by The Unified Communications Market is estimated to be valued at Us$ 84.27 Bn in 2023 and is expected to exhibit a CAGR Of 15% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Unified Communications (UC) brings together different communication tools into a single platform. It integrates features like instant messaging and video calling with email, voice calls, video conferencing and more. This makes it easier for businesses and individuals to communicate effortlessly through different media and different devices. UC also aims to provide a consistent and frictionless experience to users regardless of work location or device used. Common UC tools and services include presence, instant messaging, audio calling/conferencing, web & video conferencing and more.
Market Dynamics:
The global UC market is primarily driven by increasing adoption of cloud-based UC solutions across various industries. Cloud-based UC solutions offer flexibility and scalability at low costs. They eliminate the hassles of maintaining in-house infrastructure. The COVID-19 pandemic has further accelerated cloud adoption as businesses wanted to ensure business continuity amid lockdowns and remote workforce shifts. Another key driver is the growing trend of mobile and remote workforce. Modern employees expect seamless collaboration using personal devices from anywhere. UC systems enable this through their ability to integrate diverse communication channels and provide consistent experience on any device or location. This has boosted their demand across BYOD enterprises. Lastly, advancements in technologies like AI and analytics are allowing UC vendors to incorporate smart features like predictive recommendations, automated call attendants and more. This is fueling innovations and enhancing user experiences.
Segment Analysis
The unified communications market can be segmented by component, deployment type, organization size, vertical, and region. The solutions segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. This is mainly because solutions empower enterprises with competitive advantage by streamlining communication and collaboration activities on a single integrated platform.
PEST Analysis
Political: Favorable government initiatives to promote digitalization will positively influence the market growth. For instance, initiatives like Digital India are encouraging adoption of unified communication solutions.
Economic: The market is witnessing high growth owing to increasing investments by organizations towards efficient communication tools. Cost reduction achieved through unified communications adoption is another growth driver.
Social: Younger workforce demands advanced communication tools at work. Also, trends like bring your own device and work from anywhere are increasing the social acceptance of unified communication solutions.
Technological: Advances like AI and analytics integration, migration to cloud-based platforms, and rapid adoption of UCaaS/UCCaaS solutions are providing technological impetus to the market.
Key Takeaways
The Global Unified Communications Market Demand is expected to witness high growth, exhibiting a CAGR of 15% over the forecast period of 2023 to 2030. The global unified communications market size for 2023 is estimated to be US$ 84.27 Bn.
The growth is attributed to increasing digital transformation initiatives by enterprises globally. Organizations are increasingly adopting unified communication solutions to enhance productivity, collaboration and mobility. The trend of work from home and hybrid working models due to the COVID-19 pandemic has further accelerated the demand.
Regionally, North America dominated the market and is expected to continue its dominance. Rapid technological advancements and presence of leading solution providers in the region drive the market. Asia Pacific is expected to witness the fastest growth during the forecast period owing to growing adoption of digital tools by SMBs and increasing investments by communication technology vendors in the region.
Key players operating in the unified communications market are Alcatel-Lucent Enterprise, Avaya Inc., NEC Corporation, Cisco System Inc., IBM Corporation, Microsoft Corporation, Mitel Networks Corp., Poly, Unify GmbH & Co. KG, and Verizon Communications Inc. Major players are focusing on new product launches and partnerships to expand their global reach.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
