Unified Communications (UC) Market Size is Projected to Reach USD 74,244 Million by 2023 - Valuates Reports

Unified Communications (UC) Market Size is Projected to Reach USD 74,244 Million by 2023 - Valuates Reports

PR Newswire

BANGALORE, India, July 6, 2020

BANGALORE, India, July 6, 2020 /PRNewswire/ -- The global unified communications market size was valued at USD 32,879 Million in 2016 and is projected to reach US 74,244 Million by 2023, growing at a CAGR of 12.60% from 2017 to 2023.

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Unified communications enable real-time contact, interoperability, and faster access to the information needed. It offers a single framework for the integration of multiple devices, allowing smooth connectivity for informed decision-making.

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The IT and telecommunications segment dominated the overall unified communications market in 2016 and is expected to continue this trend during the forecast period. This dominance can be attributed to the rise in cloud applications, growth in the outsourced services sector, and an increase in the number of connected devices.

Based on region, the North American region dominated the overall unified market share of communications in 2017 due to increased demand for connected interfaces, growth in cloud technology, and penetration of your own devices (BYOD) in the U.S.

However, Asia-Pacific is expected to experience the highest growth rate during the forecast period. Covid 19 will positively affect the unified communications market.

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Key Market Segments

By Application

By Industry Vertical

By Region

Key Companies

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The key factors driving the UCaaS market's growth include the increasing demand for UCaaS from both large enterprises and SMEs and growing trends toward mobility and Bring Your Device (BYOD). Furthermore, factors such as advancements in artificial intelligence, machine learning, and other emerging technologies, are expected to create ample opportunities for UCaaS vendors.

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Increasing demand for unified communication-enabled headsets in call centers and IT companies, ongoing technological advancements in products, and increasing adoption of digital technologies in the business sector are among some factors driving the growth of the unified global communication and business headsets market. 

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This report studies the Enterprise Unified Communication & Collaboration market size by players, regions, product types and end industries, history data 2014-2018, and forecast data 2019-2025. 

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