Enterprises are installing new solutions along with updating their existing telephony or messaging infrastructure. The trend is predicted to drive the unified communications market size due to the rising need to improve operational efficiency and reduce costs.
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Rising demand in the enterprise sector is anticipated to propel the unified communications market over the forecast period. This can be attributed to the ability of the technology to deliver real-time communication services required for critical business operations.
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Unified Communications Market size is forecast to hit USD 96 billion by 2023; according to a new research report by Global Market Insights, Inc.
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UC technology provides scalability and flexibility coupled with the high availability for essential business tasks. Implementation of the technology in businesses has been amplified due to the numerous advantages associated with it including cost-efficiency, pay as per use and requirement, and reduced travelling time.
Furthermore, it has eradicated the drawback of synchronous functions of geographically dispersed regions.
The capability of accommodating multiple functionalities of communication system on a single platform makes telephony an essential tool in the business environment. The telephony technology is expected to boost the UC market size due to its compatibility with automated transfer of fax, voice, or other information.
Furthermore, the rising demand of IP and VOIP telephony in telecom & IT, BFSI, travel & hospitality and logistic & transportation industries serve as a significant driving factor for the unified communications market size.
The consumer goods and retail sector may offer significant opportunities to the unified communications market size over the next few years. The technology helps retail outlets to update the business procedures by empowering rapid real-time services and quicker transaction closures.
Cloud-based UC applications ensure organizations to eradicate wealth spending and adopt to an operational cost prototype which enables them to pay based on the required capacity.
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Hosted unified communications market size is anticipated to witness significant growth over the forecast timeline. The advantages associated with these products such as rapid implementation, automated upgrades, and scalability will drive demand in the coming years.
Furthermore, development of cloud technology systems is expected to boost the UCaaS market.
Enterprises dominated as of 2015, occupying nearly 60% of the unified communications market revenue, which can be credited to the increasing adoption for enhancing business processes and advantages offered by unified communication systems such as mobility.
Government applications will exhibit considerable growth prospects due to escalating adoption of the technology to accommodate the needs of citizens pertaining to the permit processing and public safety. These solutions enable governments to efficiently deal with the emergencies and crisis conferencing.
Asia Pacific is anticipated to witness significant growth at a CAGR of nearly 15% over the next eight years. Increasing demand for mobility is driving the demand advanced UC systems across the region.
Furthermore, huge population base is anticipated to offer favorable opportunities for the India and China unified communications market share.
Industry players include Microsoft Corporation, Avaya Inc, Alcatel-Lucent, and Cisco Systems, NEC Corporation, Siemens, and ShoreTel, among others. The industry participants are focusing on frequent mergers and acquisitions to gain prominence in the UC market.
For example, in 2015, Cisco Systems acquired Acano. The collaboration will benefit Cisco to expand the scalability and interoperability of their product portfolio enabling clients to connect from any mobile location.
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