Unified Communications Market Size To Be Valued At $167.1 Billion By 2025 Owing To Rising Adoption Of Cloud-based Services For Seamless & Fast Communication in Enterprises | Million Insights
FELTON, Calif., Feb. 17, 2021 /PRNewswire/ -- The global unified communications market size is projected to account for USD 167.1 billion by 2025 and is expected to grow with 16.8% CAGR over the forecast period from 2019 to 2025, according to a new report by Million Insights. Factors such as increasing preference for Unified Communication as a Service (UCaaS), Changing workforce dynamics, and virtualization of devices & data are anticipated to fuel the demand for UC solutions among enterprises.
Growing adoption of cloud-based services seamless and fast communication in enterprises are projected to drive the market growth. Further, organizations are widely adopting cloud-based solutions to improve productivity of their remotely located resources.
The cloud-based UC solution allows geographically dispersed and diverse resources to collaborate mutually and work together in real-time through video and voice conferencing. Moreover, shift towards a cloud-based solution allows enterprises to reduce capital spending by applying an operational cost model which enables them to pay as per capacity they need.
Rising demand for UC solutions is encouraging solution providers to develop advanced versions for enterprises. Thus, solution providers including Cisco Systems, Inc.; IBM Corporation; and Avaya, Inc. are offering team collaboration and a mix of UC solutions to strengthen their market position.
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Due to intense competition among market players, they are striving to offer diverse solutions along with several features such as email platform, video & audio conferencing, unified messaging, and instant messaging. Hence, several features offering by industry players is expected to propel the unified communication market growth over the forecast period.
Further key findings from the report suggest:
Million Insights has segmented the global unified communications (UC) market on the basis of product, application, organization size, solution and region:
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