Unified communications & collaboration market in telephony platforms are expected to hold a significant market share of around 29% by 2025 owing to large-scale deployment of telephony applications across enterprises in various sectors as a primary communication medium to enable real-time business communication. The IP phones segment will secure a larger share of the telephony market over the forecast period as it has numerous benefits over analog phones and cost much less than traditional telephone services. As IP phones transmit data over the internet, enterprises can stretch their communication infrastructure practically anywhere on the planet, provided they have internet connectivity. Also, they are much easier to install and configure compared to traditional phone systems.
The BFSI market is expected to register the fastest growth rate from 2019 to 2025 with a CAGR of over 11% due to the rapid adoption of UCC solutions to improve their profitability and way of conducting business. The financial institutions are using tools, such as mobile messaging and video conferencing, to personalize their relationships with customers to improve customer satisfaction. The growing use of such tools to facilitate seamless communication process and benefit from multichannel communications internally & externally will foster the unified communications & collaboration market growth in the BFSI sector.
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Given the rapid adoption of this advanced technology, reliable reports anticipate the IT & telecom sector to account for a considerably high proportion of the overall Unified communications & collaboration market share by 2025. Fueled by the robust adoption of telephony, conferencing, collaborations, and unified messaging platforms, the IT & telecom sector has been forecast to emerge as one of the most profitable growth grounds for UCC market over 2019-2025. In this regard, it is also imperative to mention that telephony, the UCC technology platform associated with the transmission of voice, fax, video, and other information, is anticipated to hold a major chunk of UCC market share, on account of its ability to provide seamless & real-time business communication.
Unified communications & collaboration market in Conferencing platforms are expected to witness the highest growth of over 12% during the forecast period. The platforms, such as audio and video conferencing, ease communication process among businesses and provide various benefits such as improved competitive advantage, improved productivity & employee satisfaction, and improving the demand for these platforms over the forecast period.
The on-premise deployment model held a dominant unified communications & collaboration market share of over 55% in 2018 and is expected to maintain its dominant share by 2025. As the on-premise model offers enterprises with the complete software and hardware service control, enterprises are widely using this model to have accessibility to equipment anytime for troubleshooting while managing disaster recovery. North America has been projected to be a pivotal source of a major percentage of the global IT industry revenue, which is well over USD 3.5 trillion worldwide. Undeniably, the region would be the most potential growth avenue for the expansion of UCC market, given the escalating adoption of mobile devices & BYOD models in the regional corporate sector. In addition, the fact that the U.S. is currently the leader in cloud computing market and hosts some of the largest companies in the sector, further provides testimony to the robust demand for UCC technology in the region.
The growing popularity of unified communications & collaboration market can further be attributed to the fact that as the prominent and emerging enterprises are aiming to expand their foothold in diverse geographical markets, the efficiency and effectiveness of streamlined communication functions would play a crucial role in ensuring beneficial output of business procedures. Therefore, it goes without saying that the leading unified communications & collaboration (UCC) market players have a vital responsibility to deploy their expertise in assisting a variety of enterprises to make their presence felt in a rapidly transforming global business outlook. In terms of global commercialization potential, Global Market Insights, Inc. forecasts the unified communications and collaboration industry share to surpass a valuation of USD 60 billion by 2025.
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