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

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Fuel Cell Market size worth $25.5bn by 2024
Unified Communications (UC) Market share forecast to grow at a
CAGR of 16.4% during next seven years: Global Market Insights Inc.

 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.
Key Insights from Unified Communications (UC) Market:

 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.
Continued…

 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.
Continued…

 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.
Continued…

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Communications (UC) Market @ https://goo.gl/9KFznp
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Europe unified communications market size, by application, 2012 - 2023 (USD
Billion)
https://www.gminsights.com/assets/img/gmi402_a.jpg

 Application Analysis
With over 60% of the global unified communication market share in 2015, enterprises were
the leading application industry. Video conferencing and Web based collaboration are
expected to be increasingly deployed across enterprises. They have also been turning to
hosted and managed UC services to address the problem of high initial investment.
Increased awareness regarding benefits has also led to adoption in small and medium-
sized businesses (SMBs).
 Regional Analysis
Demand from the U.S. unified communications market resulted in North America
accounting for over 35% of the global revenue generation in 2015. Asia Pacific UC industry
is predicted to grow at 15% CAGR from 2016 to 2023.
 Competitive Market Share
Major companies contributing to global unified communications market share are Cisco
Systems, Microsoft Corporation, Avaya Inc, and Alcatel-Lucent. The industry is
characterized by intense competition between these players for achieving product
differentiation on the basis of quality. This has also resulted in increasing consolidation
through strategic initiatives such as mergers, acquisitions, and partnerships.
360° Analysis

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

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