Unified Communications Market size worth $96 Billion by 2023: Global Market Insights, Inc.
Unified Communications Market size is forecast to reach USD 96.0 billion by 2023; as per a new research report by Global Market Insights, Inc.
Rising adoption of mobile devices is expected to propel demand over the forecast period. The total mobile subscriptions by 2023 are forecast to exceed 9.5 billion, with smartphones leading growth and overall mobile data traffic. While developed markets of the U.S. and Europe will continue witnessing steady demand, smartphone subscriptions will largely be driven by Asia Pacific.
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Steady proliferation of hosted products will be one of the key unified communications market trends, with over USD 14 billion in revenue for 2015, and expected to surpass USD 49 billion by 2023. This product eliminates infrastructure cost and offers a centralized management system wherein services are provided by means of the cloud.
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Unified Communications as a Service (UCaaS) market technologies include telephony, enterprise messaging and presence technology, video conferencing and online meetings. UCaaS provides flexibility and scalability along with high availability for core business tasks. Implementation in business has been augmented owing to numerous advantages such as cost-effectiveness, pay as per the need and requirement, and reduction of travelling time. It has also eliminated the limitation of synchronous operations of geographically dispersed units.
The government sector has witnessed increased adoption of UC systems to cater the needs of citizens pertaining to public safety and permit processing. These solutions help governments to effectively deal with emergencies and crisis conferencing. This latest unified communications market research report analyzes revenue from this segment to exceed USD 20 billion by 2023.
Moreover, implementation of these systems also helps governments to respond to citizen needs, while reducing the infrastructure costs. Further, they help enhance productivity by streamlining communication processes, automating manual processes, and consolidating communication applications.
Cloud computing has been increasingly adopted by service providers owing to the flexibility it offers coupled with cost-effectiveness. Cloud-based UC applications allow organizations to eliminate capital spending and adopt an operational cost model for which they have to pay only on the basis of the required capacity.
Additionally, the enhancement in cloud technology has resulted in it being able to offer solutions at par with the on-site solutions. Increased demand for real-time communication has resulted in vendors stressing upon providing Web RTC solutions, which are expected to facilitate faster video streaming and group chats in client devices.
Bring Your Own Device (BYOD) signifies the connection of personal devices including tablets, notebooks, PCs and smartphones to an organization’s vertical’s network. This helps the employees to gain admission to the network through their own devices. This provides a number of operational as well as financial benefits. Global BYOD market size is projected to surpass USD 365 billion by 2023.
The lack of interoperability amongst the different platforms is expected to adversely affect unified communications market growth. Customers find it difficult to choose components from numerous vendors as interoperability becomes a key issue owing to the lack of compatibility between components and software.
Key insights from the report include:
- Enterprises accounted for more than 60% of the UC market share in 2015. This can be primarily attributed to rising adoption of video conferencing and web based collaboration.
- Education sector is expected to grow at 13.7% CAGR from 2016 to 2023 owing to increasing demand for distance learning.
- North America unified communications market size was worth over USD 12 billion in 2015. The region has been driven by factors such as growing popularity of BYOD and presence of a number of major industry participants.
- Asia Pacific unified communications market share is forecast to reach over 29% by 2023. Growing emphasis on cost cutting as well as demand for collaboration is expected to drive regional demand over the next seven years.
- Raw materials required for manufacturing hardware components of these systems include microprocessors, Integrated Circuits (ICs), amplifier boards, and other electronic elements. Manufacturing activities primarily consist of assembly and testing. Companies either carry out such activities in their own manufacturing facilities or outsource them to specialized telecommunication component manufacturing firms.
- Key players include Cisco Systems, Microsoft, Alcatel-Lucent and Avaya. Competition is fierce among major manufacturers, with high emphasis on achieving product differentiation on the basis of quality.