Increased Smartphone Usage is Proliferating the Global Unified Communication Market at 10.90% of CAGR by 2027
“According to a new market research report published by Inkwood Research, the Global Unified Communication Market is projected to evolve at a CAGR of 10.90% during the forecasting years of 2019-2027.”
“Browse 29 market Data Tables and 38 Figures spread over 137 Pages, along with an in-depth TOC on Global Unified Communication Market Forecast 2019-2027.”
A system in which various communication services, such as calls, SMS, IM, video conferencing, etc., are grouped together under a single platform, is known as a unified communication system or a UC system. UC systems facilitate better and faster communication; its users can access several collaboration tools using a single point of access. The rising demand for bringing your own device (BYOD), the growth in the adoption of the Internet of Things (IoT) and the increased penetration of smartphones, primarily drive the global unified communication market.
Increased Usage of Smartphones is Driving the Global Unified Communication Market
There is an increased proliferation of smartphones in the market. In 2013, there were around 6,625 million smartphone users in the world, as stated by the International Telecommunication Union (ITU). Smartphones have now become affordable, and there is an increase in people’s disposable incomes; these factors are essentially fueling the rise in the adoption of smartphones. Along with these, the decreased voice calling rates and the implementation & development of new technologies has also led to the growth of the mobile phone market. Companies have introduced 4G LTE technology, which has led to increased smartphone usage in both, developed as well as developing economies. Besides, smartphones are being increasingly preferred for business communication, owing to their ability to perform most tasks of a desktop computer. Applications, such as Google Drive, are used by employees to gain access to or even edit the organization’s documents remotely.
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On-premise Segment Accounts for the Largest Share in the Global Unified Communication Market
On-premise UC systems provide a more robust set of features than hosted UC systems, which is why they are largely preferred by businesses. The most significant benefit of using on-premise solutions is that they offer control over communications systems. Having control over all the data & systems ensures that the critical business infrastructure of companies deploying these solutions to remain in-house, which, in turn, enables data security and privacy. Moreover, on-premise UC solutions allow enterprises to have dedicated IT staff in case of emergencies. If an on-site system encounters a glitch or malfunctions, the designated professionals help resolve this issue and restore full functionality to the system.
North America Dominates the Global Market of Unified Communication
North America dominates the overall unified communication market in the world, with a CAGR of 41.83% in 2018. This can be attributed to the early adoption of this technology in the region. Moreover, innovative approaches by FinTech players also contribute to the growth of this market in North America. The Federal Risk and Authorization Management Program, for instance, provides a standardized approach to security assessments, which has significantly driven the market growth. In addition, there is increased popularity of bringing your own device (BYOD) culture in the region. Also, North America is home to several market giants, such as Avaya, Cisco, ShoreTel, and Mitel. These factors have substantially contributed to the implementation of unified communication systems in the North American region.
Cisco Systems, Inc., AT&T, Inc., Hewlett Packard Enterprise, Avaya Inc., IBM, Verizon Communications, Inc., Microsoft Corporation, Fuze, Inc., and NEC Corporation are some of the top key players in the global unified communication market. Renowned companies like Microsoft and RingCentral have already established themselves in the market, which is challenging the new entrants to gain access to the end-users. The emerging companies need to devise innovative and exclusive strategies to tackle this issue. Moreover, enterprises solely offering these solutions are entering the market that has further intensified the competition among the market players, as buyers prefer to avail services by multiple vendors for different components.
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