Unified communications helps in streamlining multiple communication channels like voice, video, instant messaging and presence management, file sharing etc. into a single interface. Unified communications helps in enhancing workplace collaboration and cooperation. It reduces complexity and provides easier access to communications tools. Unified communication provides various advantages like increased productivity, enhanced collaboration, seamless mobility, reduced costs and greater flexibility.
The global Unified Communications Market is estimated to be valued at US$ 97.08 bn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth has accelerated through effective integration of unified communications capabilities in cloud platforms. The pandemic has accelerated cloud adoption as businesses recognize seamless collaboration as a strategic priority. Major unified communications solution providers are offering fully integrated unified communications solutions delivered through the cloud. This has paved the way for accelerated growth. Offering unified communications as a cloud service has allowed businesses to stay connected while working remotely during the pandemic. It has also provided flexibility, scalability and easier maintenance compared to on-premise solutions. This growing preference for cloud hosted unified communications solutions is a major trend fueling the market growth.
Segment Analysis
The global unified communications market is segmented by component, deployment type, organization size and end-use industry. Based on component, the market is divided into telephony, collaboration platforms and applications, and conferencing. Among these segments, the collaboration platforms and applications segment currently dominates the market. This segment covers key platforms like Unified communications as a service (UCaaS), Unified Messaging, Video conferencing, Mobility/telephony applications and others. The growth of BYOD and work from home culture post pandemic have significantly increased the usage of these collaborative platforms and applications across organizations globally.
Key Takeaways
The Global Unified Communications Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global Unified Communications Market is estimated to be valued at US$ 97.08 bn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031.
Regional analysis: North America currently dominates the global unified communications market owing to strong presence of key players in the region. However, Asia Pacific region is expected to emerge as the fastest growing regional market in coming years. Adoption of hybrid work models and modern collaborative solutions among SMBs as well as large enterprises in countries like China, India are contributing strongly to the market growth in Asia Pacific region.
Key players: Key players operating in the unified communications market are Kansai Paint Co., Ltd., Axalta Coating Systems, Kyoei Vietnam Co., ltd, Nippon Paint Holdings Ltd., PPG Industries, Inc., B.L Downey, Dornauer-Grillitsch GmbH, KAPCO Manufacturing Inc., BASF Coatings Gmbh, and DuPont de Nemours, Inc. The global market is fairly competitive with presence of many established as well as emerging players. Market leaders are focusing on new product innovations and customizations to suit unique communication and collaboration needs of small, medium and large enterprises globally.
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