Global Unified Communications & Collaboration Market By Leading Key Players: Cisco, Genesys, Huawei, IBM, Microsoft, Mitel, Nextiva, Orange, RingCentral, Star2Star, Verizon, Vonage, Unify, ALE, Avaya, BT

According to Global Market Insights, Unified Communication and Collaboration (UCC) Market size is estimated to be over USD 57 billion by 2024 growing at a CAGR of over 9% during the forecast period. The UCC technology has changed the business communication functions by allowing the integration of different enterprise communication technologies, such as voice messaging, video, instant messaging, and email, to enhance the business productivity and customer satisfaction.

In particular, small enterprises get more advantages from the UCC technology as they can utilize the cost-effective infrastructure by combining IT and telecom services in a unified framework.

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Telephony platform segment held nearly 34% share of the Unified Communication and Collaboration Market in 2017. The market is growing due to its increasing use for allowing real-time business communication with stakeholders across the industry. Within the telephony industry, IP phones held around 57% market share in 2017. This is due to their capability to serve as multimedia endpoints to enable facilities such as integration of voice into data, video, and email applications.

Unified communication and collaboration market in IT & Telecom sector is projected to hold the majority market share of around 33% by 2024 due to the increasing use of the technology to easily connect and communicate with business locations globally. UCC offers collaborative solutions and improved customer experience in the telecom service sector.

The collaboration market is expected to grow faster over the period due to the use of highly sophisticated systems that facilitate real-time online meetings of members from diverse geographic locations. The conferencing platforms market is projected to grow at a faster rate owing to the rising popularity of audio-video conferencing platforms to facilitate meetings with multinational clients.

Cloud-based Unified Communication and Collaboration Market will witness favorable growth between 2017 and 2024 owing to growing popularity and adoption of cloud computing technology across businesses in varied sectors ranging from IT & telecom, BFSI, healthcare and public services. Hybrid model will experience accelerated growth during the timeline. As the framework gives cloud capabilities along with secure on-site storage of critical data, the model is witnessing rapid adoption by enterprises wanting to implement UCC systems.

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North America will dominate the Unified Communication and Collaboration Market by 2024 primarily due to the availability of a robust telecom and cloud infrastructure in the region. Also, extensive support for BYOD and readiness to adopt the trend by U.S. enterprises is also positively contributing to the market growth.

The Asia Pacific unified communication and collaboration market is estimated to grow at around 13% CAGR over the forecast period due to the rising demand for better infrastructure by the enterprises operating in countries such as Japan and China. The economic development in Asian countries is contributing to the growing industries in scale and geography, demanding better conference and meeting experience, thereby fostering the UCC market growth.

Some of the market players operating in the Unified Communication and Collaboration Market are ALE, Avaya, BT, Cisco, Genesys, Huawei, IBM, Interactive Intelligence, Microsoft, Mitel, NEC, Nextiva, Orange, RingCentral, Star2Star, Verizon, Vonage, Unify.

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