How Much Will The UC Market Be Worth By 2020?
Expect the global unified communications (UC) market to grow significantly over the next few years, according to market research firm Grand View Research.
The global UC market could be worth $75.81 billion by 2020, thanks in part to the rising demand for UC services from enterprises of all sizes.
Grand View Research pointed out that enterprises emerged as the largest application segment in 2013 and are expected to continue dominating the UC market.
In addition, small, medium and large enterprises have been deploying the necessary IP infrastructures to support UC, Grand View Research said.
Other Grand View Research findings included:
- On-premise UC services accounted for over 60 percent of the total UC market in 2013. However, the cloud-based or hosted product segment is expected to rapidly gain market share over the next several years due to the high initial cost of installation as well as the additional maintenance costs associated with on-premise solutions.
- North America accounted for over 35 percent of the UC market in 2013; this regional market is characterized by the presence of several key players and high popularity of bring-your-own-device (BYOD) solutions.
- Europe and Asia-Pacific are expected to be fast-growing UC markets over the next few years, which can be attributed to the rising demand for effective communication and collaboration solutions, along with cost savings.
The unified communications-as-a-service (UCaaS) market could grow as well.
MarketsandMarkets has predicted that the UCaaS market will expand from $13.1 billion in 2014 to more than $23.3 billion in 2019, which represents a 12.2 percent compound annual growth rate (CAGR). The research firm also pointed out that UCaaS is expected to be one of the key factors that will drive the UC market’s overall growth.
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