Unified Communications Market

Global Unified Communications Market

Unified Communications Market- By Components, Types, Services, Deployment Mode, Organization Size, Vertical, and Region.

Market Synopsis:

Global Unified Communications Market is valued at USD 93.29 Billion in the year 2022 and is projected to reach a value of USD 390.53 Billion by the year 2030. The Global Market is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 19.60% over the forecast period.

The growth in enterprise customers, technological evolution, growth in penetration of smartphones, rise in the use of BYOD in modern business practices, and large-scale investments are the major factors driving the growth of the Unified Communications Market during the forecast period. In addition, changing workforce dynamics, visualization of devices and data, and increasing prominence of Unified Communication as a Service (UCaaS) are the factors that are predicted to increase the adoption of Unified Communications in the enterprises during the forecast period.

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Moreover, the utilization of cloud-based solutions for unified and fast communication across enterprises is predicted to positively impact the unified communication market growth during the forecast period. Furthermore, organizations are effectively organizing cloud-based collaboration solutions across various time zones in order to improve the productivity of their mobile team members which is expected to drive the growth of the unified communication market in the years to come.

In addition, the upsurge in the mobile workforce associated with the increasing trend of Bring Your Device and the hybrid workplace model is predicted to positively influence the global market of Unified Communications during the forecast period. Moreover, the increasing adoption of IoT in Unified Communications is driving the growth of the Unified Communications Market during the forecast period.

Market Segmentation:

The Unified Communications Market is segmented on the basis of component, type, deployment mode, organization size, and vertical. Based on components, the market is segmented into Types and Services. Based on type, the market is segmented as UCaaS, IP Telephony, and Video Conferencing Systems. Based on services, the market is segmented as UC Managed Services and Professional Services. Based on the deployment model, the market is segmented as On-premises, Public Cloud, and Hybrid Cloud. Based on organization size, the market is segmented into Large Enterprises, and Small and Medium-Sized Enterprises (SMEs). Based on vertical, the market is segmented as BFSI, IT and Telecom, Retail and Consumer Goods, Healthcare, Public Sector and Utilities, Logistics and Transportation, Travel and Hospitality, and Others (Education, Manufacturing and Media and Entertainment).

Based on Component:

On the basis of components, the market is segmented as type, deployment mode, organization size, and vertical. The type segment is expected to acquire the largest share of the unified communication market during the forecast period. The unified communication solutions vendors enable organizations to centralize, manage, and offer videos in a secure way. Moreover, the solution helps in managing all the activities like video conferencing, telephony, messaging, and different communication solutions which is driving the growth of the unified communication market.

Based on Type:

On the basis of type, the market is segmented as UCaaS, IP Telephony, and Video Conferencing Systems. The IP telephony segment is predicted to be a large contributor to the unified communication market during the forecast period. IP telephony denotes any phone system that uses the internet connection to receive and send the voice data. Moreover, IP telephony provides choice and control over how to communicate, when to communicate, and method to communicate via, telephone, voice, and video which is expected to drive the growth of the IP telephony segment in the unified communication market in the coming years. By utilizing remote access tools, IP video telephony gives options on where to communicate, which gives employees the skill to work anytime anywhere, increasing employee efficiency and work quality additionally the added flexibility of IP video telephony can provide lifestyle advantages to employees.

Europe Region Dominates the Unified Communications Market with the Largest Share

Europe is predicted to acquire the largest share of the Unified Communications Market during the forecast period. The increasing Unified Communications demand in the Europe has offered numerous opportunities to establish their businesses successfully during the forecast period. For instance, the Yamaha corporation which is one of the prominent unified communication vendors in Japan has founded its business function in Europe, focusing on the prime countries such as UK and Germany.

Asia Pacific is Predicted to Grow at the Highest CAGR During the Forecast Period

The Asia Pacific region is projected to grow at the highest CAGR throughout the forecast period. The growth of the Asia Pacific is attributed to the growing emphasis on collaboration and the cost-cutting practices to ensure better resource utilization in the Asia Pacific region during the forecast period. Various sectors like banking and financial services, telecom, business processing outsourcing, and hospitality have turned to Unified Communications to enable efficient services and are adopting Unified Communications on a large scale which is expected to increase the demand for Unified Communications in the coming years.