Newark, Aug. 01, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 115.0 billion Unified Communications Market will reach USD 601.8 billion by 2032. The unified communications market has traditionally been centred around specific products. In the past, businesses selected unique items to address specific needs. Organisations have purchased email servers for messaging, team rooms for collaboration, portals for sharing organisational information, and PBXs and voicemail systems for telephony services. The power, richness, and integration of the complete collaboration stack are now being considered by clients when making strategic technological decisions to install unified communications and collaboration environments. Since its introduction, unified communication has become a practical option for businesses in various sectors, including BFSI, healthcare, and retail. However, how businesses manage their communication networks is influenced by the cloud delivery of unified communications services provided by businesses like IBM and Mitel Networks Corporation.
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Europe to account for the largest market size during the forecast period.
Europe is expected to have the largest unified communications market share. The growth of the market in the resgion can be attributed to the increased use of BOYD services. As an illustration, Lumen Technologies and Cisco declared in October 2021 that they were expanding their collaboration to include Lumen Solutions for Cisco Unified Communications Manager Cloud (UCMC). This product combines Lumen's worldwide fibre network with Cisco's cloud-based collaborative services. The European Commission has started to move more firmly in the direction of encrypted, secure communications. A secure messaging system is required for unified communication among EU Commission employees to increase mobility and collaboration, centralise information, and increase overall effectiveness. Companies now have a chance to introduce cutting-edge products.
The hosted segment dominated the market with the most significant revenue of USD 60.9 billion.
The hosted segment dominated the market with the most significant revenue of USD 60.9 billion. High-speed internet access is not required for hosted unified communications. Hence, hosted unified communications platform is cheap, propelling the segment’s growth.
The SME segment dominated the market with the most significant revenue of USD 63.2 billion.
The SME segment dominated the market with the most significant revenue of USD 63.2 billion. The most recent cloud UC subscription services are ideally suited for SMEs since they give them access to the newest technology at a lower cost of ownership. Because of this, SMEs frequently employ cloud-based services like Office 365, Skype for Business, and hosted CRM systems, adding fuel to the segment’s growth.
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Market Dynamics:
Drivers: Rising usage of Social Media Platforms
The market is expanding due to the increased use of social media platforms and cloud-based technology. Cloud technology is widely used by all companies offering enterprise-level, cost-effective communication solutions. Owing to cloud computing, the model can run at any time and from any location. Organisations can also combine cloud deployment with other infrastructure technologies, including software-defined perimeters, to build robust and highly secure platforms. As a result, the unified communications market is growing as more people choose cloud-based solutions.
Restraint: Lack of Regulations
No specific government regulations or guidelines control the unified communications market. Because of this, both major and small and medium-sized businesses' data and information are not secure. Hackers can quickly access the data. As a result, for such circumstances, severe government rules must be implemented. As a result, one of the biggest obstacles to the growth of the global unified communications market is the need for more supportive government rules and guidelines.
Opportunity: Consumer Preferences
The retail business has seen a significant transformation due to the fast-shifting consumer purchasing preferences, moving from the previous single point of interaction to omnichannel interactions via the web or social media. A better shopping and service experience across all channels is required due to growing consumer demand. This calls for cutting-edge communication solutions that automate customer service and retail business processes.
Challenge: Data Concern
Growing concerns about data security and privacy are limiting the growth of the global unified communications market.
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Some of the major players operating in the unified communications market are:
● Alcatel-Lucent Enterprise
● Avaya Inc.
● Cisco Systems Inc.
● Microsoft Corporation
● Mitel Network Corporation
● NEC Corporation
● Poly (Platonics Inc.)
● Unify (Atos SE)
● Verizon Communications Inc.
● Tata Communications
● IBM Corporation
Key Segments cover in the market:
By Product:
● On-premise
● Hosted
By Organisation Size:
● Large
● SME
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About the report:
The global unified communications market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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