The Unified Communication and Collaboration Market is projected to witness significant growth from revenue generated through BFSI vertical. This revenue through this vertical is projected to garner a CAGR of 12.1% from 2022 to 2032. The Market Value to Grow by Almost US$ 76.6 Billion and US$ 239.1 Billion by 2032.
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. Since its inception, Unified Communication has evolved as a cost-effective option for enterprises in a variety of industries, 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.
“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.” comments a Future Market Insights analyst.
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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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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