The global unified communications market size is projected to account for USD 167.1 billion by 2025 and is expected to grow with 16.8% CAGR over the forecast period from 2019 to 2025, according to a new report by Million Insights. Factors such as increasing preference for Unified Communication as a Service (UCaaS), Changing workforce dynamics, and virtualization of devices & data are anticipated to fuel the demand for UC solutions among enterprises.
Growing adoption of cloud-based services seamless and fast communication in enterprises are projected to drive the market growth. Further, organizations are widely adopting cloud-based solutions to improve productivity of their remotely located resources.
The cloud-based UC solution allows geographically dispersed and diverse resources to collaborate mutually and work together in real-time through video and voice conferencing. Moreover, shift towards a cloud-based solution allows enterprises to reduce capital spending by applying an operational cost model which enables them to pay as per capacity they need.
Rising demand for UC solutions is encouraging solution providers to develop advanced versions for enterprises. Thus, solution providers including Cisco Systems, Inc.; IBM Corporation; and Avaya, Inc. are offering team collaboration and a mix of UC solutions to strengthen their market position.
Due to intense competition among market players, they are striving to offer diverse solutions along with several features such as email platform, video & audio conferencing, unified messaging, and instant messaging. Hence, several features offering by industry players is expected to propel the unified communication market growth over the forecast period.
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Further key findings from the report suggest:
• The hosted UC solution is projected to grow with significant CAGR during the forecast period due to growing adoption of UCaaS solution across enterprises.
• Among applications, healthcare application segment is anticipated to register a CAGR of around 20% during the forecast period owing to growing adoption of video conferencing tools for monitoring remote patients.
• The SMEs is projected to emerge as fastest-growing segment from 2019 to 2025 due to increased need for efficient Unified infrastructure to enhance communication capabilities.
• The audio & video conferencing segment is projected to witness considerable growth over the forecast period due to growing visual communication tools deployment in enterprises.
• Asia Pacific is projected to grow with the highest CAGR during the forecast period. This growth is attributed to presence of local service providers offering different solutions.
• The key players operating in this industry are Avaya, Inc.; IBM Corporation; Cisco Systems, Inc.; and NEC Corporation.
Million Insights has segmented the global unified communications (UC) market on the basis of product, application, organization size, solution and region:
UC Product Outlook (Revenue, USD Billion, 2014 - 2025)
UC Application Outlook (Revenue, USD Billion, 2014 - 2025)
UC Organization Size Outlook (Revenue, USD Billion, 2014 - 2025)
• Large Enterprises
UC Solution Outlook (Revenue, USD Billion, 2014 - 2025)
• Instant and Unified Messaging
• Audio & Video Conferencing
• IP Telephony
UC Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• South Korea
• New Zealand
• South America
• Middle East & Africa