USD 98.40 billion
Report ID:
SQMIG45E2225 |
Region:
Global |
Published Date: August, 2024
Pages:
197
|Tables:
59
|Figures:
75
Global Unified Communications Market size was valued at USD 115.91 Billion in 2022 and is poised to grow from USD 136.55 Billion in 2023 to USD 506.37 Billion by 2031, at a CAGR of 17.8% during the forecast period (2024-2031).
The global unified communications market is driven by the growing need for businesses to improve their communication and collaboration capabilities in a rapidly evolving digital landscape. The key drivers of the global market include the need for businesses to enhance productivity, reduce communication costs, and improve customer satisfaction. With remote work becoming the norm, the demand for flexible and scalable communication solutions has increased significantly, driving the adoption of Unified Communications. However, the market also faces several challenges, including the high cost of implementation, lack of interoperability among different platforms, and security concerns. To overcome these obstacles, vendors are offering cloud-based solutions that are more affordable, easier to use, and more secure than traditional on-premise systems. The key trends in the global market include the integration of artificial intelligence and machine learning technologies to enhance communication and collaboration capabilities. Additionally, there is a growing trend towards mobile-first communication solutions, which allow employees to stay connected from anywhere, at any time. There are also several opportunities in the Unified Communications market, particularly in emerging markets such as Asia-Pacific and Latin America. These regions are experiencing a rapid digital transformation, and businesses are increasingly adopting Unified Communications to improve their communication and collaboration capabilities.
Global Market Size
USD 98.40 billion
Largest Segment
On-Premise
Fastest Growth
Hosted
Growth Rate
17.8% CAGR
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Global unified communications market is segmented based on deployment mode, organization size, solutions, component, industry vertical and region. Based on deployment mode, the market is segmented into hosted and on-premise. Based on organization size, the market is segmented into SMEs and large enterprises. By solution, the market is segmented into instant & unified messaging, audio & Video Conferencing, IP Telephony and Collaboration Platform and applications. Based on component size, the market is segmented into hardware, software and services. Based on industrial vertical, the market is segmented into BFSI, manufacturing, IT & telecom, retail & ecommerce, government & defense, healthcare & life sciences, education, travel & hospitality, transport & logistics, media & entertainment and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, South America and Middle East and Africa.
Global Unified Communications Market Analysis By Deployment Mode
In 2022, the on-premise sector held a market revenue share of around 47.0%. Large businesses' growing need for more control and customisation over their communication infrastructure is what is fueling this segment's growth. Using on-premise unified communications solutions enables businesses to combine their communication systems with other on-premise apps and modify them to suit certain requirements.
From 2023 to 2030, the hosted UC category is predicted to have the greatest CAGR—more than 20.0%. The decrease in overall ownership costs, capital investment, and operational expenditures linked to hosted UC solutions may be ascribed to this growth. Because hosted UC systems provide a predictable and straightforward operational cost model, businesses are using them to upgrade their storage capacity.
Global Unified Communications Market Analysis By Organization Size
In 2022, large businesses held the most market share. Big businesses prioritise the performance of their corporate networks and maintain close integration with cutting-edge technology like SD-WAN. Additionally, in order to meet the needs of multinational and multiregional businesses, service providers concentrate on enhancing their unified services as a service solution by adding new features like centralised provisioning and service management, business process integration, and more.
It is projected that the small and medium-sized business (SMEs) category would grow at the fastest rate of growth—more than 20.0%—between 2023 and 2030. SMEs may lower their operating and capital costs associated with deploying an on-premise unified communications system by utilising cloud-based unified communications services. In addition, a number of suppliers have shifted their attention to SMEs and are providing them with affordable solutions.
Global Unified Communications Market Analysis By Solution
The instant and unified messaging market had the largest revenue share because businesses needed to be able to communicate with one other quickly and receive real-time alerts about tactics in urgent mission scenarios. Regular voice, fax, and text messages may all be managed with unified messaging, which unites them all into a one platform that users can access from a computer or phone.
