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.)
Report Coverage
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.
Regional Insights
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.
Competitive Landscape
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.
Industry Development
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.
Read Press
Release: https://www.fortunebusinessinsights.com/press-release/unified-communication-as-a-service-ucaas-market-9497
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