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Unified Communications & Collaboration Market to Reach $57B by 2024

January 12, 2018

Based on a new report conducted by Global Market Insights, the Global Unified Communications & Collaboration market is anticipated to exceed $57 billion by 2024. The reason for the immense growth is international adoption of BYOD strategies and increasing mobile device proliferation.

The growth of mobile device usage has been huge for the market, as it was once solely used as a means of voice communication. Growing up, the mobile phone we had mirrored a regular home phone; it cost $3.95 per minute and the charging case was the size of a purse. My first cell phone only displayed numbers on a tiny screen, no internet, had a set amount of minutes (and eventually texts) and was thick as a brick. Now, my smartphone is an all-in-one service device, where I can pay my bills as I watch live TV and chat with friends and family overseas; no limits on voice or text.

In addition to the productivity enhancements of mobilizing a workforce, having a BYOD option at businesses is extremely cost effective, as companies no longer having to invest in as much employee-used hardware. Going back to the telephony market, it is anticipated to hold a market share of more than 25 percent by 2024 due to the deployment of applications to allow for real-time communications.

Contributing to the growth of cloud-based UC&C market from 2017-2024 will be the implementation of cloud computing technology. This will take place through a variety of sectors, including IT and telecom, BFSI, healthcare, and public services, with IT and telecom dominating the UCC market. North America will be the leader of UC&C, while the Asia Pacific market is set to experience the highest CAGR, over 13 percent in a seven year period. 

Edited by Erik Linask

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