Unified Communication Market to Reach $74.24 Bn, by 2023 at 12.60% CAGR, Says Allied Market Research

Technological innovations in product offerings, need to improve interoperability & operational efficiency, growing demand for cloud solutions, and increase in application areas among end users fuel the growth of the global unified communication market.

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Unified Communication Market

Allied Market Research published a report, titled, Unified Communication Market by Application (Video, Telephony, Conferencing, Mobility, Unified Messaging, IM & Presence, and Contact Center) and Industry Vertical (Energy and Utilities, IT and Telecom, Retail, Healthcare, Manufacturing, BFSI, Public Sector, Aerospace and Defense, and Others) – Global Opportunity Analysis and Industry Forecast, 2016-2023.Thereport provides a detailed analysis of top winning strategies, market share & estimations, driving factors & opportunities, key segments, and competitive scenario. According to the report, the unified communication market generated $32.87 billion in 2016, and is expected to reach $74.24 billion by 2023, registering a CAGR of 12.60% from 2017 to 2023.

Technological innovations in product offerings, pressing need to improve interoperability & operational efficiency, surge in demand for cloud solutions, and increase in application areas among end users are the key factors driving the growth of the global unified communication market. Moreover, increased adoption of IoT coupled with the growing need for enterprise mobility BYOD trend and proliferation of smart devices propel the industry growth. However, issues associated with implementation of unified communication solutions and threats associated with data breaches are likely to impede the growth of the market. Conversely, growing awareness about technological changes in the untapped emerging economies among end user industries would offer great opportunities for the market growth.

Telephony to dominate, mobility to exhibit the fastest growth

The telephony segment captured 29% of the market share in 2016 and is expected to maintain its lion’s share through 2023. In terms of growth rate, the mobility segment would register the fastest CAGR of 15.30% during the forecast period, owing to improved IT infrastructure and increased cloud-related expenditures. The report also discusses applications, such as video, conferencing, unified messaging, IM & presence, and contact center.

Energy & utilities segment to exhibit the fastest growth through 2023

Among the industry verticals, the IT & telecom segment dominated the market in 2016, grabbing 21% of the market share. However, the energy & utilities segment is expected to grow at the highest CAGR of 15.06%. This is due to the widespread adoption of advanced solutions and increased IoT spending. The report also analyzes industry verticals such as retail, healthcare, manufacturing, BFSI, public sector, aerospace & defense, and others.

North America to retain top lead, Asia Pacific to grow the fastest

Among the regions, the market in North America held more than one-third share of the total market in 2016 and would maintain its lead through the study period. However, Asia-Pacific would grow at the fastest CAGR of 16.10% from 2017 to 2023. The report also discusses the market in Europe and LAMEA.

Key Industry Players Leading market players analyzed in the research are Aastra Technologies Limited, Alcatel-Lucent S.A., AT&T Inc., Cisco, Avaya Inc., Hewlett Packard Enterprise, IBM Corporation, Microsoft Corporation, Siemens Enterprise Communications, and Verizon Communications. The report discusses the various strategies, such as partnerships, product launches, mergers & acquisitions and others, which have been adopted by market players to grab a greater market share and strengthen their presence in the market.

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