Pune, India, Oct. 05, 2021 (GLOBE NEWSWIRE) -- 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 Size, Share & COVID-19 Impact Analysis, By Component (Telephony, Unified Messaging, Collaboration Platforms), By Delivery Model (Managed Services, and Hosted/ Cloud Services), By Organization Size (Large Enterprises, SME’s), By Vertical (BFSI, IT and Telecommunications, IT-enabled Services (ITeS), Education, Retail and Consumer Goods), and Regional Forecast, 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 platform in order 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.
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COVID-19 Impact
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 is an exponential rise in 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.
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.
Segmentation
On the basis of components, the market is classified as telephony, unified messaging, collaboration platform, conferencing, and reporting & analytics. Among these, the telephony segment is expected to hold the maximum share in the market.
By delivery model, the market is bifurcated into managed services and hosted/ cloud services.
In terms of the organization size, the market is branched into small and medium-sized enterprises and large enterprises.
Based on vertical, the market is divided into BFSI, IT and telecommunications, IT-enabled services (ITeS), education, retail and consumer goods, government and defense, healthcare, others.
Geographically, the market is segregated across five major regions: North America, Latin America, the Middle East & Africa, Asia Pacific, and Europe.
Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 13.4 % |
| 2028 Value Projection | USD 69.93 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 25.85 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | By Component, By Delivery Model , By Organization Size. |
| Growth Drivers | Adoption of Distributed Workforce and Remote Work Approaches to Accelerate Demand |
| Rising Usage of API-driven Programmable Communication to Aid Market Growth | |
| Integration of Unified Collaboration Tools with Programmable Capabilities is Emerging Trend | |
| Pitfalls & Challenges | Data Security Concerns and Regulatory Risks to Restrict Adoption |
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Drivers and Restraints
Approval of Circulated Workforce and Remote Work Methods to Bolster Growth
The rising implementation of smart mobile gadgets, as well as improvements in association tools, is 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 to upsurge efficiency, refine internal interaction, and eradicate additional prices. This is expected to eventually bolster the unified communication as a service market growth during the forecast period.
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.
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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
June 2020: Genesys introduced a unified contact-center-as-a-service solution known as ‘Omnipremise’ in collaboration with Arvind Limited.
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.)
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Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Unified Communication as a Service (UCaaS) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (USD)
- Telephony
- Unified Messaging
- Collaboration Platforms
- Conferencing
- Others (Reporting and Analytics, etc.)
- By Delivery Model (USD)
- Managed Services
- Hosted/Cloud Services
- By Organization Size (USD)
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
- By Vertical (USD)
- Banking, Financial Services and Insurance (BFSI)
- IT and Telecommunications
- IT-enabled Services (ITeS)
- Education
- Retail and Consumer Goods
- Government and Defense
- Healthcare
- Others (Media and Entertainment, Etc.)
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- By Component (USD)
- Global Unified Communication as a Service (UCaaS) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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