According to a new market report published by Acute Market Reports Inc’s report “Unified Communication and Collaboration Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2020 - 2028,” the UCC market is expected to grow at a CAGR of 11.9%, with the rising demand for unified communication as a service (UCaaS). Enterprises across the world are focusing to improve business communication process by upgrading existing messaging and telephony infrastructure and also by adding new applications supporting mobility due to the COVID-19 pandemic. Rising market competition, unfavorable economic conditions and travelling restrictions are forcing organizations to invest in UCC solutions which is driving the demand for web conference and collaboration applications. Furthermore, rising adoption of video conferencing applications particularly in Asia Pacific market is a prominent factor for the growth of UCC market.
In 2019, on-premises unified communication UCC solutions accounted for the largest revenue share of over 50% in the overall UCC market. On-premises UCC solutions are expected to see a steady growth through the forecast period as the organization across the world are investing significant amount in IP infrastructure to support real-time unified communication. Cloud/hosted solutions are expected to see the fastest growth through the forecast period due to rising demand for conferencing solutions across the world.
Browse the full Unified Communication and Collaboration Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2020 - 2028, report at https://www.acutemarketreports.com/report/unified-communication-market
Enterprises represent the largest end use sector for UCC solutions. This segment accounted for over 40% revenue share in the overall UCC market by end-use verticals. Until 2019, numerous enterprises from various industries have been continuously investing towards building UCC capabilities due to trends such as remote working and BYOD. However, since the onset of COVID-19, it has become increasingly important for organizations to invest in UCC solutions. Thereby, the UCC market is expected to witness higher demand from large enterprises in addition to growing adoption among small and medium enterprises. Moreover, factors such as lockdown restrictions and issues related to health concerns are driving the demand for UCC solutions from the education and government segments. Thereby, these segments are expected to offer significant growth to the overall UCC market during the forecast period from 2020 to 2028.
Majority of revenue for unified communication systems is generated through large size enterprises. Large size enterprises use highly flexible solutions which supports higher level of integration, legacy systems and modular solutions. Small and medium size enterprises are increasingly investing in UC solutions that are simple to use and maintain. Cloud based UC solutions are expected gain more popularity in SMEs due to their low deployment costs.
Enterprises represent the largest end use sector for UCC solutions. This segment accounted for over 40% revenue share in the overall UCC market by end-use verticals. Until 2019, numerous enterprises from various industries have been continuously investing towards building UCC capabilities due to trends such as remote working and BYOD. However, since the onset of COVID-19, it has become increasingly important for organizations to invest in UCC solutions. Thereby, the UCC market is expected to witness higher demand from large enterprises in addition to growing adoption among small and medium enterprises. Moreover, factors such as lockdown restrictions and issues related to health concerns are driving the demand for UCC solutions from the education and government segments. Thereby, these segments are expected to offer significant growth to the overall UCC market during the forecast period from 2020 to 2028.
Majority of revenue for unified communication systems is generated through large size enterprises. Large size enterprises use highly flexible solutions which supports higher level of integration, legacy systems and modular solutions. Small and medium size enterprises are increasingly investing in UC solutions that are simple to use and maintain. Cloud based UC solutions are expected gain more popularity in SMEs due to their low deployment costs.
