Unified Communications as a Service (UCaaS) is expected to drive the market over the forecast period.
San Francisco, California (PRWEB) July 21, 2014
The global unified communication market is expected to reach USD 75.81 billion by 2020, according to a new study by Grand View Research, Inc. Increase in mobile workforce as well as enterprise mobility is expected to favorably impact the global market over the next six years. Growing demand and proliferation of smartphones is also expected to fuel market growth over the forecast period.
Increasing adoption of Bring Your Own Device (BYOD) initiatives by large enterprises as well as SMEs (small and medium enterprises) is a driving force for the industry. High initial investment as well as need for interoperability across various unified communication platforms may pose a restraint to the market.
The report “Unified Communication Market Analysis By Product (On Premise, Cloud-Bases/Hosted), By Application (Education, Enterprises, Government, Healthcare) And Segment Forecasts To 2020,” is available now to Grand View Research customers at http://www.grandviewresearch.com/industry-analysis/unified-communication-market.
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Further key findings from the study suggest:
- On premise unified communication accounted for over 60% of the market in 2013. However, the cloud-based or hosted product segment is expected to rapidly gain share over the forecast period. This is mainly due to the high initial cost of installation, as well as additional maintenance cost associated with on premise solutions.
- Enterprises emerged as the largest application segment in 2013 and are expected to continue dominating the market over the next six years. Small, medium and large enterprises have been deploying the necessary IP infrastructure to support unified communication. The adoption of an effective communication system in the government sector aids in operational continuity, emergency response, as well as situational awareness.
- North America accounted for over 35% of the market in 2013; the regional market is characterized by the presence of several key players as well as high popularity of BYOD solutions. Europe and Asia Pacific are expected to be fast growing markets, which can be attributed to need for effective communication and collaboration, along with cost savings.
- Key industry participants include Cisco Systems, Avaya, Inc., NEC Corporation, IBM Corporation, Alcatel-Lucent, Microsoft Corporation, Verizon Communications, etc. Major growth strategies employed by these companies include agreements, partnerships, and acquisitions in order to consolidate market share.
Browse all reports of this category at http://www.grandviewresearch.com/industry/communication-services
For the purpose of this study, Grand View Research has segmented the global unified communication market on the basis of product, application, and region:
- Unified Communication Product Outlook (Revenue, USD Billion, 2012 – 2020)
• On premise
- Unified Communication Application Outlook (Revenue, USD Billion, 2012 – 2020)
- Unified Communication Regional Outlook (Revenue, USD Billion, 2012 – 2020)
• North America
• Asia Pacific
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