Unified Communication Market Hits $75.81 Billion By 2020
Grand View Research has announced the addition of " Unified Communication Market Analysis And Segment Forecasts To 2020" Market Research report to their Database.
The global unified communication market size is expected to reach USD 75.81 billion by 2020, growing at a CAGR of 16.3% from 2014 to 2020. Increasing need for integrating various communication applications into a single universal entity and Unified Communication as a Service (UCaaS) applications across various industrial verticals is expected to drive growth over the forecast period.
The industry includes various communication models such as messaging, transaction, and information system along with collaboration and interactive systems. Availability of wireless connectivity and high-speed internet is expected to drive the global unified communication market.
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Further key findings from the study suggest:
· Unified communication services can be on-premise, on-cloud, or hosted systems. On-premise systems are less attractive than cloud-based/hosted unified communication systems as they need well-trained staff and sufficient maintenance. Cloud-based systems are faster, require low maintenance, and provide uninterrupted scaling abilities at lower costs. The growth of cloud computing is expected to boost the market for cloud or hosted systems.
· Unified communication systems help in the improvement of enterprises’ efficiency and productivity. They enable enterprises to have connected employees and optimal operational agility and eventually delivering better customer-experience. However, high capital investments and lack of standardization between different platforms are expected to pose challenges to the industry.
· The enterprise unified communication market is expected to emerge as a dominant sector in the global unified communication market. This can be attributed to increasing adoption of IT in enhancing business processes and providing benefits such as mobility and collaboration. Moreover, the education and healthcare sectors are some of the other promising sectors for the industry. Unified communication application in the education sector is estimated to grow at a CAGR of over 16% from 2014 to 2020.
· North America unified communication market is expected to dominate the global industry, contributing to over 35% of the overall revenue. This can be primarily attributed to the presence of sophisticated communications infrastructure in the region.
· Increasing need for effective communications and collaboration along with cost savings is expected to drive the market in Asia Pacific. However, strict regulations in the regional telecom industry are expected to act as a barrier and restrict service providers to expand their business in the Asian countries.
· Key companies operating in the industry include Alcatel-Lucent, Cisco, IBM, Microsoft Corp., NEC Corp., Plantronics Inc., ShoreTel, and Verizon. Cisco provides a wide range of customized UC solutions for its clients across diverse industry verticals, thus acquiring a major share of the global unified communication industry.
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Jun 17, 2016