A report published by Market Research Future (MRFR) has forecasted that the Unified Communications market will reach a value of $365.2 billion by 2030.
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Throughout the forecast period (2021-2030), the report states that the compound annual growth rate (CAGR) will register at 21.25%.
The biggest driver for growth is claimed to be the rising adoption of the Internet of Things (IoT) in Unified Communications.
The report states: ” The transition from unified communications platforms up to automated solutions is being aided by the internet of things.
“The healthcare industry, where daily communication is crucial, is where the Internet of Things are employed most frequently.
“The effective and efficient processing of data is also made possible by the Internet of Things.
“As a result, in the assessment period, the worldwide unified communications market will rise due to the increasing acceptance of the IoT in unified communications.
Another key driver for boosting the unified communications market is the growing number of government initiatives to build UC platforms in various industries.
According to Market Research Future, government organisations have begun implementing unified communications solutions for regular operations.
North America is predicted to lead and strengthen the UC market due to already having multiple significant corporations in the industry and the rising acceptance of BYOD solutions.
The report anticipates that the APAC region will have the greatest CAGR over the forecast period.
The growth rate is attributed to APAC being the fast-growing region in the unified communication market, with technical developments driving the growth.
Several organisations such as Google, Microsoft, RingCentral, Avaya, and Mitel are named in the report to be “key players” in driving the UC market forward.
The report looked at a couple of market restraints and challenges, with the first being rising concerns about data privacy and security.
The second was a lack of favourable government guidelines and regulations that could pose a challenge to the UC market over the forecast period.
