Pune, India, April 18, 2023 (GLOBE NEWSWIRE) -- The global unified communication & collaboration market size was valued at USD 60.73 billion in 2022. The market is projected to grow from USD 71.26 billion in 2023 to USD 222.61 billion by 2030, exhibiting a CAGR of 17.7% during the forecast period. Shift to Work from Home Model Propel the Demand for UC&C. Fortune Business Insights™ shares this information in its report titled “Unified Communication & Collaboration (UC&C) Market Forecast, 2023-2030.”
Unified Communication & Collaboration (UC&C) examines the structured and unstructured database for visualization and offer insights based on that. Shift to a work-from-home model is driving the need to have a digital workplace. Increasing sales of the tools is expected to facilitate market development.
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Key Industry Development
July 2022- Microsoft Teams added new features to its communication channels. Features include connection with external stakeholders and dynamic caller ID for call agents.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 17.7% |
| 2030 Value Projection | USD 222.61 Billion |
| Base Year | 2022 |
| Unified Communication & Collaboration Market Size in 2022 | USD 60.73 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Type, Deployment, Organization Size, Industry and Geography |
Small and Medium-Scale Organizations Adopted Digital Strategies for Automating their Business Operations
COVID-19 negatively impacted the global economy as governments imposed lockdowns and restrictions. Numerous small and medium-scale organizations have adopted digital strategies for automating their business operations. According to a survey conducted by Ribbon Communication, it is reported that companies with less than 100 employees are keeping IT as a high priority. Employment of full-time and on-site IT personnel has increased by 67%, which as a result led to increasing in the adoption of unified communications & collaboration by 41%.
Key Takeaways
- Unified communication & collaboration market size in North America was USD 28.49 Billion in 2022
- Shift to work from home model to drive the market growth.
- Major trends include rapid shift to remote work and digital workplace
- By end user, BFSI and IT & telecom segment holds the maximum share
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Drivers and Restraints
Increasing Sales of Unified Communications & Collaboration Tools to Drive Market Trajectory
Increasing sales of unified communications & collaboration tools is anticipated to drive the Unified Communication & Collaboration (UC&C) market growth. As remote working has been gaining popularity, it has led to a surge in the number of unified communications and collaboration tools users. Companies such as Zoom, Microsoft, and Vonage have reported an upward sales increase of such tools. In the Q2 of 2020, Microsoft’s global UC&C revenue increased by 19.5% to USD 4 billion.
However, security concerns and limited interoperability are anticipated to hinder market development.
Segments
Due to Growing Traction for Video Conferencing, Telephony Segment to Dictate
On the basis of type, the market is segmented into telephony, conferencing, unified messaging, and others (contact center, live streaming). Telephony segment held a major part in 2021 and is expected to have a CAGR of 16.7% due to growing traction for video conferencing.
With Rise in Adoption of Cloud-based Solutions, Cloud to Lead the Segment
Based on deployment, the market is segmented into hosted and cloud. Cloud to have highest CAGR and highest share due to rise in adoption of cloud-based UC&C solutions. Hosted deployment to showcase steady growth owing to the secured and easy access to data.
Owing to Increasing Usage, Large Enterprises to Lead the Segment
Based on organization size, the market is segmented into SMEs and large enterprises. Large enterprises segment had a highest share in 2021 as SMEs are using Unified Communication & Collaboration (UC&C) tools to transition to a remote-first workforce.
Owing to the Demand for Customer Services, BFSI and IT & Telecom to Lead the Segment
Based on industry, the market is segmented into IT & telecom, BFSI, healthcare, retail, manufacturing, education, government, and others. BFSI and IT & telecom segments to have a maximum share due to demand and focus toward customer services. Healthcare segment is expected to have the highest CAGR as various healthcare clinics and companies are adopting automation strategies.
Geographically, the market is segmented across five major regions, North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Regional Insights
North America to Lead Market Due to Presence of Dominant Players in the Region
North America is expected to dominate the Unified Communication & Collaboration (UC&C) market share due to the presence of dominant key players in the region. The region reached a valuation of USD 28.49 billion in 2022 as key players are engaged in partnerships, mergers, and acquisitions with SMEs to strengthen their business and increase the customer base.
Asia Pacific is also expected to have a notable CAGR due to increasing digitization, thereby increasing the demand for UC&C tools. Increasing adoption of technologies such as artificial intelligence, augmented reality, and the Internet of Things (IoT) is driving cloud adoption across the region.
Europe is anticipated to have a prominent share due to various European players developing cloud-based and AI-powered UC&C and increasing their investment players.
Competitive Landscape
Cisco Systems, Inc. Partnered with Lumen Technologies to Offer Cisco Unified Communication Manager
Key players have been offering new solutions, updating tools and technologies, and enhancing their technological capabilities. In October 2021, Cisco Systems, Inc. partnered with Lumen Technologies to offer Cisco unified communication manager cloud with Lumen solutions. This product integrates Cisco’s most advanced, cloud-based collaboration services with the reliability and speed of Lumen’s fiber network.
List of Key Players Profiled 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:
- Global Unified Communication and Collaboration Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Type (USD)
- Telephony
- Conferencing
- Unified Messaging
- Others (Contact Centers, Livestreaming)
- By Deployment (USD)
- Hosted
- Cloud
- By Organization Size (USD)
- Small & Medium Enterprises
- Large Enterprises
- By Industry (USD)
- IT & Telecom
- Banking & Finance Services
- Healthcare
- Retail
- Manufacturing
- Education
- Government
- Others
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Unified Communication and Collaboration Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Type (USD)
- Telephony
- Conferencing
- Unified Messaging
- Others (Contact Centers, Livestreaming)
- By Deployment (USD)
- Hosted
- Cloud
- By Organization Size (USD)
- Small & Medium Enterprises
- Large Enterprises
- By Industry (USD)
- IT & Telecom
- Banking & Finance Services
- Healthcare
- Retail
- Manufacturing
- Education
- Government
- Others
- By Country (USD)
- United States
- Canada
- Mexico
- Europe Unified Communication and Collaboration Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Type (USD)
- Telephony
- Conferencing
- Unified Messaging
- Others (Contact Centers, Livestreaming)
- By Deployment (USD)
- Hosted
- Cloud
- By Organization Size (USD)
- Small & Medium Enterprises
- Large Enterprises
- By Industry (USD)
- IT & Telecom
- Banking & Finance Services
- Healthcare
- Retail
- Manufacturing
- Education
- Government
- Others
TOC Continued…!
FAQs
How big is the unified communication & collaboration market?
Unified communication & collaboration market size was USD 60.73 billion in 2022. It is expected to reach USD 222.61 billion by 2030.
How fast is the unified communication & collaboration market growing?
The unified communication & collaboration market will exhibit a CAGR of 17.7% during the forecast period, 2023-2030.
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