Unified Communications Market to Reach Valuation of USD 234.1 Billion by 2028 - The Growth in Enterprise Customers, Technological Evolution, Growth in Penetration of Smartphones, Rise in the Use of BYOD in Modern Business Practices are Driving the Market Growth

In terms of revenue, the global Unified Communications Market is probable to reach USD 234.1 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 19.60% from 2022 to 2028.

The changing workforce dynamics, visualization of devices and data, and increasing prominence of Unified Communication as a Service (UCaaS) are the factors that are predicted to increase the adoption of unified communications in the enterprises during the forecast period. Moreover, the utilization of cloud-based solutions for unified and fast communication across enterprises is predicted to positively impact the unified communication market growth during the forecast period.

Key Highlights from the Report:

• The type sub-segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). The type segment is expected to acquire the largest share of the unified communication market during the forecast period. The unified communication solutions vendors enable organizations to centralize, manage, and offer videos in a secure way. Moreover, the solution helps in managing all the activities like video conferencing, telephony, messaging, and different communication solutions which is driving the growth of the unified communication market.

• The IP telephony sub-segment holds a substantial market share in 2021. IP telephony denotes any phone system that uses the internet connection to receive and send the voice data. Moreover, IP telephony provides choice and control over how to communicate, when to communicate, and method to communicate via, telephone, voice, and video which is expected to drive the growth of the IP telephony segment in the unified communication market in the coming years. By utilizing remote access tools, IP video telephony gives options on where to communicate, which gives employees the skill to work anytime anywhere, increasing employee efficiency and work quality additionally the added flexibility of IP video telephony can provide lifestyle advantages to employees.

• Asia Pacific is the fastest regional segment. The growth of the Asia Pacific is attributed to the growing emphasis on collaboration and the cost-cutting practices to ensure better resource utilization in the Asia Pacific region during the forecast period. Various sectors like banking and financial services, telecom, business processing outsourcing, and hospitality have turned to unified communications to enable efficient services and are adopting unified communications on a large scale which is expected to increase the demand for unified communications in the coming years.

Market Dynamics:

The organizations are effectively organizing cloud-based collaboration solutions across various time zones in order to improve the productivity of their mobile team members which is expected to drive the growth of the unified communication market in the years to come.

In addition, the upsurge in the mobile workforce associated with the increasing trend of Bring Your Device and the hybrid workplace model is predicted to positively influence the global market of unified communications during the forecast period. Moreover, the increasing adoption of IoT in Unified Communications is driving the growth of the unified communications market during the forecast period.

Europe is the largest market. Europe is predicted to acquire the largest share of the unified communication market during the forecast period. The increasing unified communications demand in the Europe has offered numerous opportunities to establish their businesses successfully during the forecast period. For instance, the Yamaha corporation which is one of the prominent unified communication vendors in Japan has founded its business function in Europe, focusing on the prime countries such as UK and Germany.