Global Unified Communications Market was valued US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2026, at CAGR of 12.60% during forecast period of 2020 to 2026.Global Unified Communications Market
Global Unified Communications Market Drivers and Restrains:
Unified communications provide several benefits to enterprises operating in different industry verticals by offering real-time unified access to interaction through Integration of Artificial Intelligence (AI) with UC solutions has greatly supported organizations in realizing their digital transformation goal. Unified communication service providers have presented advanced products and solutions to support ease of access and high level of interoperability to achieve high productivity and informed decision making through collective efforts.
The global unified communications market is driven by penetration of internet of things, and proliferation of smart phones and BYOD trend. However, initial capital outlay and implementation issues are hampering the market growth at the global level. Increase in demand from developing countries and increased market for cloud based solutions are likely to create lucrative opportunities in the global unified communications market. This is evidence, as the revenue from cloud based solutions are estimated to reach approximately US$ XX million by 2026. Concerns regarding data security, interoperability issues with existing assets, limited in-house capabilities to execute and manage the roll-out, which are the key challenges for the unified communications market in the upcoming period.
Global Unified Communications Market Segmentation Analysis:
Based on the application, IP Telephony is expected to hold a major share of XX% in the unified communications market over the upcoming period, owing to the extensive usage of IP telephony applications for enabling real-time enterprise communication with internal as well as external stakeholders around the enterprises. Within the telephony market, IP phones will secure a significant share over the timeline as they serve as multimedia endpoints to bring capabilities such as voice into data and video applications.
The conferencing platforms are anticipated to grow at the CAGR over 12% during the forecast period. Conferencing solutions in enterprise communication functions are offers several major benefits such as employee satisfaction, better business relationships, enhanced communication, and improved competitive advantage. The solutions also allow faster problem-solving and increased innovation among employees.