Vonage, GoTo, Cisco Among Key Companies in UC Market Approaching $190 Billion

Expect the global unified communications (UC) market is predicted to grow to $188 billion by 2031. That includes a compound annual growth rate (CAGR) of more than 13% over the next nine years. This is according to Transparency Market Research (TMR), whose study provides a panoramic view of the market.

The study reveals major factors influencing market expansion including growth drivers, challenges and investment opportunities. Companies operating in different industry verticals are likely to adopt mobility to cut administrative costs. This aside, these enterprises are increasing the incorporation of social businesses to achieve effective marketing and customer integration.

Key market players, according to TMR, include ALE International, 8×8, Cisco and Avaya. Also making its list are Fuze, Dialpad, Microsoft, GoTo and NEC. Mitel, Verizon, Vidyo, RingCentral, Zoom and Vonage round out the “key market players” list.

Next-Gen Solutions

Players in the UC market have focused on developing an ecosystem. It integrates a wide range of workplace communication systems including voice calling and video conferencing. Content sharing and instant messaging are also in the mix. These tools often appear in solitary, streamlined interface. These efforts boost the productivity and user experience of these interfaces, according to TMR.

The conventional communication equipment should be replaced by unified communication systems in the upcoming years. Companies have focused on strengthening their knowledge sharing capabilities as well as boosting their productivity. This should lead to revenue-generation opportunities in the global unified communication market.

Also, the popularity of cloud-based unified communication (UCaaS) has increased in the recent years thanks to its ability to offer flexibility. This means connecting from any location any time. Moreover, this technology allows employees to team up with each other using any internet-connected device. It can advance the efficiency and productivity of employees.

Companies operating in the global unified communication market are focused on acquisition to integrate next-gen solutions to their existing systems. These strategies have helped enterprises to expand their regional reach as well as customer base, according to the study’s authors.