June 16, 2024
Unified Communications Market
Ict

The Global Unified Communications Market is Driven by the Need for Improved Collaboration Capabilities

The unified communications market comprises solutions that integrate various communication channels and methods such as video conferencing, telephony, web conferencing, and others to enable seamless cross-channel communication. Unified communications solutions allow real-time interaction through a single interface and platform for applications including instant messaging, presence, audio, video, web, and mobile applications helping organizations to improve collaboration capabilities. By consolidating multiple legacy communications systems, unified communications solutions help reduce infrastructure costs while improving information sharing and workforce productivity. Key advantages of unified communications include improved collaboration through integration of various communication channels, flexibility and mobility through use on any device, and lower communication costs by converging voice, video, and data networks. Advancements in cloud, mobility, and collaboration are driving the demand for unified communications from small and medium enterprises looking to empower mobile workforces.

The global Unified Communications Market is estimated to be valued at US$ 97.08 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the unified communications market is the growing adoption of cloud-based unified communications solutions. Cloud-based unified communications as a service (UCaaS) offers easy installation and deployment, scalability, reduced upfront infrastructure costs, easy accessibility via web browsers, and automated software/feature upgrades. UCaaS solutions enable organizations to stay connected regardless of location through IP-based connectivity on smartphone, tablet or computer and help small businesses to implement collaboration tools at lower costs. With work-from-home becoming mainstream due to the pandemic, demand for cloud-based UC solutions is expected to rise further to facilitate remote workforces. Emergence of unified communications platforms comprising collaboration applications, contact center capabilities and team messaging solutions will also shape market trends over the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the Unified Communications market requires significant capital investments in infrastructure setup and network deployment. However, disruptive technologies and business models may pose threats.

Bargaining power of buyers: The bargaining power of buyers is moderate as buyers have options to choose from established players in the market but demand unified communication services that require vendor lock-ins once installed.

Bargaining power of suppliers: The bargaining power of suppliers is low as the suppliers provide generic components and technologies required for unified communication solutions. Switching costs are low for vendors.

Threat of new substitutes: The threat of new substitutes is moderate as new collaborative tools and technologies continuously emerge as substitutes. However, established UC systems have significant network effects.

Competitive rivalry: The competition in the unified communications market is high among key players like Kansai Paint Co., Ltd., Axalta Coating Systems, Kyoei Vietnam Co., ltd, Nippon Paint Holdings Ltd., PPG Industries, Inc., B.L Downey, Dornauer-Grillitsch GmbH, KAPCO Manufacturing Inc., BASF Coatings Gmbh, and DuPont de Nemours, Inc. focusing on product differentiation and service offerings.

Key Takeaways
The Global Unified Communications Market Size is expected to witness high growth. The global Unified Communications Market is estimated to be valued at US$ 97.08 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031.

Regional analysis: North America dominates the unified communications market currently accounting for the largest market share owing to technological advancements and established infrastructure. Asia Pacific is expected to grow at the fastest pace during the forecast period led by growing adoption of UC solutions across organizations in countries like China, India.

Key players: Key players operating in the unified communications market are Kansai Paint Co., Ltd., Axalta Coating Systems, Kyoei Vietnam Co., ltd, Nippon Paint Holdings Ltd., PPG Industries, Inc., B.L Downey, Dornauer-Grillitsch GmbH, KAPCO Manufacturing Inc., BASF Coatings Gmbh, and DuPont de Nemours, Inc. The players are focusing on product innovation and partnerships to gain market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it