The global unified communication as a service (UCaaS) market size was USD 25.85 billion in 2020. The market is expected to grow from USD 28.96 billion in 2021 to USD 69.93 billion in 2028 at a CAGR of 13.4% during the 2021-2028 period. This vital piece of information is presented in the report, titled, “Unified Communication as a Service (UCaaS) Market, 2021-2028”, by Fortune Business Insights™.
According to our research experts, the progression in cloud infrastructure has navigated the demand for unified communication services expansively. Additionally, businesses across the globe are implementing unified communication as a service (UCaaS) platforms to influence services such as messaging, video & audio conferencing, and other associated tools. Therefore, this is expected to aggravate the demand for UCaaS in the long term.
List of Key Players Covered in the UCaaS Market Report
- RingCentral, Inc. (California, U.S.)
- ALE International (Boulogne-Billancourt, France)
- Sify Technologies, Ltd (Chennai, India)
- Tata Communications, Ltd. (Maharashtra, India)
- Verizon Communication, Inc (New York, U.S.)
- Genesys (California, U.S.)
- Metaswitch Networks Ltd (London Borough of Enfield, U.K.)
- Mitel Networks Corporation (Ottawa, Canada)
- Polycon, Inc. (California , U.S.)
- Zoom Video Communications, Inc. (California, U.S.)
The report presents a holistic study of the UCaaS market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions, or driving factors is also mentioned in the report. Step by step, a thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the growth of the market are shared in the report.
Drivers and Restraints
Approval of Circulated Workforce and Remote Work Methods to Bolster Growth
The rising implementation of smart mobile gadgets and improvements in association tools are empowering remote work and dispersed workforce tactics. Similarly, establishments are employing a ‘bring your own device’ (BYOD) rule across their business facilities. This approach is likely to help organizations upsurge efficiency, refine internal interaction, and eradicate additional prices. This is expected to eventually bolster the unified communication as a service (UCaaS) market growth during the forecast period.
Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/industry-reports/unified-communication-as-a-service-ucaas-market-101934
Distant Working amid COVID-19 Pandemic to Spur Demand for Unified Communications
Since the commencement of the COVID-19 pandemic, establishments across the globe have adopted remote working platforms to guarantee worker protection and reduce COVID-19 spread. Since workers have begun working from their houses, there has been an exponential demand for online communication and association platforms fortified with progressive technology.
Moreover, an upsurge in distance learning and work from home rules has further improved the implementation of services. Occasioning is the swift shift of enterprises to the cloud service model to administer their teams and escalate employee efficiency.
North America to Lead, Stoked by Adoption of Video and Audio Conferencing
North America is holding a major unified communication as a service (UCaaS) market share, owing to the implementation of innovative business communication services. End-use enterprises across this region have embraced services such as chat, video & audio conferencing, voice, mails, and others as an incorporated portion of their procedures. The region generated USD 9.92 billion in 2020 in terms of revenue.
Europe is estimated to display reasonable growth during the forecast period. The growth is owing to the implementation of communications gears, utilization of pay-per-use model, surging movement trends, and others throughout the education and healthcare sector.
Asia Pacific is projected to grow with the maximum CAGR during the forecast period. The growth of this region is owing to the rising demand for internet-grounded interaction services across small-scale and medium-scale enterprises.
Collaboration is a Chief Tactic Adopted by Players to Progress their Offerings
Prominent players are principally concentrating on concluding strategic partnerships and collaborations to augment their product and service collections. Moreover, speculation across modified products and service introduces is aiding prime companies to reinforce their spots in the market for UCaaS. Several prime companies have prolonged their merger deals with cloud service suppliers to elevate performance.
August 2020: GapMaps unveiled a unified communication platform-as-a-service for the Victorian community across metropolitan Melbourne. The platform helps users in finding essential services within a 5 km radius of their location easily.
June 2020: Genesys introduced a unified contact-center-as-a-service solution known as ‘Omnipremise’ in collaboration with Arvind Limited.