Speech recognition, desktop sharing, and other communication technologies are included in the collaboration platform and apps section. From 2023 to 2030, the market is predicted to grow at a significant compound annual growth rate (CAGR) of, following the COVID-19 trend of remote work. The popularity of video conferencing, which is easy to use and convenient, is driving up demand for audio and video conferencing.
Global Unified Communications Market Analysis by Industry Vertical
In 2022, IT and telecom held the most market share. The expansion may be ascribed to the growing use of unified communication solutions by IT firms to improve an organization's overall organisational effectiveness. By utilising mobile devices, unified communication offers a number of services that are essential to boosting the productivity of distant workers.
Over the course of the projected period, the government and defence sector is anticipated to grow at the fastest rate. The rise may be ascribed to the rising use of this technology by governments throughout the globe in order to alleviate financial constraints and the increasing needs of the populace for improved communication.
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In 2022, Europe dominated the global Unified Communications market with a market share of over 35.6%. This can be attributed to the increasing use of Bring Your Own Device (BYOD) services and the need to achieve operational and performance efficiency, which has led to the widespread adoption of Unified Communication systems across enterprise applications. This growing demand for UC solutions has provided numerous opportunities for vendors to establish their businesses in the region. For instance, in October 2022, Alcatel-Lucent Enterprise and Avaya announced a strategic partnership that will enable enterprises to innovate without the need for operationally disruptive technology replacement initiatives. Additionally, Alcatel-Lucent Enterprise and Talk soon formed a distribution collaboration in Germany, with Talk soon acting as a master broker under the broker model.
On the other hand, the Asia Pacific region is expected to exhibit the highest CAGR of around 21.7% from 2023 to 2030. This growth is expected to be driven by the growing trend toward mobilization of enterprises, as well as increasing investments in high-speed data networks in economies such as India and China. Several sectors such as Banking & Financial Services (BFS), Business Process Outsourcing (BPO), government, telecom, logistics, and hospitality have already turned to Unified Communications to enable efficient services. For instance, the Malaysian Administrative Modernization and Management Planning Unit (MAMPU) has launched the MyGovUC services, which solely focus on Unified Communications and collaboration services for the public sector.
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Global Unified Communications Market Drivers
Increasing Demand for Remote Work
Growing Mobile Workforce
Global Unified Communications Market Restraints
Security and Privacy Concerns
Infrastructure Limitations
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The Global Unified Communications Market is highly dynamic and characterized by the presence of numerous vendors offering a wide range of products and services. Some of the key players in the market were actively involved in developing and offering unified communications solutions, including voice and telephony services, video conferencing, instant messaging, presence management, and collaboration tools. They competed based on factors such as product features, pricing, scalability, security, reliability, and customer support. In addition to these major players, there were also several smaller companies and startups that focused on specific niches within the unified communications market. These niche players often offered specialized solutions or catered to specific industry verticals.
Top Player’s Company Profiles in Global Unified Communications Market
Global Unified Communications Market Recent Developments
In May 2024, Mobile Unified Communication And Collaboration Market Insights 2023: Watch on share analysis of the key market participants in global Mobile Unified Communication And Collaboration market, their product portfolio.
In May 2024, Mitel’s CMO provides his thoughts on connecting the dots for an organization to help them navigate the waters of on-prem, private and public cloud.
In April 2024, Tata Comm launches fully automated edge computing platform
In October 2023, Mitel Acquires Unify Becoming World’s Second Largest Unified Communications Company Worldwide.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Unified Communications Market analysis, the market is experiencing significant growth and is poised to expand at a substantial rate in the coming years. The market analysis indicates that the increasing adoption of cloud-based solutions, advancements in communication technologies, and the need for enhanced collaboration and productivity in organizations are driving the demand for unified communications solutions across various industries. Additionally, the rising trend of remote working and the growing popularity of mobile devices are further fueling market growth. Overall, the market analysis highlights the immense potential of the global unified communications market and emphasizes the need for businesses to adopt these solutions to optimize their communication and collaboration strategies.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 115.91 Billion |
Market size value in 2031 | USD 506.37 Billion |
Growth Rate | 17.8% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Unified Communications Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Unified Communications Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Unified Communications Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Unified Communications Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45E2225