Unified Communications Market Size Worth $143.49 Billion by 2024: Grand View Research, Inc.
July 12, 2018 --
SAN FRANCISCO, July 12, 2018 /PRNewswire/ --
The global unified communications market size is expected to reach USD 143.49 billion by 2024, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 16.8% during the forecast period. Expansion of organizations in international markets and growing need for real-time and efficient communication systems is expected to augment industry growth over the next few years.
Global institutional and government initiatives supporting the introduction of unified communication deployment across various industry sectors is expected to positively impact market growth. Technological advancements and surging adoption of cloud computing technologies are expected to drive demand for hosted UC solutions. Cloud-based systems are easier to maintain and provide fast and seamless communication capabilities at minimal capital expenditure. Characterized by an OPEX model and featuring quick implementation, flexibility, and automated upgrades, it is also particularly well suited for small and medium enterprises (SMEs).
Increased deployment of Artificial Intelligence (AI) assistants such as Cortana, Siri, and Alexa to predict consumer behavior and guide customer service to solve a problem is also projected to benefit the market. Such virtual assistants are expected to witness greater deployment of bots as an authentic alternative to human interaction for customer service. Additionally, merging of traditional telecom and IT functions along with emergence of convergence has enabled several businesses to become familiar with UC and Voice over Internet Protocol (VoIP) concepts.
Furthermore, enterprises are planning to converge their unified communication applications around a single vendor, with most choosing Microsoft Corporation and Cisco Systems, Inc. For instance, Comcast Business has offered integration between its cloud phone service, business voice edge, and Microsoft Office 365, making it possible for Office 365 to receive or initiate calls from Outlook. This integration has allowed users to make phone calls while responding to an email.
Moreover, emergence of Web Real-Time Communication (WebRTC) technology has enabled users to join web conferences or make calls without needing to download any plug-ins or additional software. WebRTC intends to offer economical real-time communication options with less of human resource investment. WebRTC surpasses web conferencing and VoIP by offering click-to-call capabilities as witnessed on Amazon's Mayday button, which enables visitors to make free video or voice calls directly to a business through the Internet browser.
Browse full research report with TOC on "Unified Communications Market Size, Share & Trends Analysis Report By Product (On-premise, Cloud-based/Hosted), By Application (Enterprises, Education, Government, Healthcare), And Segment Forecasts, 2018 - 2024" at: https://www.grandviewresearch.com/industry-analysis/unified-communication-market
Further Key Findings From the Report Suggest:
- On-premise UC solutions dominated the industry with a share of over 55.0% in 2016. Growth can be attributed to ease of customization and control they offer
- The enterprise application dominated the industry in 2016 accounting for a share of over 50.0%. Increased adoption of UC across various industry verticals contributes to segment growth
- The Asia Pacific region captured a share of more than 24.0% in 2016. Increasing modernization and industrialization in the region, with significant contribution from China and India, has led to a surge in adoption of UC solutions
- Key players in the industry include Cisco Systems Inc.; Microsoft Corporation; IBM Corporation; Verizon Communications Inc.; and Polycom Inc.
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Grand View Research has segmented the global unified communications market on the basis of product, application, and region:
- Unified Communications Product Outlook (Revenue, USD Billion, 2012 - 2024)
- Unified Communications Application Outlook (Revenue, USD Billion, 2012 - 2024)
- Unified Communications Regional Outlook (Revenue, USD Billion, 2012 - 2024)
- North America
- Asia Pacific
- South America
- Middle East and Africa (MEA)
- North America
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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