Unified Communication and Collaboration (UCC) Market worth $141.6 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 6, 2022 /PRNewswire/ -- The global Unified Communication and Collaboration (UCC) Market size is expected to grow from USD 76.7 billion in 2022 to USD 141.6 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 13.0% during the forecast period, according to a new report by MarketsandMarkets™. UCC types and services are rapidly gaining acceptance globally by large enterprises as well as small and medium enterprises due to various benefits, including streamlining their need for employee communication and collaboration. The presence of many UCC providers has made the market competitive. Many emerging players providing niche and differentiated offerings for target customers have come to the forefront.
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As per vertical, the IT and telecom segment to expected to grow at the highest CAGR during the forecast period
The UCC Market is segmented into banking, financial services & insurance (BFSI), IT and telecom, retail and consumer goods, healthcare, public sector and utilities, logistics and transportation, travel and hospitality, and other verticals. As per vertical, IT and telecom is expected to grow at the highest CAGR of 14.5% during the forecast period. The majority of telecom vendors, such as Google, Microsoft, and Zoom, are offering unified communication and collaboration (UCC) solutions, including UCC, enterprise telephony, and telepresence, to deliver cost-effective communication platforms, reducing company expenses and improving productivity. Most IT and telecommunication organizations are widely adopting BYOD, which is expected to contribute to the growth of the UCC Market in this vertical. An increasing number of employees are bringing their own devices, such as smartphones and tablets, to the office for their work.
IP Telephony, by type to grow at the highest CAGR during the forecast period
The IP Telephony is expected to grow from 31.1 billion in 2022 to USD 65.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period. An IP telephony is an aspect of communication that uses the internet to exchange voice messages, fax, and other types of information over IP-based networks. In fact, it is the technology-specific term that meets the need of today's smart communication needs. The superior voice communication over LANs offered by IP telephony is unmatched. Due to its dependability, it is also regarded as the unified communications (UC) model with many beneficial features, including- enabling presence, web, video, and audio conferences, and free calls across the data network. Even for remote workers, IP telephony increases communication. It is no longer required to travel with a business phone with prepaid service. The IP telephony eables remote employees to access their network from anywhere as long as there is an internet connection. Therefore, it genuinely enhances connectivity in other businesses stations, cities, or even countries.
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Higher rate of technology adoption helped North America to capture the highest market share
North American countries such as the US and Canada have a strong economic landscape, huge IT budgets, high technology assimilation, and the early adoption of advanced technologies such as AI, ML, facial and voice recognition, cloud technology, 5G Networks, and IoT which are expected to boost the demand for UCC across North American enterprises. North America is a mature market in terms of UCC services adoption, owing to a large presence of enterprises with advanced IT infrastructure and the availability of technical expertise. The impact of the COVID-19 pandemic on the market is covered throughout the report. The pandemic has had a positive impact on the UCC Market. The usage of cloud technologies has aided in conducting business online as the economy slowly starts to recover. Due to the COVID-19 pandemic, the adoption of ML, AI, cloud technology, and IoT has increased. As a result, UCC are emerging as a strategic option and a brands face.
Some of the major Unified Communication and Collaboration (UCC) Market vendors are Zoom (US), Cisco (US), Microsoft (US), Avaya Inc. (US), Fuze (US), Google (US), Goto (US), RingCentral (US), Verizon (US), BT (UK), Dialpad (US), Orange S.A. (France), StarBlue (Ireland), Windstream Holdings (US), Alcatel-Lucent Enterprise (France), Intrado Corporation (US), NTT Communications Corporation (Japan), Masergy Communications, Inc. All (US), Revation Systems (US), 8X8 Inc. (US), Vonage Holdings (US), Star2Star Communications (US), Zoho (India), NEC Corporation (Japan), Platronics (US), and Mitel (Canada).
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