Unified Communication Market Trends, Active Key Players and Growth Projection Up to 2031 | TMR Study
With technology giants such as Microsoft, Cisco, Google, Avaya, NEC, and Unify constantly breaking boundaries with their innovative products in the unified communication (UC) space, the vendor landscape for the global market for unified communications can be termed as highly dynamic and competitive, notes a market research report by Transparency Market Research. Companies are ramping up their positions in the field of unified communications by investing in technologies such as artificial intelligence, virtual reality, IoT, and cloud and developing innovations such as virtual reality meeting room solutions to grab a larger share in the lucrative market.
Companies in
the UC market are also ploughing increased amounts of funds into the
development of cloud platforms owing to the rising demand for flexible,
scalable, and cost-competitive business communications solutions. Microsoft,
for instance, has gained a larger consumer base by making a number of UC
solutions more accessible to small enterprises through it’s online Office365
edition. Google already claims a large share of the UC market with its Hangouts
application and is also steadily making advances in the UCaaS space by refining
its UC solutions to suit the cloud-based service delivery model and add more
features to popular UC solutions such as Hangouts.
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According to the report, the global unified communications market will rise to a valuation of US$61.9 bn by 2018. If the numbers hold true, the market would have registered an impressive 15.7% CAGR over the period between 2012 and 2018.
North America Accounts for Dominant Share in Global Market
In terms of
end users of unified communications solutions, the enterprise segment presently
accounts for the dominant share in the global unified communications market.
The government sector is also steadily advancing on the front of adoption of
unified communications solutions and is expected to emerge as a promising
contributor of growth opportunities to the market in the next few years.
In terms of geography, the global unified communications market earns a large share of its revenue from sales across North America presently. The region features high rates of digitization and a large number of small, medium, and large enterprises that are aware of the vast cost benefits of employing unified communication solutions in their infrastructures. Over the years, the market in Asia Pacific has witnessed expansion at a promising pace owing to the presence of several companies operating in the development and testing segments of the unified communications market.
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Rising Usage of Mobile Devices by Employees Compel Adoption of Unified Communication Solutions in Enterprises
As
digitization increasingly become a norm in modern workplaces and globalization
makes business processes increasingly remote, overall modernization in the way
processes and resources interact is sought, not only as a way of making
business communications centrally controlled, monitored, and qualitatively
better but also as a way of reducing the vast expenses incurred. By effectively
enabling this in businesses of all sizes and forms, unified communication
solutions have become a big and important part of modern enterprises. As an
increasing number of companies invest more resources and funds into the
improvement of their internal and external communications, the demand for
unified communications solutions is also rising.
The market is also benefitting from the massive rise in the number of mobile devices being used at workplaces and a vast increase in arrangements such as Bring Your Own Device (BYOD) and working from home across a number of enterprises. The rising dependence of the enterprise sector on cloud services for data management and housing is also working in favor of the market.
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