Unified Communications (UC) Market share revenue worth $95bn by 2023

News   •   Nov 07, 2016 06:22 EST

Unified Communications market share will witness rapid growth in the coming years on account of being regarded as a well suited communication platform in terms of increased productivity, reduced cost and improved facility. The industry worth USD 34.8 billion in 2015, is anticipated to surpass USD 95 billion by 2023. Rapid proliferation of mobile devices and Big Data will favor the market growth over the next few years. In addition to this, rising enterprise mobility, BYOD device upsurge, and implementation of UCaaS (Unified communication as a service) will be the key growth drivers for the UC industry over the timeframe of 2016-2023, according to Global Market Insights Inc.

UCaaS has been identified as an efficient communication channel at an organizational level with features like telephony, video conferencing, online meetings, and enterprise messaging. The technology offers a wide range of benefits such as improved flexibility, reduced travel time, easy access to remote workforce, and cost effectiveness. UCaaS market is expected to grow at a CAGR of 16.4% over the period of 2016-2023 owing to its cloud based central management systems which cuts down the infrastructural costs.

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Unified Communications offer higher workforce efficiency along with long term cost savings and, thus is being adopted by most of the organizations worldwide. However, there is a high initial installation cost involved in building robust network setup for proper functioning of features like video conferencing and CEBP (Communication enabled business process). Thus, expensive installation coupled with interoperability issues between associated platforms are some of the factors likely to hamper the market size over the coming years.

UC market application is spread across sectors such as Government, Enterprise, Healthcare, and Education. Enterprise segment accounted for 60% of the overall UC market share in 2015 and is expected to witness a significant growth in future owing to huge adoption of video conferencing services and web based collaborations. Also, surging BYOD market, which is expected to exceed USD 365 billion by 2023 will also positively impact the UC market share.

UC application in the government sector is estimated to exceed USD 20 billion by 2023. This growth is attributed to the benefits such as reduced infrastructure cost, easy interaction with citizens, and quick and convenient conferencing in case of emergency or crisis. Moreover, rising demand for web conferencing, emails, live conferences pertaining to the education sector is estimated to boost the UC market growth in this sector.

Proliferation of information technology has resulted in adoption of unified communication technology worldwide. The Asia Pacific UC market is expected to register a CAGR of 15% over the period of 2016-2023, with revenue estimated to increase by 29% by 2023. Increasing demand for collaboration as well as cost cutting measures are factors contributing towards the regional growth. North America market having had a share of USD 12 billion in 2015, is expected to grow significantly over the coming years owing to presence of key industry players in this region.

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The industry will witness huge competition in the near future due to the booming demand for UC as the communication means amongst the organizations. Some of the key market players are Cisco Systems, Avaya Inc, Microsoft Corporation, Alcatel-Lucent, NEC Corporation, ShoreTel, IBM Corporation, and Siemens. Market players are focusing on improving their solutions in terms of efficiency, reliability, security, ease of integration, scalability, and affordability. SMB’s are also contributing noticeably towards the UC market revenue owing to the growing awareness about the benefits of this technology. The coming years will witness strategic collaborations, mergers & acquisitions, and partnerships among the industry participants to sustain heavy competition in the market.

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