Pune, India, Oct. 31, 2022 (GLOBE NEWSWIRE) -- The global Unified Communication and Collaboration Market size was valued at USD 47.27 billion in 2021. The market is projected to grow from USD 53.54 billion in 2022 to USD 131.58 billion by 2029, exhibiting a CAGR of 13.6% during the forecast period. Fortune Business Insights, provide this information in its report titled, “Unified Communication and Collaboration Market Forecast, 2022-2029.”
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Key Industry Development:
July 2022: Microsoft Teams launched surplus characteristics in communication channels. Among the few available features in Microsoft Teams, connection with external stakeholders and dynamic caller ID for call agents are prominent features.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 13.6% |
| 2029 Value Projection | USD 131.58 billion |
| Base Year | 2021 |
| Unified Communication and Collaboration Market Size in 2021 | USD 47.27 billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Type, Organization Size, Industry and Geography |
| Unified Communication and Collaboration Market Growth Drivers | Growing Sales of Unified Communications and Collaboration (UC&C) Tools will Drive Market Growth During COVID-19 |
Rising Adoption of Digital Transformation Strategies amid COVID-19 Pandemic has Strengthened Market Growth
The COVID-19 pandemic has negatively impacted the global economy as governments worldwide have imposed lockdowns and restrictions. However, the COVID-19 pandemic has pushed businesses worldwide to implement digital technologies based on IT software to streamline their business operations. Several small and medium-scale organizations have implemented digital strategies to automate their business processes.
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Drivers and Restraints:
Growing Sales of Unified Communications & Collaboration (UC&C) Tools will Drive Market Growth During COVID-19
Due to the widespread acceptance of remote working, there has been a considerable increase in the use of unified communications & collaboration solutions. The sales of UC&C products have increased, according to market participants Zoom, Microsoft, and Vonage.
Over time, businesses have begun to incorporate unified communication and collaboration technologies. Security issues, however, include denial of service attacks, hacking tools, and unauthorized access can put user data and information at risk. Determining the type and degree of user data protection is similarly challenging.
Segments:
Increased Video Conferencing during COVID-19 Pandemic will Drive Market Growth
The market is segmented by type into telephony, conferencing, unified messaging, and others (contact center, live streaming).
Among these, telephony segment held the major Unified Communication and Collaboration Market share in 2021. Conferencing is predicted to be the fastest growing segment with the highest CAGR of 16.7% in 2022-2029.
Large Enterprises are Implementing ERP Solutions for Resource Planning and Business Expansion
Based on organization size, the market is segmented into SME and large enterprise.
Among these, the large enterprise segment held the major market share in 2021, and the SME segment is predicted to be the fastest growing segment in the coming years. Many SMEs are using UC&C tools to transition to a remote-first workforce.
Use of ERP Solutions to Automate Business Processes and Strengthen Financial Transactions to Drive Market Forward
Based on industry, the market is segmented into IT & telecom, BFSI, healthcare, retail, manufacturing, education, government, and others (utilities, travel & hospitality, and so on.) Among these, healthcare segment is expected to be the fastest growing segment with the highest CAGR in the forecast period (2022-2029).
Geographically, the market is segmented across five major regions, North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Report Coverage:
The report presents a systematic study of the segments and thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as future opportunities is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position.
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Regional Insights:
North America to Hold Major Market Share Stoked by Increasing Activities by Chief Players
Due to the presence of major players there, North America held the largest market share for unified communication & collaboration in 2021. In order to grow their business and their consumer base, major players from North American nations join with SMEs and combine with them.
During the projection period, Asia Pacific is anticipated to rise with a spectacular CAGR. The need for UC&C products in this market is mostly driven by the Asia Pacific region's growing digitalization activities.
In order to stay competitive, some top European players are also boosting their investment and growing and developing cloud-based and AI-powered UC&C.
Competitive Landscape:
Key Players Launch Innovative Products to Support the Unified Communication and Collaboration Market Growth
The major Unified Communication & Collaboration (UC&C) firms use a variety of tactics to strengthen their position as the industry's top businesses. One such crucial tactic is the acquisition of businesses to increase brand value among customers. Another crucial tactic is routinely introducing novel technology after doing a thorough analysis of the market and its target demography.
List of Key Players Mentioned in the Report:
- Microsoft Corporation (U.S.)
- IBM Corporation (U.S.)
- Cisco Systems, Inc. (U.S.)
- Zoom Video Communications, Inc. (U.S.)
- 8x8, Inc. (U.S.)
- RingCentral, Inc. (U.S.)
- Verizon Communication, Inc. (U.S.)
- Avaya, Inc. (U.S.)
- Vonage Holdings Corp. (U.S.)
- Google LLC (U.S.)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Unified Communication and Collaboration (UC&C) Key Players Market Share Insights and Analysis, 2021
- Global Unified Communication and Collaboration (UC&C) Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Telephony
- Conferencing
- Unified Messaging
- Others (Contact Centers, Live Streaming)
- By Organization Size (USD)
- Small & Medium-sized Enterprises (SMEs)
- Large Enterprises
- By Industry (USD)
- IT & Telecom
- BFSI
- Healthcare
- Retail
- Manufacturing
- Education
- Government
- Others (Utilities, Travel & Hospitality, Etc.)
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
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