According to Inkwood Research, the market for unified communication is estimated to register a CAGR of 10.90% during the forecast period, and will reach revenue of $ 93466.99 million by 2027. The forecast period is 2019-2027, and the base year taken into consideration for studying the market is 2018.

The global unified communication market is driven by:

• Expanding demand for BYOD
• Growing adoption of Internet of Things (IoT)
• High usage of smartphones

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The increase in usage of smartphones is the primary reason driving the market growth. The factors responsible for the growth of the mobile phones market in the emerging markets of the Asia Pacific and Africa, include accessibility of handsets, reduced voice calling rates, and implementation of new technologies with considerable investment in building infrastructure by mobile operators. Moreover, the proliferation of smartphones, and the roll-out of services, such as 4G LTE, is expected to drive mobile phone market growth in both, developing and developed economies. Smartphones have become efficient business communication tools owing to the sophistication in technology, enabling them to perform most of the communication tasks of a desktop computer. Also, the rising demand for low-cost data storage, data protection, and backup aid in the growth of the IoT market among users that include large enterprises and SMEs.

On-Premise unified communication segment leads in terms of revenue in the global unified communication market with around 52.65% market share in 2018. The most significant feature that the on-premise solution offers is the control over communications systems. Businesses that deploy such UC solutions model have control over all of their data and systems, ensuring critical business infrastructure to reside in-house, enabling data security and privacy. Moreover, such communication models allow companies to have dedicated IT staff for support, maintenance, and custom disaster recovery procedures. The dedicated service support in the on-premise unified communication is further proliferating the market growth. Furthermore, Hosted unified communication segment is the fastest-growing segment with a CAGR of xx% in the forecast period. Adoption of hosted UC solutions provides businesses with advantages, such as low installation costs, easier migration strategies, the minimal infrastructure required, easier maintenance and updates, the lesser total cost of ownership (TCO), and efficient disaster recovery.

At the same time, the exorbitant costs, coupled with the lack of interoperability, are restraining the market growth.  The upfront costs incurred during the process are higher. Small and medium-sized businesses find this as one of its negative aspects. In addition, problems faced by from end-users such as the training required, knowledge transfer, resistance to change, presence of infrastructure capabilities, etc. are some of the major factors that are anticipated to affect the market growth during the forecast period. Also, buyers find it gruesome to choose from several components of a system from different vendors as interoperability becomes a major issue, owing to the lack of compatibility between components and software from different vendors.

Report scope of the global unified communication market covers the segmentation analysis of product, application, and industry vertical.

Market by Product:

• Hosted
• On-Premise

Market by Application:

• Video
• Unified Messaging
• IM and Presence
• Mobility
• Telephony
• Conferencing
• Contact Centre

Market by Industry Vertical:

• Energy and Utilities
• Manufacturing
• Retail
• Public Sector
• IT and Telecom
• BFSI
• Healthcare
• Aerospace and Defence
• Others

On the basis of geography, the global unified communication market has been segmented into four major regions:

• North America Unified Communication Market: the United States, and Canada
• Europe Unified Communication Market: United Kingdom, Italy, Germany, Spain , France, and the Rest of Europe
• Asia Pacific Unified Communication Market: China, Australia, India, Japan , South Korea, and the Rest of Asia Pacific
• Rest of World: Latin America, the Middle East, and Africa

In terms of geography, North America held the largest market share of 41.83% in terms of revenue in 2018. North America is one of the biggest markets for unified communication owing to the increasing presence of innovative approaches introduced by Fintech players, early adoption, and a strong presence of industry players in the region, which contributes to the growth of the market. The formulation of new security policies, for instance, Federal Risk and Authorization Management Program, providing a standardized approach to security assessments has substantially driven the market growth. Further, developed infrastructure and wide adoption of unified communication systems in the region has spurred the market demand. The Asia Pacific is anticipated to record the highest CAGR of 14.10% in the forecast period owing to the growing demands for cloud based application in the region. This rapid growth is attributed to the combination of increasing demand for relatively low pricing, and the adoption of multi-media applications, like workforce management and speech technology software. The global vendors are streamlining their channel programs, and expanding their partnership programs.

The market has many players, and some of the major key players in the global unified communication market are:

• Fuze Inc.
• Verizon Communication
• Microsoft Corporation
• Ring Central Inc.
• Others

In March 2019, the Mitel Network Company enhanced its performance management solutions for the united communications network. This development will strengthen the communication network of the company. Also, In March 2018, Avaya Inc., entered into a partnership with Pyrios Limited to provide cloud-based unified communications (UC) and contact center (CC) solutions in New Zealand.

Key findings of the global unified communication market:

• North America leads the global unified communication market by capturing the largest market share of around 41.83% in 2018
• Asia Pacific unified communication market is anticipated to record the highest CAGR of XX% during the forecast period 2019-2027
• The continual rise of cloud computing augmented the growth of unified communication market for the forecast period
• On-Premise unified communication segment holds the largest share in the unified communication market, and is projected to grow with a CAGR of XX% during the forecasted period
• The Hosted segment in the unified communication market is projected to grow the highest at a CAGR of XX% during the forecasted period