The global unified communications market size is expected to reach $344.84 billion by 2028 and is expected to expand at a CAGR of 20.5% from 2021 to 2028, according to ResearchAndMarkets.
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 use of cloud-based solutions to positively impact market growth
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.
The 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.
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.
Having realized that there are several UC solutions available in the market, key players are focusing on offering diverse solutions with various features, including support for audio and video conferencing, email platforms, instant messaging, and unified messaging. As a result, the market is expected to witness a convergence of voice communication, video communication, synchronous communication, and other communication tools.
Unified communications market report highlights
- The hosted UC solutions segment is expected to register a significant CAGR over the forecast period owing to the 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 the 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 the 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.