Unified Communications & Collaboration Market Forecast to 2024 | Avaya, Mitel, Microsoft, Cisco, NEC, ALE, Huawei, Unify, RingCentral, BT, West

Unified Communications and Collaboration Market size was estimated at over USD 27 billion in 2016 with a CAGR of over 9% from 2017 to 2024.

Need for streamlining enterprise communication functions and growing popularity of the BOYD trend are expected to support the growth of UCC market during the timeline. As enterprises are rapidly expanding their presence to newer geographical marketplaces, the effectiveness of synchronous and asynchronous communication functions plays a vital role in ensuring positive outcome of business processes. Hence, enterprises adopt UCC solutions to modernize their communication infrastructure under a unified framework. As BYOD has shown promising outcomes in terms of increased employee productivity and significant IT cost savings for enterprises, these solutions are further enhancing its value proposition in terms of seamless connectivity with mobile resources.

Moreover, growing popularity and adoption of cloud computing is also assisting the unified communications and collaboration market growth with organizations preferring cloud-based solutions to affordably migrate their communication processes over cloud platforms.

Some of the players operating in the industry include Avaya, Mitel, Microsoft, Cisco, NEC, ALE, Huawei, Unify, RingCentral, BT, West, 8x8, Orange, Verizon, Google, NTT, Google, Star2Star and Asnet.

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UCC Market, By Platform

Telephony is expected to hold a significant share of the unified communications and collaboration market by 2024 owing to the extensive usage of telephony applications for facilitating real-time enterprise communication with internal as well as external stakeholders across the enterprises. Within the telephony market, IP phones will secure a significant share over the timeline as they serve as multimedia endpoints to bring capabilities such as voice into data and video applications.

On the other hand, conferencing platforms market is expected to register the fastest growth over the timeline due to growing popularity of audio/video conferencing solutions to facilitate collaboration capabilities for conducting meetings among members participating from different geographical business units. Conferencing applications have become mainstream for enterprises expanding operations to different multinational markets. Audio conferencing solutions will dominate the conferencing market by 2024 due to their widespread adoption, as they are more affordable compared to video conferencing tools that enable conference calls between stakeholders.

UCC Market, By Deployment Model

The on-premise UCC market held a major share in 2016, whereas cloud-based applications are expected to witness high acceptance over the timeline owing to increasing proliferation of cloud networks. Hybrid model will grow with over 16% CAGR between 2017 and 2024 as enterprises rely on combined capabilities to enable cloud-based communication functions while maintaining critical data on-premise owing to security and confidentiality concerns. Hybrid models offer flexibility of cloud platforms to scale resource consumption as required, and at the same time, allow regulation compliance by enabling secure storage of valuable data.

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UCC Market, By Application

IT & telecom will dominate the UCC market by 2024 with a market share of over 33% owing to the rapid adoption of the technology to seamlessly connect global business locations to enable effective team-collaboration and deliver enhanced customer experience. An increasing number of SMBs operating in the IT sector are leveraging the technology to save considerable cost on IT infrastructure and maintenance by adopting unified frameworks for managing different communication functions.

The BFSI market, on the other hand, will grow with the fastest rate between 2017 and 2024 owing to the information based nature of financial institutions' services which benefits immensely from UCC solutions. Moreover, reducing latency in terms of decision making related to critical customer-facing business processes such as interactions with high value customers, mortgage applications, becomes highly efficient using UCC applications for these enterprises.

Competitive Market Share

The key competitors in the unified communications and collaboration market are focusing on strategic partnerships and collaborations to strengthen and further expand their product portfolio along with their presence in diverse regional markets. Also, acquisitions are enabling further consolidation of the market as key players are strategically acquiring companies that can complement their existing product line and enhance its value proposition. For instance, in May 2017, Mitel acquired certain business assets and support obligations of Toshiba and acquired its customers and channel partners to strengthen its leading position in the UCC market.

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Table of Contents:

Report Content
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. UCC Market Industry Insights
Chapter 4. UCC Market, By Capacity
Chapter 5. UCC Market, By Product
Chapter 6. UCC Market, By Fuel
Chapter 7. UCC Market, By Application
Chapter 8. UCC Market, By Region
Chapter 9. Company Profiles

Complete Report – https://www.reportsweb.com/reports/unified-communications-and-collaboration-market-size-report-2024

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This release was published on openPR.