Unified Communication Market to Reach US$ 106 Bn by 2022

Unified Communication Market to Reach US$ 106 Bn by 2022

According to a new market report published by Credence Research Inc “Unified Communication Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2022,” the unified communication market is expected reach US$ 106.4 Bn by 2022, with the rising demand for unified communication as a service (UCaaS).

Enterprises across the world are focusing to improve business communication process by upgrading existing messaging and telephony infrastructure and also by adding new applications supporting mobility. Rising market competition and unfavorable economic conditions are forcing organizations to reduce traveling budgets which is driving the demand for web conference and collaboration applications. Furthermore, rising adoption of video conferencing applications particularly in Asia Pacific market is a prominent factor for the growth of unified communication (UC) market.

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In 2014, on-premises unified communication (UC) solutions accounted for the largest revenue share of 57.8% in the overall UC communication market. On-premises unified communication solutions are expected to see a steady growth through the forecast period as the organization across the world are investing significant amount in IP infrastructure to support real-time unified communication. Cloud/hosted solutions are expected to see the fastest growth through the forecast period due to rising demand for conferencing solutions across the world.

Banking, financial services and insurance (BFSI) represents the largest end use sector for unified communication solutions. This segment accounted for the 21.0% revenue share in the overall UC market by end-use verticals. IT and telecom service provider are deploring UC solutions to provide efficient services to their clients. This segment is expected to see the fastest growth through the forecast period 2015 – 2022. Manufacturing industries are investing in advanced UC solutions and integrating UC applications with their existing communication infrastructure. UC solutions used in government and utilities sectors are also expected to see a significant growth with rising importance to provide efficient services to public.

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Majority of revenue for unified communication systems is generated trough large size enterprises. Large size enterprises use highly flexible solutions which supports higher level of integration, legacy systems and modular solutions. Small and medium size enterprises are increasingly investing in UC solutions that are simple to use and maintain. Cloud based UC solutions are expected gain more popularity in SMEs due to their low deployment costs.

Enterprise telephony is the largest application category and accounted for the 42.0% of revenue share in the total UC market by application. Packaged mobility solutions are expected to see the fastest growth through the forecast period with rising use of mobile devices such as smartphones, laptops and others in business applications. Instant messaging, web conferencing and video collaboration solutions are also expected to see the prominent growth in the near future.

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This release was published on openPR.