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Market Foresight

UCC Market to Hit USD 57 Billion by 2024

Global unified communications and collaboration (UCC) market is predicted to surpass USD 57 billion by 2024, estimates Global Market Insights, Inc. The UCC market growth is attributed to the growing penetration of mobile devices and increasing adoption of BYOD trend across enterprises on a global scale. Over the last 10 years, mobile devices have evolved from just a means for voice communication to a smart device with sophisticated multi-function capabilities. Increase in consumption of mobile internet is expected to further assist the UCC market growth during the timeline. Allowing employees to bring their own devices to the workplace helps companies cut hardware and service costs considerably. Enterprises are increasingly accepting BYOD to enhance employee productivity. UCC technology leverages this BYOD eco-system to enable efficient communication with mobile resources.

As upgrading traditional communications network and infrastructure becomes highly challenging in a rapidly evolving business environment, enterprises are becoming more inclined toward cloud and hybrid UC solutions to scale and manage communication resources. An expanding global cloud eco-system is also expected to boost the market growth over the timeline.

Telephony platforms are expected to hold a significant market share of over 25 percent by 2024 owing to large scale deployment of telephony applications across enterprises in various sectors as a primary communication medium to enable real-time business communication. IP phones segment will secure a larger share of the telephony market over the forecast period as they have numerous benefits over analog phones and cost much less than traditional telephone services. Collaboration market will witness fastest growth over the timeline owing to the advent of highly sophisticated collaboration systems which facilitate meetings involving members from business units located at diverse geographic locations.

Cloud-based UCC market will witness favorable growth between 2017 and 2024 owing to growing popularity and adoption of cloud computing technology across businesses in varied sectors ranging from IT and telecom, BFSI, healthcare, and public services. Hybrid model will experience accelerated growth during the timeline. As the framework gives cloud capabilities along with secure on-site storage of critical data, the model is witnessing rapid adoption by enterprises wanting to implement UCC systems.

IT and telecom UCC market is expected to garner a major share of the overall market by 2024 due to high adoption and immense applications of the technology for process flows in the industry. Effective team collaboration and robust network availability are some of the key requirements of the enterprises operating in this sector. Hence, UCC technology is witnessing high acceptance from such enterprises that operate on an extensive global scale. With rising proliferation of start-ups in the IT sector, the demand for cost-effective UC capabilities will increase over the forecast period to reduce expenditure on IT infrastructure procurement, maintenance, and upgradation.

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