by Unified communications (UC) enables integration of real-time communication services with non-real time communication through a single interface. The global solution combines multiple communication tools such as instant messaging, e-mail, video conferencing, voice calling, faxing, and presence. It uses a single client program with consistent user interface and user experience across multiple devices such as desktops, laptops, smartphones, and tablets. Increase in BYOD trends and growing demand for flexible and scalable cloud-based UCaaS solutions are boosting growth of the global unified communications market.
The global unified communications market is estimated to be valued at US$ 97.08 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
One of the key drivers for the unified communications market is the increasing demand for UCaaS solutions in enterprises. UCaaS solutions provide significant benefits such as reduced operational costs, flexible scalability, simplified management, and enhanced employee collaboration and productivity. Moreover, enterprises are increasingly adopting unified communications-as-a-service (UCaaS) solutions as they provide flexibility to access applications via various devices. Furthermore, changing workforce trends such as rising adoption of bring-your-own-device (BYOD) policy by enterprises have augmented the demand for UCaaS solutions. UCaaS facilitates employees to use the same set of communication tools across their personal as well as organization-provided devices.
Another factor propelling the unified communications market growth is increasing demand for unified communication solutions from small and medium enterprises. Rising proliferation of digitization and increasing demand for scalable and flexible cloud-based solutions are driving SMEs to adopt UC solutions to enable real-time collaboration across multiple locations while reducing operational costs.
Segment Analysis
The unified communications market can be segmented into hardware, services, and software. The hardware segment dominates the market and is expected to continue its dominance over the forecast period owing to the increasing demand for IP phones, video conferencing equipment, network equipment, and servers from large enterprises. Within hardware, IP phones hold the largest market share due to their versatility and user-friendliness.
PEST Analysis
Political: Regulations around data privacy and security are increasing in many regions of the world which is prompting investments in unified communication solutions for their capabilities to secure real-time collaboration.
Economic: The economic growth in developing regions of the world is driving greater digital transformation across industries which is presenting market opportunities for unified communication vendors to consolidate real-time collaboration tools.
Social: Younger workforce accustomed to consumer unified communication tools are influencing enterprises to invest in similar platforms to foster better collaboration and flexibility at work. This is positively impacting the demand.
Technological: Emerging technologies like artificial intelligence and Internet of Things are enabling the development of intelligent unified communication solutions that can optimize collaboration through analytics of communication patterns. VoIP is also facilitating greater adoption of these solutions.
Key Takeaways
The Global Unified Communications Market Size is expected to witness high growth over the forecast period owing to the ability of these solutions to consolidate various enterprise communication and collaboration channels into a single platform. The global unified communications market is estimated to be valued at US$ 97.08 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031.
From a regional perspective, Asia Pacific is expected to witness the fastest growth driven by the digital transformation agendas in major economies of the region like China and India.
Key players operating in the unified communications market are Kansai Paint Co., Ltd., Axalta Coating Systems, Kyoei Vietnam Co., ltd, Nippon Paint Holdings Ltd., PPG Industries, Inc., B.L Downey, Dornauer-Grillitsch GmbH, KAPCO Manufacturing Inc., BASF Coatings Gmbh, and DuPont de Nemours, Inc.. Large enterprises dominate the demand landscape due to the multiplier effect of deploying these solutions for their extensive workforce and geographic spread requiring seamless collaboration.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
