World UC Market Worth $75.81 Billion by 2020
According to a new study by Grand View Research, Inc., the global unified communication (UC) market is expected to reach USD 75.81 billion by 2020. This growth is due to the increase in Bring Your Own Device (BYOD) initiatives and smartphone usage among employees, as well as an increase in the mobile workforce. There are a few key findings from the study, and major industry participants include Cisco, Avaya, NEC, IBM and many more.
In 2013, UC accounted for over 60 percent of the market. Additionally, the cloud-based or hosted product section is predicted to quickly gain share over the forecast period. The rapid growth is expected because of the high initial cost of installation with on premise solutions along with any additional maintenance fees. The study also found that enterprises were the largest application segment in 2013 and will most likely continue to dominate the market for the next six years.
Grand View Research stated that North America made up 35 percent of the market in 2013, where BYOD solutions were becoming increasingly popular. Both Europe and Asia Pacific are expected to be the next, fastest growing segments because of the need to communicate efficiently and the cost savings. To learn more about the benefits of UC plans in businesses, check out our blog post Why Businesses Need Unified Communications.
Thinking of implementing UC plans in your business? Contact Converged Communication Systems at (877) 598-3999 to speak with our live help desk consultants.
For more information about this study, visit WhaTech.com.
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