PORTLAND, Oregon, September 12, 2018 /PRNewswire/ --
Increase in technological advancements and surge in adoption of cloud computing technologies are expected to be the foremost factors driving the growth of the market during the forecast period
Allied Market Research published a report, titled, Unified Communication Market by Application (Video, Telephony, Conferencing, Mobility, Unified Messaging, IM & Presence, and Contact Center) and Industry Vertical (Energy & Utilities, IT & Telecom, Retail, Healthcare, Manufacturing, BFSI, Public Sector, Aerospace & Defense, and Others) - Global Opportunity Analysis and Industry Forecast, 2016-2023. The report offers a detailed analysis of the key investment pockets, market player positioning, drivers & opportunities, and business performances of major players. According to the report, the global unified communication market garnered $32.88 billion in 2016 and is expected to reach $74.24 billion by 2023 at a CAGR of 12.60% from 2017 to 2023.
Technological innovations in product offerings, pressing need to improve interoperability & operational efficiency, surge in demand for cloud solutions, and increase in application areas among end users are the key factors responsible for healthy growth of the global unified communication market. Moreover, growth adoption of IoT coupled with increase in need for enterprise mobility BYOD trend and proliferation of smart devices has supplemented the industry growth. However, issues associated with implementation of unified communication solutions and threats associated with data breaches are expected to hamper the market growth to a certain extent. On the other hand, growing awareness about technological changes in the untapped emerging economies among end user industries would present lucrative opportunities to the market.
Telephony to dominate, mobility to grow rapidly
The report segments the market based on application into video, telephony, conferencing, mobility, unified messaging, IM & presence, and contact center. The telephony segment captured 29% of the market share in 2016 and is expected to maintain its lion's share through 2023. In terms of growth rate, the mobility segment would register the fastest CAGR of 15.30% during the forecast period.
Energy &utilities segment to be lucrative through 2023
The industry verticals analyzed in the research include energy & utilities, IT & telecom, retail, healthcare, manufacturing, BFSI, public sector, aerospace & defense, and others. The IT & telecom segment accounted for 21% of the total market share in 2016. However, the energy & utilities segment is anticipated to be lucrative during the forecast period, owing to its fastest CAGR of 15.06%.
North America Dominant, Asia-Pacific Fastest Growing
Geographically, the report analyzes the global market across North America, Europe, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). North American region contributed to more than one-third share of the total market in 2016 and is expected to remain dominant throughout the forecast period. However, Asia-Pacific would become the fastest growing region, registering a CAGR of 16.10% from 2017 to 2023.
Frontrunners of the global industry
The market players analyzed in the study include Aastra Technologies Limited, Alcatel-Lucent S.A., AT&T Inc., Cisco, Avaya Inc., Hewlett Packard Enterprise, IBM Corporation, Microsoft Corporation, Siemens Enterprise Communications, and Verizon Communications. Furthermore, the report presents various strategies, such as partnerships, new product launches, mergers & acquisitions and others, which have been adopted by market players to gain a stronghold in the industry.
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