Unified communications (UC) solutions seamlessly integrate voice, video, instant messaging and presence services to enable effective internal and external collaboration. The growing need among enterprises to enhance team collaboration and better manage remote working is driving demand for UC solutions. Cloud-based UC solutions help businesses reduce infrastructure costs and easily scale services up or down according to business needs. The global Unified Communications Market is estimated to be valued at US$ 103 billion in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Cloud adoption is boosting the unified communications market growth. The scalability, flexibility and cost-effectiveness offered by cloud-based UC solutions is encouraging enterprises across all sizes and industries to migrate their on-premise systems to the cloud. Hybrid cloud deployments are also gaining traction as they allow businesses to leverage both cloud and private infrastructure as per requirements. Growing availability of Software-as-a-Service (SaaS) based UC services has made cloud adoption more accessible. This has further accelerated the transition from legacy on-premise systems to the cloud and supported the market expansion over the forecast period.
Segment Analysis
The global unified communications market is segmented on the basis of deployment, solution, size of organization and vertical. On the basis of deployment, the unified communications market has been segmented into cloud deployment and on-premises deployment. The cloud deployment segment dominates the market as it reduces operational costs and allows organizations to scale up and down according to needs. On the basis of solution, the unified communications market has been segmented into unified messaging, conferencing, voice and telephony. Conferencing led the market as video conferencing services enables high productivity meeting experience. On the basis of size of organization, large enterprises dominated the market as these large organizations have numerous branches and communication needs within the organization. On the basis of vertical, BFSI and manufacturing led the market due to the need for efficient internal communication across departments spread across locations.
Key Takeaways
The global Unified Communications Market Growth is expected to witness high growth during the forecast period. North America is expected to dominate the unified communications market during the forecast period. This dominance is attributed to the strong presence of key players like Cisco and Avaya in this region. The Asia Pacific unified communications market is expected to witness highest growth rate during the forecast period due to rapid digitalization in countries like China and India. Key players operating in the unified communications market are Cisco, Avaya, Microsoft, IBM, and Alcatel-Lucent Enterprise. Cisco dominates the market with wide service offerings across products like Webex and Jabber. Avaya leads the market in conferencing solutions and offers high quality video conferencing facilities. The unified communications market players are focusing on cloud collaboration and digital transformation to cater to hybrid work models adopted post-pandemic.
For more insights, read- https://www.newsstatix.com/unified-communications-market-trends-size-and-share-analysis/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/luxury-travel-market-is-estimated-to-witness-high-growth-owing-to-increased-adventurism
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