News provided byTechnavio
Sep 24, 2024, 17:51 ET
NEW YORK, Sept. 24, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The Global Unified Communication and Collaboration Market size is estimated to grow by USD 95.4 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 18.51% during the forecast period. growing demand for video and voice conferencing is driving market growth, with a trend towards increasing adoption of byod concept However, data privacy and security concerns poses a challenge – Key market players include 8×8 Inc., AT and T Inc., Atos SE, Avaya LLC, BT Group Plc, Cisco Systems Inc., GoTo, Hewlett Packard Enterprise Co., Huawei Technologies Co. Ltd., Intrado Life and Safety Inc., Microsoft Corp., Mitel Networks Corp., NEC Corp., Nippon Telegraph and Telephone Corp., RingCentral Inc., SANGOMA TECHNOLOGIES CORP., Telefonaktiebolaget LM Ericsson, Verizon Communications Inc., Vonage Holdings Corp., Zoho Corp. Pvt. Ltd., and Zoom Video Communications Inc..
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Unified Communication And Collaboration Market Scope
| Report Coverage | Details |
| Base year | 2023 |
| Historic period | 2018 – 2022 |
| Forecast period | 2024-2028 |
| Growth momentum & CAGR | Accelerate at a CAGR of 18.51% |
| Market growth 2024-2028 | USD 95.4 million |
| Market structure | Fragmented |
| YoY growth 2022-2023 (%) | 15.15 |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Performing market contribution | APAC at 34% |
| Key countries | US, China, UK, Germany, and Japan |
| Key companies profiled | 8×8 Inc., AT and T Inc., Atos SE, Avaya LLC, BT Group Plc, Cisco Systems Inc., GoTo, Hewlett Packard Enterprise Co., Huawei Technologies Co. Ltd., Intrado Life and Safety Inc., Microsoft Corp., Mitel Networks Corp., NEC Corp., Nippon Telegraph and Telephone Corp., RingCentral Inc., SANGOMA TECHNOLOGIES CORP., Telefonaktiebolaget LM Ericsson, Verizon Communications Inc., Vonage Holdings Corp., Zoho Corp. Pvt. Ltd., and Zoom Video Communications Inc. |
Market Driver
The Bring Your Own Device (BYOD) trend in workplaces is gaining popularity, with approximately one-third of employers worldwide providing devices for their staff, while over half encourage employees to use their own devices. New Unified Communication and Collaboration (UCC) technologies enable professional interactions and workflows across various remote devices. As BYOD increases the diversity of devices used for communication and collaboration, UCC platforms’ ability to offer high-quality experiences on all devices is a significant factor in their growing popularity. UCC solutions adapt to the frame rate and resolution of devices, ensuring seamless experiences. The compatibility of UCC and BYOD, along with their shared goals of reducing costs and increasing flexibility, will fuel the market’s growth during the forecast period.
Unified Communication and Collaboration (UCC) market trends reveal a shift towards cost-effective, cloud-based solutions for businesses. Voicemail and telephony services are being replaced by software-based communications, including virtual collaboration tools like video conferencing and instant messaging. Healthcare providers and contact centers are adopting UCC for improved business continuity and customer experience. IT budgets favor cloud services, with retailers leveraging centralized data services, RFID technology, and proximity technology for an omnichannel customer experience. PBX systems are being upgraded with cloud technology, lowering IT costs. VR and innovation in communication tools, such as device recognition and authentication mechanisms, enhance user experience. Sales and customer service tools are becoming essential, with video conferencing and instant messaging streamlining communication across telephone, computer, and social media.
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Market Challenges
- Cloud-based Unified Communication and Collaboration (UCC) solutions have gained popularity among businesses due to their cost-effectiveness and ease of accessibility. Government agencies, including federal, state, and local, have also adopted cloud solutions for improved information management with centralized data storage and high-speed networks. The benefits of cloud UCC include simplified software maintenance and upgrades, low upfront costs, effective security, high reliability, and integrative capabilities. However, concerns over data security and privacy issues persist, particularly for organizations dealing with sensitive or classified information. Despite these concerns, the market for cloud UCC is expected to grow due to its ability to enhance productivity, enable data sharing, and bridge functional gaps in existing systems and processes. Organizations will continue to evaluate the reliability and security of cloud solutions before making the transition.
