by The global Unified Communications Market is estimated to be valued at Us$ 84.27 Bn in 2023 and is expected to exhibit a CAGR Of 15% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Unified communications (UC) is a platform that allows organizations to integrate various communication tools and channels, such as instant messaging (IM), video conferencing, voice calls, mobility features, etc. into a single interface accessible via different devices. This integration helps companies improve collaboration between employees, partners, and customers by enabling them to connect via the mode of communication and device of their choice. UC simplifies communication, enhances productivity, and optimizes business processes by eliminating geographical barriers. Being scalable, secure, and easy to deploy, UC solutions are gaining widespread adoption across industries to support remote and hybrid work environments.
Market key trends:
The rising trend of Bring Your Own Device (BYOD) at workplaces is a major factor propelling the unified communications market growth. BYOD allows employees to use their personal devices such as smartphones, tablets, and laptops for work purposes. This improves flexibility and productivity but challenges IT infrastructure. Unified communications aid in BYOD implementation by providing a single point of access to various collaboration tools on any device via the internet. They help overcome connectivity and security issues associated with the use of personal devices at work. Furthermore, the COVID-19 pandemic accelerated digital transformation and remote working models. The demand for UC solutions surged as they played a critical role in keeping businesses operational by facilitating seamless communication and collaboration among distributed workforces during lockdowns. Going forward as well, hybrid work arrangements will continue to drive UC adoption for connecting employees irrespective of their location.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate owing to the presence of well-established players and the requirement of strong technological capabilities and investments.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of alternative solutions and sensitivity towards pricing.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are multiple component providers and solutions.
Threat of new substitutes: The threat of new substitutes is low as unified communications provides integrated features.
Competitive rivalry: High due to competition between existing major players.
Key Takeaways
The Global Unified Communications Market Demand is expected to witness high growth, exhibiting a CAGR of 15% over the forecast period, due to increasing adoption of UC solutions among SMEs and large enterprises.
North America dominates the global unified communications market owing to the early adoption of advanced technologies and the high concentration of key players in the region. Asia Pacific is expected to witness the fastest growth rate during the forecast period due to rapid digitalization and increasing investments by major players in the region.
Key players operating in the unified communications market include Alcatel-Lucent Enterprise, Avaya Inc., NEC Corporation, Cisco System Inc., IBM Corporation, Microsoft Corporation, Mitel Networks Corp., Poly, Unify GmbH & Co. KG, and Verizon Communications Inc. Major players are focusing on developing innovative solutions and establishing partnerships to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
