Portland, OR, Jan. 18, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global unified communication market was pegged at $32.88 billion in 2016 and is anticipated to garner $74.24 billion by 2023 manifesting a CAGR of 12.60% from 2017 to 2023. The report offers an in-depth analysis of the key investment pockets, market player positioning, drivers & opportunities, and business performances of major players
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Covid-19 Scenarios-
- The outbreak of covid-19 has positively impacted the growth of the global unified communication market. The increase in adoption of work from home culture have fueled the growth of unified communication market.
- At the same time, various industries are now following the trend of bring your own device (BYOD), owing to curb the use of one device by multiple employee. This is anticipated to increase the growth post covid as well.
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Novelties in the technology for product offerings, increasing need to improve interoperability & operational efficiency, growth in demand for cloud solutions, and rise in application areas among end users drive the growth of the global unified communication market. In addition, increase in adoption of IoT along with rise in need for enterprise mobility BYOD trend and increase in use of smart devices has further fueled the market growth. On the other hand, concerns related with operating the unified communication solutions and threats regarding the data breaches restrain the market growth. At the same time, rise in awareness regarding technological changes in the untapped emerging economies among end using industries is expected to usher a plethora of opportunities for the market players in the near future.
The global unified communication market is segmented based on application, industry vertical, and geography. Based on application, the market Is further divided on the basis of video, telephony, conferencing, mobility, unified messaging, IM & presence, and contact center. The telephony segment held the highest market share with more than one-fourth of the market share in 2016 and is expected to maintain its dominant share throughout 2023. On the other hand, the mobility segment is expected to portray the fastest CAGR of 15.30% during the forecast period.
Based on industry verticals, the market is segmented into energy & utilities, IT & telecom, retail, healthcare, manufacturing, BFSI, public sector, aerospace & defense, and others. The IT & telecom segment held the major share in 2016, with more than one-fifth of the total market share. However, the energy & utilities segment is expected to register the fastest CAGR of 15.06% during the forecast period.
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Region wise, the market is report analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North American region has dominated the market in 2016 with more than one-third share of the total market revenue share and is expected to rule the roost throughout the forecast period. On the other hand, the market across Asia-Pacific is anticipated to portray fastest CAGR of 16.10% from 2017 to 2023.
The key market players in the report include Aastra, Alcatel-Lucent, At&T, Cisco, Connect solutions, Hewlett-Packard, IBM, Microsoft, Siemens Enterprise Communications, and Verizon Communications
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