With 13.2% CAGR, Unified Communication Market Size worth US$ 187.6 Billion by 2031, Notes TMR Report

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Jun 27, 2022, 23:30 ET

Rising adoption of mobility across different industries is increasing the demand for unified communication solutions
Early adoption of advanced technologies in North America makes it leading region in the unified communication market

ALBANY, N.Y., June 28, 2022 /PRNewswire/ -- The global unified communication market is estimated to register growth at a CAGR of 13.2% during the forecast period of 2022 to 2031, notes and assessment by Transparency Market Research (TMR).

The TMR study provides panoramic view of the global unified communication market. Hence, it sheds light on major factors influencing the market growth including the growth drivers, challenges, and investment opportunities. Moreover, it enlightens readers on the unified communications market trends.

Companies operating in different industry verticals are inclining toward the adoption of mobility in order to decrease administrative costs. This aside, these enterprises are increasing the incorporation of social businesses in order to achieve effectual marketing and customer integration. These factors are resulting into unified communications growth, which in turn, is generating profitable prospects in the unified communication market. Hence, the unified communications market share is estimated to attain a valuation of US$ 187.6 Bn by 2031.

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Unified Communication Market: Key Findings

Players in the unified communication solution market are focusing on the development of an ecosystem in order to integrate a wide range of workplace communication systems including voice calling, video conferencing, content sharing, instant messaging, and presence information into a solitary, streamlined interface. These efforts are resulting into boosting the productivity and user experience of these interfaces, state analysts at TMR.
The conventional communication equipment are expected to be replaced by unified communication systems in the upcoming years as companies are focusing on strengthening their knowledge sharing capabilities as well as boosting their productivity. This factor, in turn, is expected to lead to revenue-generation opportunities in the global unified communication market.
The popularity of cloud-based unified communication (UCaaS) is being increasing in the recent years owing to its ability to offer flexibility to connect from any location as well as time. Moreover, this technology allows employees to team up with each other using any internet-connected device that can advance the efficiency and productivity of employees.
Companies operating in the global unified communication market are using the strategy of acquisition in order to integrate next-gen solutions to their existing systems. These strategies are also helping enterprises to expand their regional reach as well as customer base, notes a TMR assessment on the unified communication market.

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Unified Communication Market: Growth Boosters

Increase in the adoption of cloud-based technologies across varied industry verticals is boosting the demand for unified communications
Surge in the social business integration is fueling the sales opportunities in the unified communication market

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Unified Communication Market: Regional Analysis

The unified communication market is estimated to attract promising growth opportunities in North America owing to many factors including a rise in the technological advancements pertaining to the cloud technology, increased use of connected interfaces, and surge in the acceptance of Bring Your Own Device (BYOD) by the regional populace
The Asia Pacific unified communication market is prognosticated to expand at rapid pace during the forecast period due to rise in the use of next-gen technologies in several regional nations including China and India. Moreover, increasing investments in the infrastructure developments and growing efforts of regional governments in order to develop digital infrastructure is propelling the Asia Pacific market.

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Unified Communication Market: Key Players

Some of the key players profiled in the report are:

ALE International
8X8, Inc.
Cisco Systems, Inc.
Avaya Inc.
Fuze, Inc.
Dialpad Inc.
Microsoft Corporation
GoTo
NEC Corporation
Mitel Networks Corp.
Verizon, Vidyo, Inc.
RingCentral, Inc.
Zoom Video Communications, Inc.
Vonage

Unified Communication Market Segmentation

Component

Solution

Unified Messaging
Conferencing
IP Telephony
Collaboration Platforms and Applications

Services

Professional Services
Managed Services

Deployment

On-premise
Cloud

Enterprise Size

SMEs
Large Enterprises

End-user

BFSI
IT & Telecom
Retail & Consumer Goods
Healthcare
Manufacturing
Education
Government
Others (Logistics & Transportation, Hospitality, Media & Entertainment, etc.)

Regions Covered

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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