Unified Communications and Collaboration Market to grow at 9% CAGR from 2017 to 2024

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Unified Communications and Collaboration Market
to grow at 9 CAGR from 2017 to 2024 Global
Market Insights Inc.
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Industry Overview

• The unified communications and collaboration
  market growth is attributed to the growing
  penetration of mobile devices and increasing
  adoption of BYOD trend across enterprises on a
  global scale. Over the last 10 years, mobile
  devices have evolved from just a means for voice
  communication to a smart device with
  sophisticated multi-function capabilities.
  Increase in consumption of mobile internet is
  expected to further assist the UCC market growth
  during the timeline. Allowing employees to bring
  their own devices to the workplace helps
  companies cut hardware and service costs
  considerably. Enterprises are increasingly
  accepting BYOD to enhance employee productivity.
  UCC technology leverages this BYOD eco-system to
  enable efficient communication with mobile
  resources.
• As upgrading traditional communications network
  and infrastructure becomes highly challenging in
  a rapidly evolving business environment,
  enterprises are becoming more inclined towards
  cloud and hybrid UC solutions to scale and manage
  communication resources. An expanding global
  cloud eco-system is also expected to boost the
  market growth over the timeline.

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• As upgrading traditional communications network
  and infrastructure becomes highly challenging in
  a rapidly evolving business environment,
  enterprises are becoming more inclined towards
  cloud and hybrid UC solutions to scale and manage
  communication resources. An expanding global
  cloud eco-system is also expected to boost the
  market growth over the timeline.
• Telephony platforms are expected to hold a
  significant market share of over 25 by 2024
  owing to large scale deployment of telephony
  applications across enterprises in various
  sectors as a primary communication medium to
  enable real-time business communication. IP
  phones segment will secure a larger share of the
  telephony market over the forecast period as they
  have numerous benefits over analog phones and
  cost much less than traditional telephone
  services.
• Cloud-based UCC 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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UCC Market Size, By Application, 2016 2024 (USD
Billion)

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Industry Coverage
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• IT telecom UCC market is expected to garner a
  major share of the overall market by 2024 due to
  high adoption and immense applications of the
  technology for process flows in the industry.
  Effective team collaboration and robust network
  availability are some of the key requirements of
  the enterprises operating in this sector. Hence,
  UCC technology is witnessing high acceptance from
  such enterprises that operate on an extensive
  global scale.
• North America will dominate the UCC 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. Asia Pacific market on the other hand, is
  expected to grow with the highest CAGR of over
  13 between 2017 and 2024 due to increasing
  demand for better business communication
  infrastructure by organizations operating in
  emerging economies such as Japan and China.
• The players operating in the UCC market include
  pure providers such as Avaya, 8x8 and Unify along
  with software providers such as Microsoft, Cisco,
  Verizon and ALE. The major strategy adopted by
  key market players is strategic collaborations
  and partnerships. Such undertakings enable them
  to enrich their existing product portfolio and
  further expand their presence in different
  regional markets.

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