UC&C market to benefit from 9% CAGR until 2024

A report from Global Market Insights suggests that globalisation is fuelling the UC&C market

UC&C market to benefit from 9% CAGR until 2024

The Unified Communications and Collaboration (UC&C) market will experience a 9% CAGR in Asia Pacific (APAC) until 2024. This is according to a new report, which also suggests that the UC&C market could surpass $57 billion in just five years.

North America will dominate

In APAC, an increasing emphasis on simplification and lowering the cost of communication infrastructure will drive growth. End users are now demanding an enhanced meeting experience, so innovation of video collaboration solutions will also propel market growth.

However, North America will dominate the UC&C market throughout the forecast. This is reportedly due to the robust IT and telecommunication infrastructure available in the region.

As the press release states, “US enterprises exhibit high readiness to adopt and implement UCC solutions to effectively manage enterprise communication functions across diverse geographic locations.” As a result, the market will demonstrate “consistent growth” over the timeline.

A high penetration of IP telephony also characterises the market. In fact, US enterprises are now reporting penetration of over 80% – which is considerably more than the overall average global adoption.

Drivers of growth

As enterprises expand their presence in various geographical markets, UC&C is integral. “The effectiveness of synchronous and asynchronous communication functions plays a vital role in ensuring positive outcome of business processes,” the research stated.

As a result, more companies are beginning to modernise their communication infrastructure using a unified framework. More employees are also bringing their own devices, which has increased productivity levels and reduced costs for enterprises.

The future of Unified Communications is mobile, according to a PGi report. Over the past five years, desk phone usage for conference calls has declined by 70% and 44% of leaders would rather use a smartphone for UC&C.

Moreover, the growing popularity and adoption of cloud computing is also driving growth in the UC&C market. Today, enterprises are choosing to integrate cloud-based solutions in order to “affordably migrate their communication processes over cloud platforms.”

More and more companies are adopting a fast-paced communications culture. What trends should businesses look out for? Listen to our podcast with leading UC expert Irwin Lazar for some valuable insights