Unified Communication Market Growing at a CAGR of 12.60% to reach revenue of $74,244 million by 2023 | Key Players: Alcatel-Lucent, At&T, Cisco, Connect solutions, Hewlett-Packard, IBM, Microsoft, Siemens Enterprise Communications

According to a new report Added by Premium Market Insights, titled, “Unified Communication Market”, The global unified communication market was valued at $32,879 million in 2016, and is projected to reach at $74,244 million by 2023, growing at a CAGR of 12.60% from 2017 to 2023.

A unified communication refers to common interface that is designed to facilitate faster, uniform, and accessible mode of communication for better interoperability among involved entities. It can also be described as integration of real-time communication services such as Instant Messaging (IM), presence, Internet Protocol Telephony (IP telephony), video and data sharing, and others. Furthermore, the demand for unified communication is on an increase in the recent years, owing to its features such as seamless operation, real-time communication, and integration of content, which enables informed decision making and streamlined business processes.

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The task of real time access to information is becoming more complex with the growth of businesses in terms of size, structure, and utilization of mobile devices, social media, cloud services, and others. Moreover, increase in preference toward infrastructure digitization and influence of Internet of Things (IOT) supplement the unified communications market growth. Unified communication gains traction among the end users due to rise in demand for mobility applications, changes in work culture, and increased acceptance for cloud solutions. However, security concerns and limited awareness about benefits associated with the deployment of unified communication among untapped regions restrains the unified communications market growth. Further, growth potential of end-use industries from developing economies of Asia-Pacific and LAMEA is expected to create lucrative opportunities for industry players during the forecast period.

The global unified communication market is segmented based on application, industry vertical, and region. Applications covered in the study include video, telephony, conferencing, mobility, unified messaging, IM and presence, and contact center. Varied industry verticals covered in the report are energy and utilities, IT and telecom, retail, healthcare, manufacturing, BFSI, public sector, aerospace and defense, and others. Based on region, the market is analyzed across North America (U.S., Mexico, and Canada), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

Major companies profiled in the report include Aastra, Alcatel-Lucent, At&T, Cisco, Connect solutions, Hewlett-Packard, IBM, Microsoft, Siemens Enterprise Communications, Verizon Communications, and others.

KEY BENEFITS FOR STAKEHOLDERS

This report provides an overview of the trends, structure, drivers, challenges, and opportunities in the global unified communication market.
Porter's Five Forces analysis highlights the potential of buyers & suppliers, and provides insights on the competitive structure of the market to determine the investment pockets.
Current and future trends adopted by the key market players are highlighted to determine overall competitiveness.
The quantitative analysis of the unified communication market growth from 2017 to 2023 is provided to elaborate on the market potential.

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This release was published on openPR.