Global UC market to reach $143.49 billion by 2024

Grand View Research predicts that the global unified communications (UC) market will reach $143.49 billion by 2024. As a result, this equates to a CAGR of 16.8% during the forecast period.

Factors driving market growth

First, the report indicates that expansion of organisations in international markets is a key driver of growth. In addition to this, the growing requirement for real-time and efficient communication systems will augment the UC market.

Global institutional and government initiatives are also supporting the implementation of UC across various sectors. Moreover, technological advancements and the increased adoption of cloud will drive demand for UC solutions.

A new Forrester report also suggests that enterprise cloud spending will soar this year. Grand View Research reiterates this claim, as cloud-based systems are "easier to maintain and provide fast and seamless communication capabilities at minimal capital expenditure."

The growing popularity of cloud computing is also driving growth in the UC&C market. Today, enterprises are choosing to integrate cloud-based solutions in order to “affordably migrate their communication processes over cloud platforms.”

Widespread deployment of artificial intelligence (AI) assistants such as Alexa, Siri and Cortana will also boost the growth of UC. This is due to the increased use of virtual assistants as an alternative to human interaction in customer service.

According to Pindrop, the use of voice technology in enterprise will triple this year. 85% of 500 IT professionals around the world disclosed that they are planning to implement voice technology to communicate more effectively with their customers.

Key UC players

At present, enterprises are planning to converge their UC applications around a single vendor. For the majority, Microsoft and Cisco are reportedly the most popular choices as they offer the most choice.

Earlier this month, Cisco launched a cloud-based geolocation package for enterprise mobile applications. The UC giant also recently unveiled its long-term strategy for incorporating AI into its UC offerings.

On the other hand, Microsoft has integrated its cloud phone service, business voice edge, and Microsoft Office 365. As a result, enterprise users can receive or make calls from Outlook.

IBM Corporation, Verizon Communications Inc, and Polycom Inc are also key UC players. However, the report highlights that vendors offering on-premise UC solutions are dominating over half of the total market.

When it comes to Unified Communications as a Service (UCaaS), vendors offering programmable solutions are also thriving. Innovative providers that partner with third-party software are racing ahead, a new report suggests.

Take a look at these Top 10 Tips from Unified Communications experts