Increased application areas, growth associated with IoT, proliferation of smart devices, BYOD trend, cloud-based solutions, and surge in demand for application-specific solutions drive the growth of the unified communication market. In addition, recent innovations and growth in adoption of advanced solutions further fuel the unified communication market growth.
Portland, OR -- (SBWIRE) -- 05/21/2018 -- The global unified communication market was valued at $ 32,879 million in 2016, and is projected to reach at $ 74,244 million by 2023, growing at a CAGR of 12.60% from 2017 to 2023. BFSI and energy and utilities segments possess the maximum growth potential, and are expected to create lucrative opportunities for industry players.
At present, unified communications witness an increased adoption in the developed and the developing regions, owing to technological innovations in product offerings, rise in need to improve interoperability & operational efficiency, surge in demand for cloud solutions, and increase in application areas among end users. Furthermore, factors such as growth associated with IoT, increase in need for mobility, BYOD trend, and proliferation of smart devices are expected to provide numerous growth opportunities. However, unified communication implementation issue is expected to restrict the growth of the market during the forecast period.
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The telephony segment dominated the unified communication market in 2016, with around 29% revenue share and mobility segment is anticipated to exhibit fastest growth rate. This is attributed to the improved IT infrastructure and increased cloud-related expenditures.
The IT and telecom segment dominated the global unified communication market, with around 21% share in 2016, followed by BFSI segment. Furthermore, energy and utilities sector segment is estimated to grow at the highest CAGR of 15.06%, owing to widespread adoption of advanced solutions and increased IoT spending.
North America was the highest revenue contributor in 2016, accounting for around 42% share. Asia-Pacific is projected to grow at the highest CAGR of 16.10% during the forecast period.
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The report features the competitive scenario of the unified communication market and provides comprehensive analysis of the significant growth strategies adopted by major players. The key players operating in the market include Aastra, Alcatel-Lucent, At&T, Cisco, Connect solutions, Hewlett-Packard, IBM, Microsoft, Siemens Enterprise Communications, Verizon Communications, and others.