DUBLIN--(BUSINESS WIRE)--The "Global Unified Communication and Collaboration (UCC) Market by Component (Type (UCaaS (Conferencing, Unified Messaging), IP Telephony, Video Conferencing System)), Organization Size, Deployment Mode, Vertical and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global unified communication and collaboration (UCC) market is expected to grow from USD 76.7 billion in 2022 to USD 141.6 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 13% during the forecast period.
As per the UCaaS, Conferencing is to grow at the highest CAGR during the forecast period
As per the UCaaS, Conferencing is estimated to hold the highest Compound Annual Growth Rate (CAGR) of 6.1% in the UCC market. Unified Communications as a Service (UCaaS) is a cloud-based technology that combines several communication functions, programs, and services into a single platform.
Companies can benefit from the scalability and mobility of the cloud while cutting expenses by switching to a UCaaS platform. Conferencing solutions help in enhancing communication, training and development, knowledge sharing, employee and client engagement, and marketing purposes across organizations and improve team productivity cost-effectively in different locations and time zones globally.
Enterprises and SMEs are moving toward adopting cloud-based conferencing solutions, where they can benefit from flexibility and robustness in internal business operations. Along with this, the integration of advanced technologies presents a significant opportunity for the video conferencing market in the coming years. Enterprises are rapidly adopting video conferencing solutions to establish unified communication among the workforce for enhanced operational productivity.
As per services, professional services are to grow at the highest CAGR during the forecast period
As per services, professional services are anticipated to develop at the highest CAGR of 15.1% during the forecast period, while UC managed services are expected to hold a larger market share based on services. Professional services include consulting, training, system integration, consulting, support, and maintenance.
Companies that offer professional services encompass technical consultants, dedicated project management teams, and enterprise video experts that specialize in the design and delivery of critical decision support software, tools, services, and expertise. Furthermore, the UC managed services segment holds the largest share of the UCC market.
The UC managed services are fully transparent, co-managed services for on-premises or cloud UC infrastructure, designed to improve productivity, efficiency, and customer satisfaction. The need for professional, comprehensive UC managed services has increased as it has alleviated the workload placed on IT, all while ensuring business continuity and customer communications.
As per video conferencing systems, the solution segment is expected to grow at the highest CAGR during the forecast period
As per video conferencing systems, the solution segment is estimated to hold the highest Compound Annual Growth Rate (CAGR) of 10.9% in the unified communication and collaboration market. Video conferencing systems enable enterprises to continuously deliver video data over a network or the internet to a remote user.
A streaming provider offers various hosting options, such as on-premises and cloud-based, to meet the users' needs. Video content such as TV shows, movies, and live streams is delivered on-demand or via live broadcast, usually from a cloud-based network. The video conferencing solutions vendors enable organizations to centralize, manage, and deliver videos in a secure way.
The solution helps manage all activities, such as from the start when the video is captured and ingested to the final delivery on end-user devices. Video capturing, batch and programmatic uploading, automatic transcoding, encryption, monetization, Application Programming Interfaces (APIs), video player, video collaboration, and broadcast monitoring are the key features of video conferencing solutions.
Market Dynamics
Drivers
- Flexibility of Unified Communication and Collaboration in WFH Solutions During COVID-19 Pandemic
- Rise in Demand for Real-Time and Remote Collaboration Tools
- Increasing Demand for UCC from Both Large Enterprises and SMEs
- Growth in Mobility and BYOD Trends
- High Adoption of Video Conferencing Tools
Restraints
- Security Concerns Over Cloud-based Deployment
- Issues of Privacy and Security
- Network Connectivity and Infrastructure Issues
Opportunities
- Rise of 5G for Latest Low-Latency IoT Applications
- Rise in Cloud-Native Enterprises
- Growing Adoption of IoT in UC to Boost Market
Challenges
- Internet Bandwidth and Technical Glitches
- Low Readiness to Move to Modern UC Solutions
Companies Mentioned
- 8X8, Inc.
- Agora
- Alcatel-Lucent Enterprise
- Avaya
- BT
- Cisco
- Dialpad, Inc.
- Fuze
- Goto
- Intrado Corporation
- Masergy Communications, Inc.
- Melp App
- Microsoft
- Mitel
- Nec Corporation
- Nextiva
- NTT Communications Corporation
- Ooma
- Orange SA
- Pexip
- Plantronics (Poly)
- Revation Systems, Inc.
- Ringcentral
- Route Mobile
- Simpplr
- Snapsolve
- Star2Star Communications
- Starblue
- Starleaf
- Trueconf
- Verizon
- Vonage Holdings
- Votacall
- Windstream Holdings
- Yuwee
- Zoho Corporation Pvt. Ltd.
- Zoom
For more information about this report visit https://www.researchandmarkets.com/r/sx21j
