence, Internet Protocol (IP) telephony, and UC to realize a digital workplace.
The market is segmented on the basis of product type, application, end-users, and regions. The global unified communication market is expected to witness decent growth during the forecast period.
Based on the application, the unified communications market is segmented into unified messaging, conferencing, video, contact center, telephony, and others
Based on the propulsion types, the unified communications market is segmented into healthcare, education, government, BFSI, IT & telecom, RETAIL, enterprises, and others
According to the reports, the global unified communication market is divided into North America, Europe, Asia Pacific, South America, and the Middle East, and Africa. In 2018, North America led the worldwide market. High rates of development of new technologies in the United States are expected to boost the regional market over the projected period. The presence of numerous important businesses, as well as the growing popularity of BYOD solutions, are both contributing to developing economies.
Due to the extremely prevalent trend of business mobilization, the Asia Pacific market is projected to develop significantly. Growth in the regional market may also be linked to a greater emphasis on cost-cutting measures, as well as increased demand for regional partnerships. To facilitate effective cooperation and communication, industries such as business process outsourcing (BPO), banking and financial services (BFS), government, telecom, logistics, and hospitality have shifted to unified communications.
After realizing that there are a variety of UC solutions on the market, major companies are concentrating on providing a variety of solutions with different capabilities, such as audio and video conferences, email platforms, text messaging, and instant communications. As a result, the market for voice communication, video communication, synchronous communication, and other communication tools is projected to converge.
Major Key Players
The following report comprises of –
Unified Communications Market Segments
By Product Type
o South Korea
o New Zealand
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product Type, By Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Google LLC, NEC, Aastra, IBM Corporation, Siemens Enterprise Communications, Avaya Inc., Verizon, Star2Star, Asnet, Orange, Mitel, Microsoft Corporation, Hewlett-Packard, RingCentral, NTT, Cisco Systems, Connect Solutions, Unify, Huawei, At&T, and Alcatel-Lucent S.A.|
|Key Market Opportunities||The advent of globalization has intensified the need for efficient real-time communication systems. It is likely to open new avenues of growth opportunities for the participants of the unified communications market.|
|Key Market Drivers||Unified communications offer easy accessibility of information. This can impel the unified communications market expansion.|
Frequently Asked Questions (FAQ) :
The unified communications market poised to thrive at notable CAGR by 2023.
The unified communications market can reach a considerable valuation by 2023.
Cisco Systems, RingCentral, NTT, Connect Solutions, Huawei, Unify, Alcatel-Lucent S.A., and AT&T are some reputed names in the unified communications market.
Unified communications offer easy accessibility of information. This can impel the unified communications market expansion.
MRFR findings reveals that the North America unified communications market can achieve a lucrative valuation.
Unified communications system is extensively used for seamless working and making informed decisions. The technology facilitates interoperability, reduction of administrative costs, flexibility, easier access to information, etc.