Research firm MarketsandMarkets expects the global unified communication and collaboration (UCC) market to grow from $76.7 billion in 2022 to $141.6 billion by 2027 at a compound annual growth rate (CAGR) of 13 percent.
UCC technologies, it said, are rapidly gaining acceptance globally by large enterprises as well as small and mid-sized businesses.
Among verticals, IT and telecom are expected to grow at the highest CAGR (14.5 percent) during the forecast period. Most IT and telecom organizations are widely adopting bring-your-own-device models, which is expected to contribute to the growth of the UCC market in this vertical, according to the report.
Among the technologies involved in UCC, MarketsandMarkets expects IP telephony to grow from $31.1 billion in 2022 to $65.8 billion by 2027, at a CAGR of 16.2 percent. IP telephony uses the internet for exchanging voice messages, fax, and other types of information and enabling presence, web, video, and audio conferences, and free calls across the data network. Remote employees can access their networks from anywhere as long as there is an internet connection, enhancing connectivity in other businesses stations, cities, or even countries, the research firm said.
The report notes that the presence of many UCC providers has made the market competitive, with emerging players providing niche and differentiated offerings for target customers coming to the forefront. It identified Zoom, Cisco, Microsoft, Avaya, Fuze, Google, and Goto as the most prominent players in the market.