7.5% CAGR Unified Communications & Collaboration Market 2020 | Trends, share and Industry Analysis
ReportCrux Market Research has published a new report titled "Unified Communications & Collaboration Market by Deployment (On-Premise, Hybrid, and Cloud-Based); by Platform (Telephony, Unified Messaging, Conferencing, Collaboration, and Services and Tools); by Application (BFSI, Public Sector, Healthcare, IT & Telecom, Retail, and Others); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.
Unified Communications & Collaboration Market size
Unified Communications & Collaboration market was valued at approximately USD 28.9 Billion in 2019 and is expected to generate revenue of around USD 51.6 Billion by end of 2027, growing at a CAGR of around 7.5% between 2020 and 2027
Unified communications and collaboration (UCC) is a bunch of various software packages that work on a range of communication technologies including screen networking, real-time video conferencing, electronic mailing, chatting, and many others. UCC solutions function as an instant mode of contact between employees and businesses in different parts of the globe.
With the growing proliferation of smart phones and the rapid introduction of 5G cellular data networks in various regions, connectivity approaches have transformed and thus driving the global unified communications and collaboration (UCC) market.
Unified Communications & Collaboration Market overview
Companies are increasingly interested in using third-party management services for on-site UCC solutions to manage complex infrastructure effectively, allowing seamless integration and maintaining the functionality of various communication systems.
The high degree of consistency in the attitude towards BYOD being adopted and implemented among mid-sized enterprises as well as enterprises operating in this area will further improve market value.
In the China market, the IT & Telecom segment is characterized by strategic alliances between key players in the industry to improve their established product portfolio.
For instance, Beijing 263 Enterprise Communications Co., Ltd., a leading enterprise SaaS services provider in China, in November 2017 along with Arkadin, a cloud UCC solutions provider, entered into a partnership to provide enhanced cloud communication solutions in the Chinese marketplace.
The companies provided high-quality UCC services including centralized communication, video/ audio/ online conferencing, and online events by forming a joint venture to combine their respective expertise.
Segmentation Analysis
By Deployment
Based on deployment, the market is segmented into cloud-based, on-premise, and hybrid. The cloud-based deployment segment is likely to grow at CAGR in the forecast period as cloud-based UCC solutions dramatically decrease the expense of overhead spent on purchasing & installing the communication equipment, thus increasing the need for the UCC market overall in the coming years.
By Platform
Based on platform, the market is categorized into telephony, unified messaging, conferencing, collaboration, and services and tools. The telephony market is segmented into IP Phones, and IP Private Branch Exchange (PBX).
The unified messaging market is further segmented into fax, voicemail, and email. The market for conferencing is segmented into video, audio, and web.
The market for collaborations is further segmented into social network, mobile, and video platform. The telephony segment held almost 31% share of the market in 2019. This is due to the widespread use of IP phones to promote real-time communication between enterprises.
IP phones serve as digital endpoints for delivering features, such as voice to data and creating stronger customer partnerships, improving competitive advantage, video apps, employee satisfaction, and improved connectivity. Besides, this platform provides easy support and better uptime
segmented into BFSI, public sector, healthcare, IT & telecom, retail, and others. The IT & telecom segment accounted for almost 36% share of the market in 2019 due to the rapid adoption of this technology by Chinese IT companies. These organizations leverage UCC resources to connect global business locations seamlessly and enable successful team collaboration.
By Region
By region, the market is divided into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America held almost 42% share of the overall market due to the availability of advanced communications and IT infrastructure in the region, especially in the U.S. Moreover, robust growth in the region's business mobility along with the growing proliferation of mobile devices is raising market revenue.
In terms of BYOD adoption, North American workers are ahead of their global colleagues, which are pushing organizations to incorporate UCC-based collaborative feature systems. Asia Pacific is likely to grow at high CAGR in the forecast period.
The growing numbers of Chinese SMEs operating in the IT sector are taking advantage of the technology to save considerable costs for IT infrastructure and maintenance by implementing centralized management frameworks.
Key Player Analysis
Major players in unified communications & collaboration market are ALE, Microsoft, BT, Verizon, Huawei, Nextiva, RingCentral, Google, Orange, Cisco, Star2Star, Vonage, 8x8, NEC, Genesys, Unify, Mitel, and Avaya among others.
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