- Unified Communication and Collaboration (UCC) market is growing rapidly, with video conferencing and instant messaging leading the way. Retailers, especially clothing and online stores, are embracing UCC to enhance sales and improve customer experience. Centralized Data Services, such as RFID and proximity technology, integrated with UCC, enable real-time access to customer information at checkout lines. However, challenges persist. Network performance is crucial for video conferencing and instant messaging. Lowering costs and ensuring security are key concerns. Retailers must choose between public and private cloud models for UCC. Devices and authentication mechanisms must be recognized for seamless user experience. UCC tools, including telephone and computer, should be omnichannel, integrating with the Internet, social media, and innovative communication tools. UCC technologies, including UCC, are transforming the retail sector, enabling businesses to offer personalized customer service and streamline operations. The future lies in the cloud model, with public resources and private models offering different benefits to various industries, including consumer electronics and digital content.
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Segment Overview
This unified communication and collaboration market report extensively covers market segmentation by
- Application
- 1.1 Enterprise collaboration
- 1.2 Enterprise telephony
- 1.3 Contact center
- End-user
- 2.1 Enterprise
- 2.2 Government
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and Africa
1.1 Enterprise collaboration- Unified Communication and Collaboration (UCC) market is witnessing significant growth as Small and Medium Enterprises (SMEs) increasingly adopt enterprise and consumer technology solutions to support communication and collaboration among employees, suppliers, and clients. These solutions, which include e-mail, unified messaging, calendaring, instant messaging, mobile UC, and voicemail, are economical, simple to deploy, and powerful. Companies are integrating collaborative applications like e-mail and voicemail/unified messaging for tighter business process automation. Technavio anticipates the integration of specific collaborative applications, such as e-mail, calendaring, and social media, with business processes to continue. UCC services are categorized into four major components: conferencing services, contact center applications, e-mail messaging, and wireless collaboration applications. Conferencing services, including audio, video, and web conferencing services, account for the largest market share due to their cost-effectiveness as alternatives to front-to-front communication. The growth of the wireless collaboration application segment is driven by the increasing demand for enterprise mobility due to the Bring Your Own Device (BYOD) policy. E-mail messaging continues to witness steady growth due to its cost-effectiveness and security. The popularity of cloud-based Business Process Platforms (CEBPs) is encouraging businesses to consider UCC as a means to improve existing business processes.
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Research Analysis
The Unified Communication and Collaboration (UCC) market is experiencing significant growth due to the increasing demand for efficient technology solutions that enable seamless communication and collaboration between teams and organizations. Voicemail and telephony services are essential components of UCC, but the market goes beyond this with a collaboration stack that includes software-based communications, business continuity, and cost-effective cloud-based solutions. Healthcare providers and healthcare contact centers are embracing UCC technology to improve patient care and streamline operations. IT budgets are shifting towards cloud services, such as Centralized Data Services, to reduce IT costs. The retail sector is also adopting UCC solutions, integrating RFID technology and proximity technology into checkout lines and using customer service tools with device recognition for personalized interactions. Virtual Reality (VR) is an emerging trend in UCC, offering immersive collaboration experiences. PBX systems are being replaced with more flexible and scalable UCC solutions.
Market Research Overview
The Unified Communication and Collaboration (UCC) market encompasses a range of technologies that enable seamless, real-time communication and collaboration between individuals and teams. These technologies include voicemail, telephony services, and software-based communications like instant messaging, virtual collaboration tools, and video conferencing. With the increasing focus on cost-effective solutions, cloud-based services have gained popularity among businesses, particularly in sectors like healthcare and retail. Healthcare providers are adopting UCC solutions for patient care and contact centers, while retailers leverage these technologies for sales and customer service. The collaboration stack includes centralized data services, RFID technology, and proximity technology, enhancing the checkout line experience and enabling omnichannel communication. UCC technologies lower IT costs by integrating telephone, computer, and social media into a unified system. Innovative communication tools like VR and device recognition add to the user experience, while network performance and business continuity ensure reliability. UCC solutions provide a cost-effective alternative to traditional PBX systems, making them a valuable investment for businesses of all sizes and industries.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
- Enterprise Collaboration
- Enterprise Telephony
- Contact Center
- End-user
- Enterprise
- Government
- 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