August 30, 2019
Worldwide unified communication and collaboration market is anticipated to surpass US $60 billion by 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
Unified communication and collaboration (UCC) industry growth can be attributed to features like increasing penetration of smartphones as well as growing demand among organizations for streamlining business communication process flow. Surging use of smartphones globally has forced market vendors to produce mobile unified communications that will permit enterprises to access UC applications through a single interface. Furthermore, increasing investments in 5G networks will assist the adoption of modern enterprise communication solutions.
With rapid growth in digitization, organizations are now concentrating on expanding their business reach owing to which managing business communication process has become difficult. UCC systems are needed to strengthen communication processes under an integrated framework that can be managed easily. It also reduces functioning cost for organizations and their development at a global level. With growing adoption of cloud computing, UCC systems are continuously being used in streamlining communication infrastructure to allow business communication across various geographical units.
Rising trend of BYOD (Bring Your Own Device) is another factor fueling unified communication and collaboration industry growth. However, this trend has further led to complexity of handling different communication networks in enterprises. To address this issue, unified communication and collaboration solutions are extensively being installed by organizations to modernize communication functions more easily.
As per the report, conferencing platform segment is predicted to record highest growth of more than 12% over the forecast period. Platforms such as video and audio conferencing, ease communication process between businesses and offered benefits like improved productivity, employee satisfaction, and improved competitive advantage are expected to improve demand for conferencing platforms over the coming years.
The on-premise (On-prem) deployment model dominated the unified communication and collaboration market with more than 55% share in 2018 and is predicted to maintain its commanding share by 2025. As the on-prem model offers enterprises with complete hardware and software service control, enterprises are extensively using this model to have improved accessibility to equipment for troubleshooting while supervising disaster recovery.
The BFSI (Banking, Financial Services and Insurance) market is anticipated to record rapid growth with a CAGR of more than 11% by 2025 owing to increasing adoption of unified communication and collaboration solutions to enhance profitability and ways of doing business. Financial institutes are using tools such as video conferencing and mobile messaging to personalize their relationships with consumers to enhance consumer satisfaction. Increasing use of such tools to enable continuous communication process and benefit from multichannel communications externally and internally will also drive unified communication and collaboration industry growth in the BFSI sector.
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Based on regional landscape, APAC unified communication and collaboration market is predicted to grow at a CAGR of more than 12% during 2019-2025. This industry growth is fueled by the adoption of cloud driven UCC solutions and several government initiatives for streamlining information and communication technology (ICT) infrastructure.
Citing an instance, South Korea’s Ministry of Science and ICT along with the main carriers in the country have drafted a strategy to set up a nation-wide infrastructure by the year 2020. Growing penetration of low-cost smartphones in economies like Japan and China will also fuel APAC industry growth.
Prominent companies operating in unified communication and collaboration market are increasingly concentrating on several market growth strategies such as new partnerships and product developments, allowing them to expand their current portfolio and help enhance business reach to offer solutions to the unexploited market sectors.
Citing an instance, in 2016, Arkadin Singapore launched Arkadin total connect, a Microsoft Skype for Business hosted service. Unified communication and collaboration portfolio for all-in-one cloud solutions offers an integrated unified communication and collaboration ecosystem equipped with Office 365, audio/video/web conferencing and contact center.
Moreover, in 2017, Beijing 263 Enterprise Communications Co., Ltd. and Arkadin merged into a partnership to offer upgraded cloud communication solutions in the Chinese market. By uniting forces to integrate their respective expertise, the companies provide high-quality services including web/audio/video conferencing, web events and unified communications.