The global unified communications and collaboration market is expected to reach a total value of approximately US$ 84.8 billion in 2023. Over the next decade, from 2023 to 2033, it is anticipated to grow at an annual rate of about 12.3%. This projected growth rate is significantly higher than what we’ve seen in the past.
Among the different types of businesses, it’s expected that large enterprises will be the top revenue generators in this market. They are forecasted to increase their revenue by approximately 11.7% during the period from 2023 to 2033.
The spread of COVID-19 is allowing businesses to embrace a hybrid business strategy. As a result, businesses are unifying numerous communication elements and facilitating cross-functionality in order to assure effective cooperation. Companies are also implementing UCaaS solutions as the number of workers working from home grows.
Individual products have traditionally dominated the Unified Communication and Collaborations market. Companies used to select distinct items to fulfill certain demands. Customers are now making strategic technological decisions to adopt unified communication and collaboration environment based on the full collaboration stack’s capacity, richness, and integration.
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The cloud delivery of unified communications delivered by businesses such as Mitel Networks Company and IBM, on the other hand, changes how corporations maintain their communication infrastructure.
Additionally, the expanding millennial population in the workplace has been boosting the market expansion. Large corporations are always modernizing their communication infrastructure in order to recruit the best employees. As a result of the current generation of people, the need for UC is likely to rise in the future years. UC was once regarded as a discrete application area; but, in recent times, UC solutions are being provided as part of the suppliers’ larger applications and workspaces.
“In the future years, the increasing millennial presence in the workplace, as well as the necessity for multi-channel and large organizations to modernize their communication infrastructure, will boost the Unified Communications and Collaboration market.” – says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Competitive Analysis:
- The leading players in the global Unified Communications and Collaboration market are Zoom Video Services, BlueJeans Network, Verizon, BT Group, Cisco Systems Inc., Genesys (Permira), Google LLC, Huawei Technologies Co., Ltd., Microsoft Corporation, Mitel Networks Corporation, NEC Corporation.
- In April 2020, Verizon Communications Inc. agreed to acquire BlueJeans Network, a video conferencing business event solution for enterprises. Verizon’s comprehensive, unified communications offering will benefit from the purchase. BlueJeans’ meeting technology, in particular, will be connected with Verizon’s unified communications like a services provider.
- In January 2020, Comcast bought Blueface, a worldwide technology business in Dublin, Ireland, and a pioneer in unified communications systems. Blueface’s patented and completely customized cloud voice unified communications technology will be added to Comcast Business’s portfolio of business-grade products, allowing enterprises to connect and collaborate effortlessly and internationally.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Unified Communication and Collaboration Market, presenting historical market data (2016-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Unified Communication and Collaboration Market in terms of Component (Systems, Services), Deployment Mode (On-premises, Public Cloud and Hybrid Cloud), Organization Size (Small and Medium-sized Enterprises and Large Enterprises), Vertical (BFSI, Healthcare, Retail and Consumer Goods, Public Sector and Utilities, Logistics and Transportation, Travel and Hospitality, IT and Telecom), across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Market Segments Covered In Unified Communications And Collaboration Market Analysis
By Component:
- Types
- Services
By Deployment Mode:
- On-premises,
- Public Cloud
- Hybrid Cloud
By Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
By Vertical:
- BFSI, Healthcare
- Retail and Consumer Goods
- Public Sector and Utilities
- Logistics and Transportation
- Travel and Hospitality
- IT and Telecom
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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