Unified Communications is Estimated to Witness High Growth Owing to...

Unified Communications is Estimated to Witness High Growth Owing to Rising Demand for Automation

Сообщение 2024-02-02 14:07:18

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Unified communications enables integrated real-time communication services such as instant messaging (chat), presence information, voice (IP telephony), mobility features, audio, video conferencing, data sharing (web and application), and fixed-mobile convergence on various fixed and mobile network infrastructures and devices. It is widely adopted across various sectors to streamline business communication needs while also allowing remote work options. The solution is used by businesses to provide their customers with enhanced support and services through multiple communication channels.

The global unified communications market is estimated to be valued at US$ 97.08 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Rising demand for automation and improved collaboration among distributed workforces is a key driver fueling growth of the unified communications market. Modern organizations are increasingly adopting unified communications solutions to allow their employees to work collaboratively from remote locations through multiple devices. This offers benefits such as improved productivity and streamlined multi-channel customer support. Furthermore, rapid digitalization across industries has boosted integration of unified communications with digital platforms and cloud-based applications. GrowingBYod trend and advances in network communication technologies are further facilitating penetration of unified communication services. However, security concerns related to open communication platforms and need for high initial investment remain major challenges for wider adoption. Key players are focused on strengthening security features and offering cost-effective subscription-based services to tap opportunities in this dynamic market.

SWOT Analysis
Strength: Unified communications combine multiple communication tools into a single interface which simplifies communication for end users. It reduces communication costs by integrating different tools like instant messaging, presence, voice, and video conferencing. The consolidated platform provides flexibility to users on any device from any location.

Weakness: Initial investment required for unified communications deployment is high which can be unaffordable for small enterprises. Technical issues and difficulties during integration of multiple tools can reduce user experience. Dependence on internet connectivity for all features works as a limitation.

Opportunity: Growing acceptance of work from home and remote working culture is driving demand for unified communication solutions. Adoption across SMBs presents major growth opportunity for vendors. Integration of AI capabilities can enhance UC features like predictive analytics.

Threats: Free or low-cost consumer OTT applications pose pricing pressure on vendors. Strict telecom regulations and data privacy concerns in some countries pose challenges. disruptive technologies like IoT and advanced telephony solutions threaten existing UC business models.

Key Takeaways
The Global Unified Communications Market Size is expected to witness high growth over the forecast period driven by growing remote working trend amid the COVID pandemic. The global unified communications market is estimated to be valued at US$ 97.08 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031.

Regional analysis: The Asia Pacific region dominated the market in 2021 holding around 34% share and is projected to grow at the fastest pace during the forecast period. China, Japan, and India are major revenue generators with presence of leading UC vendors. Growing penetration of cloud-based business applications is driving demand from SMBs across Southeast Asian countries.

Key players: Key players operating in the unified communications market are Kansai Paint Co., Ltd., Axalta Coating Systems, Kyoei Vietnam Co., ltd, Nippon Paint Holdings Ltd., PPG Industries, Inc., B.L Downey, Dornauer-Grillitsch GmbH, KAPCO Manufacturing Inc., BASF Coatings Gmbh, and DuPont de Nemours, Inc. Strategic partnerships, new product launches, and expansion of sales and support services are among major strategies adopted by these players.