9 November 2016 -- Singapore -- A recent report by Global Market Insights (www.gminsights.com) forecasts that the Unified Communications market will witness rapid growth in the coming years as it drives increased productivity and reduces costs. The industry currently worth an estimated US$34.8B is anticipated to surpass US$95B by 2023.
The rapid proliferation of mobile devices and big data will underwrite this growth. Rising enterprise mobility, BYOD device upsurge, and increasing implementation of Unified Communication as a Service (UCaaS) will be the key growth drivers according to Global Market Insights.
UCaaS has been identified as an efficient communication channel at an organisational level with features like telephony, video conferencing, online meetings, and enterprise messaging. The technology offers a wide range of benefits such as improved flexibility, reduced travel time, easy access to remote workforce, and cost effectiveness. UCaaS market is expected to grow at a CAGR of 16.4% over the period of 2016-2023 owing to its cloud-based central management systems which can reduce infrastructure costs.
UC market application is spread across sectors such as Government, Enterprise, Healthcare, and Education. Enterprise segment accounted for 60% of the overall UC market share in 2015 and is expected to witness a significant growth in future owing to the adoption of conferencing services and web-based collaboration. Also, the surging BYOD market is expected to exceed US$365B by 2023 and will also positively impact the UC market.
UC application in the government sector is estimated to exceed US$20B by 2023. This growth is attributed to the benefits such as reduced infrastructure cost, easy interaction with citizens, and quick and convenient conferencing in the case of emergency or crisis. Moreover, rising demand for web conferencing, email, live conferences pertaining to the education sector is estimated to boost the UC market growth in this sector.
The Asia Pacific UC market is expected to register a CAGR of 15% over the period of 2016-2023, with revenue estimated to increase by 29% by 2023. Increasing demand for collaboration as well as cost cutting measures are factors contributing towards the regional growth. The North America market having had a share of US$12B in 2015 is expected to grow significantly over the coming years.
SMB’s are also contributing noticeably towards the UC market growth owing to the growing awareness about the benefits of this technology. The coming years will witness strategic collaborations, mergers & acquisitions, and partnerships among the industry participants to sustain heavy competition in the market.