What Is The Overview Of The Global Unified Communication Market?
Unified Communication (UC) refers to the integration of various communication tools and services into a single, cohesive system that enables seamless and efficient communication and collaboration across an organization. It enhances collaboration and productivity by providing real-time communication and presence information, allowing teams to work together more efficiently.
Unified Communication Global Market Report 2024 provides data on the global unified communication market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The unified communication market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Unified Communication Market?
The unified communication (UC) market has seen rapid growth in recent years. It will grow from $67.06 billion in 2023 to $79.06 billion in 2024, reflecting a CAGR of 17.7%. The growth in the historic period is attributed to the rising demand for better control and customization of communication infrastructure, organizations' need to transform business models, greater adoption of UC solutions, growing demand for enterprise mobility, and the integration of social business. The market is expected to expand to $152.99 billion by 2028 at a CAGR of 17.9%. Growth drivers in the forecast period include ongoing digital transformation, rising demand for unified communications as a service (UCaaS), increasing demand for cloud-based solutions, a greater need for video conferencing, and the growth of digital transformation initiatives. Key trends include the adoption of advanced technologies, advancements in artificial intelligence, the rising demand for remote collaboration tools, increasing mobility and BYOD, and expanding digital transformation efforts.
What Are The Leading Drivers Of Growth In The Unified Communication Market?
The growing digital transformation is expected to drive the expansion of the unified communication market. Digital transformation involves incorporating digital technologies across an organization, fundamentally altering its operations and value delivery. Unified communication (UC) plays a critical role in digital transformation by integrating various communication tools into a single platform, enhancing collaboration, productivity, and customer interaction. The Ministry of Business, Innovation and Employment in New Zealand reported in May 2023 that the digital technologies sector contributed $7 billion to the GDP in 2021, growing at an annual rate of 10.4%. As a result, the digital transformation trend is fostering growth in the unified communication market.
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How Are The Segments Defined Within The Global Unified Communication Market?
The unified communication market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Organization: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
3) By Application: Enterprises, Education, Government, Healthcare, Other Applications
How Are New Trends Expected To Influence The Growth Of The Unified Communication Market?
Companies in the unified communication market are innovating with solutions like contact center-as-a-service (CCaaS) collaboration platforms to improve both customer and employee experiences. These platforms offer cloud-based solutions for managing customer interactions and internal communications. For instance, in March 2023, Avaya, a U.S.-based technology company, launched the Avaya Experience Platform, an AI-powered CCaaS solution designed to improve productivity for small and mid-market organizations in Australia and New Zealand. The platform enhances collaboration through chat, video calls, and file sharing, while using AI to deliver real-time information and match customers with the most suitable staff.
Which Region Drives The Highest Growth In The Unified Communication Market?
North America was the largest region in the unified communication (UC) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the unified communication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
