With technology giants such as Microsoft, Cisco, Google, Avaya, NEC, and Unify constantly breaking boundaries with their innovative products in the unified communication (UC) space, the vendor landscape for the global market for unified communications can be termed as highly dynamic and competitive, notes a market research report by Transparency Market Research. Companies are ramping up their positions in the field of unified communications by investing in technologies such as artificial intelligence, virtual reality, IoT, and cloud and developing innovations such as virtual reality meeting room solutions to grab a larger share in the lucrative market.
Companies in the UC market are also ploughing increased amounts of funds into the development of cloud platforms owing to the rising demand for flexible, scalable, and cost-competitive business communications solutions. Microsoft, for instance, has gained a larger consumer base by making a number of UC solutions more accessible to small enterprises through it’s online Office365 edition. Google already claims a large share of the UC market with its Hangouts application and is also steadily making advances in the UCaaS space by refining its UC solutions to suit the cloud-based service delivery model and add more features to popular UC solutions such as Hangouts.
According to the report, the global unified communications market will rise to a valuation of US$61.9 bn by 2018. If the numbers hold true, the market would have registered an impressive 15.7% CAGR over the period between 2012 and 2018.
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In terms of end users of unified communications solutions, the enterprise segment presently accounts for the dominant share in the global unified communications market. The government sector is also steadily advancing on the front of adoption of unified communications solutions and is expected to emerge as a promising contributor of growth opportunities to the market in the next few years.
In terms of geography, the global unified communications market earns a large share of its revenue from sales across North America presently. The region features high rates of digitization and a large number of small, medium, and large enterprises that are aware of the vast cost benefits of employing unified communication solutions in their infrastructures. Over the years, the market in Asia Pacific has witnessed expansion at a promising pace owing to the presence of several companies operating in the development and testing segments of the unified communications market.