Unified Communications (UC) Market share worth $95bn by 2023

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Unified Communications (UC) Market share forecast
to grow at a CAGR of 16.4 during next seven
years Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Unified Communications (UC)
Market

• Unified Communications market share will witness
  rapid growth in the coming years on account of
  being regarded as a well suited communication
  platform in terms of increased productivity,
  reduced cost and improved facility. The industry
  worth USD 34.8 billion in 2015, is anticipated to
  surpass USD 95 billion by 2023. Rapid
  proliferation of mobile devices and Big Data will
  favor the market growth over the next few years.
  In addition to this, rising enterprise mobility,
  BYOD device upsurge, and implementation of UCaaS
  (Unified communication as a service) will be the
  key growth drivers for the UC industry over the
  timeframe of 2016-2023, according to Global
  Market Insights Inc.
• UCaaS has been identified as an efficient
  communication channel at an organizational level
  with features like telephony, video conferencing,
  online meetings, and enterprise messaging. The
  technology offers a wide range of benefits such
  as improved flexibility, reduced travel time,
  easy access to remote workforce, and cost
  effectiveness. UCaaS market is expected to grow
  at a CAGR of 16.4 over the period of 2016-2023
  owing to its cloud based central management
  systems which cuts down the infrastructural
  costs.

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Continued

• Unified Communications offer higher workforce
  efficiency along with long term cost savings and,
  thus is being adopted by most of the
  organizations worldwide. However, there is a high
  initial installation cost involved in building
  robust network setup for proper functioning of
  features like video conferencing and CEBP
  (Communication enabled business process). Thus,
  expensive installation coupled with
  interoperability issues between associated
  platforms are some of the factors likely to
  hamper the market size over the coming years.
• UC market application is spread across sectors
  such as Government, Enterprise, Healthcare, and
  Education. Enterprise segment accounted for 60
  of the overall UC market share in 2015 and is
  expected to witness a significant growth in
  future owing to huge adoption of video
  conferencing services and web based
  collaborations. Also, surging BYOD market, which
  is expected to exceed USD 365 billion by 2023
  will also positively impact the UC market share.

4
Continued

• UC application in the government sector is
  estimated to exceed USD 20 billion by 2023. This
  growth is attributed to the benefits such as
  reduced infrastructure cost, easy interaction
  with citizens, and quick and convenient
  conferencing in case of emergency or crisis.
  Moreover, rising demand for web conferencing,
  emails, live conferences pertaining to the
  education sector is estimated to boost the UC
  market growth in this sector.
• Proliferation of information technology has
  resulted in adoption of unified communication
  technology worldwide. The Asia Pacific UC market
  is expected to register a CAGR of 15 over the
  period of 2016-2023, with revenue estimated to
  increase by 29 by 2023. Increasing demand for
  collaboration as well as cost cutting measures
  are factors contributing towards the regional
  growth. North America market having had a share
  of USD 12 billion in 2015, is expected to grow
  significantly over the coming years owing to
  presence of key industry players in this region.

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Continued

• The industry will witness huge competition in the
  near future due to the booming demand for UC as
  the communication means amongst the
  organizations. Some of the key market players are
  Cisco Systems, Avaya Inc, Microsoft Corporation,
  Alcatel-Lucent, NEC Corporation, ShoreTel, IBM
  Corporation, and Siemens. Market players are
  focusing on improving their solutions in terms of
  efficiency, reliability, security, ease of
  integration, scalability, and affordability.
  SMBs are also contributing noticeably towards
  the UC market revenue owing to the growing
  awareness about the benefits of this technology.
  The coming years will witness strategic
  collaborations, mergers acquisitions, and
  partnerships among the industry participants to
  sustain heavy competition in the market.

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/402
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Europe unified communications market size, by
application, 2012 - 2023 (USD Billion)
https//www.gminsights.com/assets/img/gmi402_a.jpg

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360 Analysis

• Application Analysis
• With over 60 of the global unified communication
  market share in 2015, enterprises were the
  leading application industry. Video conferencing
  and Web based collaboration are expected to be
  increasingly deployed across enterprises. They
  have also been turning to hosted and managed UC
  services to address the problem of high initial
  investment. Increased awareness regarding
  benefits has also led to adoption in small and
  medium-sized businesses (SMBs).
• Regional Analysis
• Demand from the U.S. unified communications
  market resulted in North America accounting for
  over 35 of the global revenue generation in
  2015. Asia Pacific UC industry is predicted to
  grow at 15 CAGR from 2016 to 2023.
• Competitive Market Share
• Major companies contributing to global unified
  communications market share are Cisco Systems,
  Microsoft Corporation, Avaya Inc, and
  Alcatel-Lucent. The industry is characterized by
  intense competition between these players for
  achieving product differentiation on the basis of
  quality. This has also resulted in increasing
  consolidation through strategic initiatives such
  as mergers, acquisitions, and partnerships.

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