Unified Communications Market Size Worth $167.1 Billion By 2025 | Grand View Research, Inc.

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Unified Communications Market Size Worth $167.1 Billion By 2025 | Grand View Research, Inc.

Unified Communications Market Size Worth $167.1 Billion By 2025 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report by Grand View Research, Inc., The global unified communications market size was valued at USD 56.33 billion in 2018 and is expected to register a CAGR of 16.8% from 2019 to 2025..

According to a report, “Unified Communications Market Analysis Report By Product (Hosted, On-premise), By Application (Enterprises, Government), By Organization Size, By Solution, By Region, And Segment Forecasts, 2019 – 2025”.The global unified communications market size is expected to reach USD 167.1 billion by 2025, exhibiting a CAGR of 16.8% over the forecast period, according to a new report by Grand View Research, Inc. Changing workforce dynamics, growing prominence for Unified Communication as a Service (UCaaS), and virtualization of data and devices are factors that are expected to increase the adoption of UC solutions in enterprises.

The Covid19 pandemic has forced organizations to take a good look at the business continuity plans and assess their remote working readiness. The crisis is expected to increase the demand for team collaboration software in order to support the workforce. Will this radically and permanently change the communication and collaboration processes in organizations? We are continuously monitoring the market dynamics and trying to assess the impact of Covid19 on the demand for unified communications solutions. The report will account for Covid-19 as a key market contributor.

The use of cloud-based solutions for fast and seamless communication across enterprises is expected to positively impact market growth. Organizations are effectively deploying cloud-based collaboration solutions across various time zones so that they can improve the productivity of their mobile team members.

Growing adoption of cloud-based unified communication platforms is allowing geographically-diverse and dispersed teams to work together and collaborate mutually in real-time via voice and video conferencing. The transition toward the cloud is also allowing enterprises to curb capital spending by adopting an operational cost model that will enable them to pay on the basis of the capacity they require.

Some of the prominent companies operating in the market are Cisco Systems, Inc.; Microsoft Corporation; IBM Corporation; and NEC Corporation. In line with growing demand for flexible office spaces, these industry players are offering various cloud-based solutions, such as voice and video conferencing, Instant Messaging (IM), and data management, which can help employees in sharing and accessing information remotely. They are particularly offering cloud-based unified communication solutions that can support live multimedia interaction via voice and video conferencing, can allow recording events for others to review the proceedings later, and can be deployed across various time zones in order to improve the efficiency of mobile team members.

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Increasing demand for UC solutions is opening up opportunities for solution providers to launch advanced versions of team collaboration software for enterprises. Solution providers such as Cisco Systems, Inc.; Avaya, Inc.; and IBM Corporation are offering a mix of UC and team collaboration solutions as part of their efforts to strengthen their market position.

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Further key findings from the report suggest:

  • The hosted UC solutions segment is expected to register a significant CAGR over the forecast period owing to increasing implementation of UCaaS solutions in enterprises
  • The healthcare application segment is expected to develop at a CAGR of approximately 20.0% over the forecast period owing to increased adoption of video conferencing tools for remote patient monitoring
  • The SMEs segment is expected to grow at the fastest pace through 2025 owing to the increasing need for an efficient unified infrastructure for improving communication capabilities
  • The audio and video conferencing segment is poised to witness steady growth over the forecast period owing to rising deployment of visual communication tools in enterprises
  • Asia Pacific is expected to be the fastest-growing regional market due to the emergence of local service providers offering diverse solutions
  • Key players in the Unified Communications market include Avaya, Inc.; IBM Corporation; Cisco Systems, Inc.; and NEC Corporation.

The global unified communications market size was valued at USD 56.33 billion in 2018 and is expected to register a CAGR of 16.8% from 2019 to 2025. Unified communication (UC) solutions help organizations provide their employees with real-time access to services such as conferencing, data sharing, messaging, and phone communications from several devices, thereby improving streamlining business processes. Integration of Artificial Intelligence (AI) with UC solutions has greatly aided organizations in realizing their digital transformation goal.

Rising deployment of AI and Machine Learning (ML) in the communications sector has created opportunities for team collaboration, thereby, enabling machine-to-human interaction. AI is continuously changing the way enterprises structure their workflows; for instance, AI is gradually replacing enterprise voice calls with virtual assistants and bots. In 2018, Cisco Systems, Inc. announced its plan to expand its UC solutions portfolio by integrating AI capabilities into its UC platform.

Increased adoption of Internet of Things (IoT) has enabled organizations to integrate devices and data with analytical IoT tools, resulting in an autonomous work environment. For instance, in an organization’s meeting rooms, sensors can track room use, including the number of attendees and systems used as well as length of the meeting. These insights can help organizations determine the right mix of video and non-video enabled meeting rooms to optimize room spending.

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Large enterprises have witnessed rapid adoption of Unified Communication-as-a-Service (UCaaS) platform, a cloud delivery model that combines multiple channels of communication such as voice, text, chat, and e-mail, thereby offering a bundled solution. UCaaS bundles have proven to be cost-effective as compared to deploying a single UC solution. This has encouraged enterprises to opt for bundled services. The increasing need to reduce enterprise overhead costs and need to eliminate purchase of standalone systems have propelled the market over the past few years.

The on-premise segment dominated the market in 2018. However, demand for on-premise solutions is expected to reduce over the forecast period owing to high initial investments and growing deployment of cloud-based solutions. Moreover, these solutions incur additional costs of training enterprise staff for better management and operation of unified communications software solutions.

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The hosted UC segment accounted for a revenue share of over 45.0% in 2018. A growing number of organizations have witnessed an increase in the adoption of cloud-based solutions for providing easy-to-manage and consistent telephony services across numerous office locations in different geographies.

Furthermore, cloud-based UC offers better team collaboration, allowing users to access applications on a real-time basis. Soaring need for managing and monitoring UC infrastructure from a centralized dashboard is expected to drive the segment over the forecast period. Providers such as Avaya Inc. and Cisco Systems Inc. are offering cloud-based UC solutions, which are delivered for public, private, or hybrid models. Such offerings are further driving demand for hosted solutions.

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The enterprise segment accounted for a revenue share of more than 50.0% in 2018. Rising adoption of UC across enterprises to offer web conferencing, communication tools, and collaboration portals is expected to drive the segment. Moreover, enterprises are shifting from document-focused workstyle to people-focused workstyle to foster innovation. In recent years, it has been observed that companies are inclined toward the use of network convergence, Internet Protocol (IP) telephony, and UC for realizing a digital workplace.

Grand View Research has segmented the global unified communications market on the basis of product, application, organization size, solution:

UC Product Outlook (Revenue, USD Billion, 2014 – 2025)

  • Hosted
  • On-premise

UC Application Outlook (Revenue, USD Billion, 2014 – 2025)

  • Enterprise
  • Education
  • Government
  • Healthcare
  • Others

UC Organization Size Outlook (Revenue, USD Billion, 2014 – 2025)

  • SMEs
  • Large Enterprises

UC Solution Outlook (Revenue, USD Billion, 2014 – 2025)

  • Instant & Unified Messaging
  • Audio & Video Conferencing
  • IP Telephony
  • Others

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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