Pune, India, Dec. 16, 2021 (GLOBE NEWSWIRE) -- The global unified communications and collaboration market size are expected to grow from USD 47.26 billion in 2021 and reach USD 113.81 billion by 2028, exhibiting a CAGR of 13.4% during the forecast period. The growing adoption of cloud services among end-users can have a tremendous impact on this market growth in the forthcoming years, states Fortune Business Insights, in a report titled “Unified Communications and Collaboration (UC&C) Market, 2021-2028.” The market size stood at USD 41.83 billion in 2020.
Unified communications and collaboration comprise effective communication services designed to enhance organizations’ efficiency and productivity. The rising adoption of cloud-based services is expected to boost the product’s adoption. Additionally, major players focus on the development of effective cloud-based communication services. For example, Tata Tele Business Services (TTBS) launched its cloud-based solution named “smart flow” in January 2021. The solution offers an excellent communication platform that requires low capital spending, is easy to set up, and eliminates installation charges. These factors are likely to promote market growth in the upcoming years.
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The Report Lists the key Companies in the Market:
- Cisco Systems, Inc. (California, U.S.)
- Microsoft Corporation (Redmond, Washington, U.S.)
- Hewlett-Packard (Texas, U.S.)
- IBM Corporation (New York, U.S.)
- Zoom Communications (California, U.S.)
- Siemens Enterprise Communications (Unify) (Munich, Germany)
- Verizon Communications (New York, U.S.)
- Aastra (Vaughan, Canada)
- Alcatel-Lucent (Nokia) (Boulogne-Billancourt, France)
- At&T (Texas, U.S.)
- Avaya (North Carolina, U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 13.4% |
| 2028 Value Projection | USD 113.81 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 41.83 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 140 |
| Segments covered | Type, Organization Size, Industry and Geography |
| Growth Drivers | Increasing Acceptance of Innovative Technologies to Spur Lucrative Opportunities |
| Presence of Prominent Companies to Boost Growth in North America | |
| Partnerships and Collaborations among Major Companies to Consolidate Business |
COVID-19 Impact:
The epidemic has sparked interest in UC&C technologies throughout the world. The increase in demand is largely due to organizations’ increased use of remote work, establishing bring your own device policies, and other similar initiatives. During lockdowns, the remote work increased dramatically, providing sufficient opportunities for the prominent companies operating in the unified communications and collaboration (UC&C) market amid the global pandemic. The epidemic prompted a surge in demand for standardized collaboration tools across enterprises and organizations, which aided them in reorganizing their plans through the use of digital technology. As a result, it has expedited the adoption of communication solutions for corporate meetings worldwide, such as team collaboration, team messaging, video conferencing, and other unified communication technology. This hybrid workforce was able to keep connected throughout the epidemic credits to appropriate collaboration technologies.
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Competitive Landscape:
Partnerships and Collaborations among Major Companies to Consolidate Business
To meet industry-specific demand, key companies focus on building product ranges by merging modern technologies with UCC. The development of modern unified communication solutions by major businesses is increasing their product offering. As an example, Airtel launched BlueJeans, a video conferencing app in India, in July 2020. Airtel has collaborated with Verizon-owned BlueJeans in the U.S. to develop a video conferencing software for Indian consumers.
Notable Development:
- June 2020: 8×8 has introduced the “8×8 Open Communications” cloud contact center for Microsoft Team users to serve the enterprises with communication needs. It offers several solutions such as voice, team chat, meetings, and many other solutions. Users of Microsoft Teams can avail the 8×8’s voice for Microsoft Teams to create user engagement through integrated voice communications.
Market Segments:
The global market is split into telephone, conferencing, unified messaging (e-mail, voicemail, SMS & fax), and others, depending on the kind (live streaming, contact center). Conferencing is likely to increase at a rapid pace in the future.
The market is classified into small & medium scale and large-scale organizations based on the organization size. Based on industry, the market is classified into BFSI, IT & telecom, healthcare, manufacturing, retail, government, education, and others.
Geographically, the market is classified into five major regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. They are further categorized into countries.
Driving Factor:
Increasing Acceptance of Innovative Technologies to Spur Lucrative Opportunities
Growth in IT expenditure across various industries, including healthcare, manufacturing, BFSI, and retail, would open up various market possibilities for industry participants. According to a Gartner survey conducted in 2020, worldwide IT spending hit USD 3.6 trillion in 2020 and is expected to reach USD 3.8 trillion in 2023 due to the rapid adoption of digital platforms and digitalization. The need for communications tools is increasing as technologies like voice over internet protocol (VoIP), real-time web communication (WebRTC), voice over long-term evolution (VoLTE), and others become more widely adopted. The expansion of the market is projected to be aided by the rise in corporate strategies. Cisco System, Inc., for example, formed a collaboration with Quickchannel in April 2021. The partnership was formed to help businesses engage staff and consumers cost-effectively, long-term, and secure manner.
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Regional Insights:
Presence of Prominent Companies to Boost Growth in North America
The market is expected to be dominated by North America. The presence of major businesses such as Microsoft Corporation, IBM Corporation, Siemens Enterprise Communications (Unify), AT&T, Cisco System, Inc., and others has contributed to the expansion. In addition, owing to pandemics, which necessitate unified communications solutions on mobile devices, companies across the area have embraced remote work for their employees. For example, the International Labour Organization (ILO) estimates that about 34% of individuals in the United States will be working remotely by 2020. Several end-user companies in Europe are using enterprise collaborative communications technologies. Due to growing online education, business meetings, and online event markets throughout the pandemic, countries such as Germany, the U.K., France, and Italy have demonstrated a huge demand for unified collaboration solutions. Additionally, a rise in end-user investment helps to promote unified communications and collaboration (UC&C) market share across European countries.
Major Table of content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- 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 Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Unified Communications and Collaboration (UC&C) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Type (USD)
- Telephony
- Conferencing
- Unified Messaging
- Others (Contact Centers, Livestreaming)
- By Organization Size (USD)
- Small & Medium Scale
- Large scale
- By Industry (USD)
- IT & Telecom
- Banking & Finance Services
- Healthcare
- Retail
- Manufacturing
- Education
- Government
- Others
- By Region (USD)
- By Type (USD)
- Global Unified Communications and Collaboration (UC&C) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
TOC Continued…!
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