The BFSI vertical’s revenue is expected to drive considerable growth in the unified communication and collaboration market. The income generated by this vertical is anticipated to grow at a CAGR of 12.1% between 2022 and 2032.
Businesses are now able to adopt a hybrid business approach thanks to the COVID-19 outbreak. As a result, organisations are facilitating cross-functionality and uniting various communication channels in order to ensure successful collaboration. As the number of employees working from home increases, businesses are also using UCaaS solutions.
In the past, individual products have dominated the market for unified communication and collaborations. Companies used to choose specific products to meet specific wants. Customers are now basing their technology adoption decisions for unified communication and collaboration environments on the capability, richness, and integration of the entire collaboration stack. Unified Communication has developed over the years into a practical choice for businesses across a range of sectors, including BFSI, healthcare, and retail.
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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.
Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Unified Communication and Collaboration Market are focused on R&D to produce innovative technological solutions.
- In April 2020, Verizon Communications Inc. agreed to acquire of 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 located in Dublin, Ireland and a pioneer in unified communications systems. Blueface’s patented and completely customised 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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UCaaS Outlook by Category
By Solution, UCaaS Solutions are segmented as:
- Software
- Integrated UCaaS Platform/Suite
- Standalone Solutions
- Audio & Video Conferencing
- Hosted IP Telephony/VoIP
- Collaboration Platform
- Unified Messaging
- Services
- Professional Services
- Integration & Deployment Service
- Consulting Services
- Support & Maintenance
- Managed Services
- Professional Services
By Enterprise Size, UCaaS Outlook is segmented as:
- Small and Medium Enterprises (SMEs)
- Large Enterprises
By Vertical, UCaaS Demand is segmented as:
- BFSI
- IT & Telecom
- Healthcare
- Retail & CPG
- Travel & Hospitality
- Transportation & Logistics
- Military & Defense
- Others
By Region, UCaaS Sales is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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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).
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