NEWS PROVIDED BYTechnavio
May 28, 2024, 17:45 ET
NEW YORK, May 28, 2024 /PRNewswire/ — The global UC market size is estimated to grow by USD 67.07 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 16.07% during the forecast period.
For more insights on the forecast market size and historic data (2018 – 2022) – Buy Report
| UC Market Scope | |
| Report Coverage | Details |
| Base year | 2023 |
| Historic period | 2018 – 2022 |
| Forecast period | 2024-2028 |
| Growth momentum & CAGR | Accelerate at a CAGR of 16.07% |
| Market growth 2024-2028 | USD 67.07 billion |
| Market structure | Fragmented |
| YoY growth 2022-2023 (%) | 15.56 |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Performing market contribution | North America at 30% |
| Key countries | US, China, Japan, UK, and Germany |
| Key companies profiled | 8×8 Inc., Avaya LLC, Cisco Systems Inc., Citrix Systems Inc., Cloudtalk, Comcast Corp., Dialpad Inc., Enghouse Systems Ltd., International Business Machines Corp., Microsoft Corp., Mitel Networks Corp., NEC Corp., Orange SA, Plantronics Inc., RingCentral Inc., Siemens AG, Tata Sons Pvt. Ltd., Telefonaktiebolaget LM Ericsson, Verizon Communications Inc., and Windstream Intellectual Property Services LLC |
Market Driver
Open APIs in UC platforms enable businesses to connect with diverse third-party tools, enhancing adaptability and customization. Previously, closed-loop systems limited options to a single vendor. Openness allows tailored solutions for specific workflows, fostering collaboration among developers. This results in quicker development and a broader range of features. By adhering to industry standards, UC platforms integrate seamlessly with existing systems, reducing costs and ensuring smooth communication across technologies. This shift towards openness and interoperability will drive growth in the global UC market.
Market Challenges
- Insufficient network capacity affects UC apps, causing poor audio/video, delays, and disruptions. Heavy traffic in shared networks leads to congestion, impacting performance, especially in large organizations. Data delays affect real-time UC, causing voice/video lag. Jitter affects audio/video quality, while packet loss results in dropped frames, degrading quality. Implementing QoS for prioritizing UC traffic over other data is challenging but necessary. These concerns hinder global UC market growth.
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Segment Overview
- End-user
- 1.1 Large enterprises
- 1.2 SMEs
- Deployment
- 2.1 On-premises
- 2.2 Hosted
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and Africa
1.1 Large enterprises- During the forecast period, large enterprises will dominate the market share, notably benefiting from Voice over Internet Protocol (VoIP) and unified communication (UC) solutions. These enterprises utilize UC platforms for cost-effective communication, including voice calling, video conferencing, and instant messaging.
With UC systems, they conduct webinars, virtual meetings, and training sessions efficiently, fostering collaboration across dispersed teams. By centralizing administration and optimizing communication infrastructure, large enterprises achieve significant cost savings, particularly through reduced travel expenses. Consequently, the UC market will experience substantial growth driven by the needs and efficiencies of large enterprises.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report
Research Analysis
The Unified Communications (UC) market offers solutions for seamless communication across various channels. Revenues and expenses are key metrics, alongside customer relationships and decision-making tools. UC streamlines communication instruments for efficient multimodal interactions via a single platform, accommodating Bring Your Own Device policies and mobile workforces.
With a hybrid workplace model, productivity is enhanced through UC-as-a-Service (UCaaS) and real-time data analytics. Video, telephony, and AI technologies drive telecommunications advancements, particularly in SMEs. Insights from historical data inform forecasts, with regional opportunities, deployment modes, and industry-specific solutions driving market growth across sectors like IT, government, and healthcare.
Market Research Overview
UC Market is a comprehensive platform designed for the sale and purchase of various commodities and services. It offers a wide range of products, including computers, mobile devices, and electronics. The marketplace also provides services such as telephony and internet.
Additionally, UC Market offers a deposit system for secure transactions and a chat system for effective communication between buyers and sellers. The platform is regulated and secure, ensuring a reliable and trustworthy environment for all users. With its user-friendly interface and extensive features, UC Market is an ideal choice for those seeking to buy or sell commodities and services online.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
- Large Enterprises
- SMEs
- Deployment
- On-premises
- Hosted
- Geography
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio