Unified Communications (UC) Market share worth
$95bn by 2023: Global Market Insights Inc.
Unified Communications market share will witness rapid growth in the coming years because
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 favour 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, per 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.
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.
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.
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,
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