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Unified Communications & Collaboration Market in unified messaging platforms to see 10% CAGR from 2019 to 2025

Author : Ronak Bora | Published Date : 2019-04-03 

Unified Communications & Collaboration Market growth in unified messaging platforms can be attributed to the ability of the solutions to unify different messaging channels, such as email, fax, instant messages, and voicemails, into a single framework making the task of managing all such messages less tedious and time-consuming. Given the rapid adoption of this advanced technology, reliable reports anticipate the IT & telecom sector to account for a considerably high proportion of the overall UCC industry share by 2025. Fueled by the robust adoption of telephony, conferencing, collaborations, and unified messaging platforms, the IT & telecom sector has been forecast to emerge as one of the most profitable growth grounds for UCC market over 2019-2025.  

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The BFSI market is expected to register the fastest growth rate from 2019 to 2025 with a CAGR of over 11% due to the rapid adoption of UCC solutions to improve their profitability and way of conducting business. The financial institutions are using tools, such as mobile messaging and video conferencing, to personalize their relationships with customers to improve customer satisfaction. The growing use of such tools to facilitate seamless communication process and benefit from multichannel communications internally & externally will foster the unified communications & collaboration market growth in the BFSI sector.

The exponential growth trajectory being demonstrated by unified communications & collaboration market has been a subject of intense debate for since a while now, given the rising popularity of BOYD trend and the immense need to streamline the existing communications infrastructure across enterprises on a global scale. The rapid maturation of unified communications & collaboration (UCC) industry can also be accredited to the increased utilization of ever-evolving cloud computing technology and the swift emergence of mobile devices that have evolved from just a medium for voice conversation to smartphones with sophisticated multi-function capacities, all within a decade.

The robust evolution and subsequent progression of Bring Your Own Devices (BYOD) has been identified as the most favorable trend supporting the growth of unified communications and collaboration market. The fact that BYOD aids in minimizing the overall operating & capital expenditure of a company by considerably reducing the cost incurred in purchasing systems, has triggered several organizations to implement BYOD models for their enterprise. Besides cost optimization, BYOD has also documented promising outcomes with regards to value enhancement, increased employee productivity, streamlining of programs, and seamless connectivity. In fact, industry projections claim that 50% of companies had required employees to bring their own devices for work by 2017. Needless to say, this trend will enable several enterprises to adopt UCC solutions to streamline the communication infrastructure under a unified network, in turn providing a major boost to unified communications & collaboration market share.

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North America has been projected to be a pivotal source of a major percentage of the global IT industry revenue, which is well over USD 3.5 trillion worldwide. Undeniably, the region would be the most potential growth avenue for the expansion of unified communications & collaboration market, given the escalating adoption of mobile devices & BYOD models in the regional corporate sector. In addition, the fact that the U.S. is currently the leader in cloud computing market and hosts some of the largest companies in the sector, further provides testimony to the robust demand for UCC technology in the region.

The Asia Pacific unified communications & collaboration market is expected to grow at a CAGR of over 12% during the forecast timeline. The market growth is driven by the adoption of cloud-based UCC solutions and various government initiatives for modernizing ICT infrastructure. For instance, the South Korea Ministry of Science and ICT along with the major carriers in the country have drafted a plan to set up a nation-wide infrastructure by 2020. The huge penetration of low-cost smartphones in countries including China and Japan will also contribute toward market growth.

The growing popularity of unified communications & collaboration market can further be attributed to the fact that as the prominent and emerging enterprises are aiming to expand their foothold in diverse geographical markets, the efficiency and effectiveness of streamlined communication functions would play a crucial role in ensuring beneficial output of business procedures. Therefore, it goes without saying that the leading unified communications & collaboration (UCC) industry players have a vital responsibility to deploy their expertise in assisting a variety of enterprises to make their presence felt in a rapidly transforming global business outlook. In terms of global commercialization potential, Global Market Insights, Inc. forecasts the unified communications and collaboration industry share to surpass a valuation of USD 60 billion by 2025.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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