Worldwide unified communications market is projected to reach around US $186 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
According to the report, the burgeoning need to enhance workforce productivity, provide a cooperative working atmosphere, and streamline enterprise communication, has amplified the adoption of unified communication. The surging demand for unified communication from small- and medium-sized enterprises, higher penetration of mobile devices, and the growing trend of BYOD are believed to fuel the market growth over the future.
Unified communication is being increasingly accepted, owing to the rising investments in technological enhancements by vendors, as well as the increasing requirement for cloud-based unified communication services. Ascending demand from the developing economies is likely to endow the global unified communications market with multiple growth opportunities in the upcoming times. However, dearth of interoperability, coupled with rising concerns over data security would deter market development.
Market researchers claim that the deployment of digital bots and assistants in unified communications would grow significantly over the following years. Bots are capable of managing finances, scheduling meetings, and can do much more. These bots further aid in the effective use of the unified communication tools and can also be used as automated attendants.
The platform outlook of the global unified communications market is divided into unified messaging, telephony, conferencing, and others. Based on the deployment model, the market is bifurcated into cloud-based and on-premise. The end-user landscape of the unified communication systems can be fragmented into IT & telecom, retail, travel & hospitality, healthcare, education, BFSI, and others.
Reportedly, the IT & telecom end-user segment bagged the highest share in the global market in the year 2017, on account of the growing need to enhance enterprise communication and productivity. Several start-ups operating in the IT & telecom sector are endeavoring to better the workforce collaboration and reduce costs, which is further advancing the demand for unified communications. The escalating adoption of cloud-based unified communication in this sector is anticipated to impel the market growth in the ensuing years.
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The latest report includes an exhaustive analysis of the global unified communications market dynamics with respect to drivers, restraints, and opportunities over the estimated period. An insightful study of the industry in terms of deployment model, platform, Porter's five forces, regional landscape, competitive ranking analysis, and competitive vistas has also been entailed in the report.
In terms of regional contribution, North America amassed the highest market revenue in 2017, and is projected to dominate the global industry throughout the predicted timeline. The established telecom and cloud infrastructure existing in the region, along with the rising BYOD trend, is said to trigger market growth. The regional development is accelerated by the increasing demand for mobile devices, and significant technological enhancements. Market specialists also speculate that the Asia Pacific market would expand at the highest CAGR throughout the forecast timeframe, given the amplifying demand for effective enterprise communication technologies in the emerging nations.
The worldwide unified communications market is highly competitive and includes key market players such as IBM Corporation, Polycom Inc., Microsoft Corporation, Cisco Systems Inc., Avaya Inc., Alcatel-Lucent, Verizon Communications, BT Group, Unify GmbH & Co. KG, NEC Corporation, ShoreTel Inc., and Plantronics Inc.