Pune, India, June 13, 2022 (GLOBE NEWSWIRE) -- The global unified communication as a service 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 Market Forecast, 2021-2028”
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 Unified Communication as a Service Market in the long term.
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Industry Development
June 2020: Genesys introduced a unified contact-center-as-a-service solution known as ‘Omnipremise’ in collaboration with Arvind Limited.
June 2019: Verizon Business Group, a division of Verizon Communications based in New Jersey, announced that it has teamed up Zoom Video Communications, a provider of remote conferencing services, headquartered in the U.S.
Report Scope & 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 |
| Unified Communication as a Service Market Size in 2020 | USD 25.85 billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | Component, Delivery Model, Organization Size, Vertical and Geography |
| Unified Communication as a Service Market Growth Drivers | Rising Usage of API-driven Programmable Communication to Aid Market Growth |
| Adoption of Distributed Workforce and Remote Work Approaches to Accelerate Demand | |
| sData Security Concerns and Regulatory Risks to Restrict Adoption |
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.
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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.
Implementation of BYOD Services by Companies to Boost Growth
Nowadays, many companies are putting forward the bring your own devices (BYOD) services for their employees. It is set to aid these companies in improving collaboration, increasing productivity, strengthening communication channels between employees, and cutting costs. The service enables employees to get access to the corporate network via their own devices. Employees can connect their devices, such as smartphones, laptops, PCs, and notebooks into the network of a particular company that they are a part of.
Additionally, several businesses are offering the feature of mobility solutions to enhance consumer satisfaction with faster service and response, as well as to manage business continuity. Besides, mobility solutions help the employees in being in touch with their colleagues, partners, and consumers. Lastly, the increasing adoption of tablets and smartphones, coupled with the persistent development of 5G infrastructure, are expected to propel the Unified Communication as a Service Market growth during the forthcoming period.
Report Coverage
The report presents a holistic study of the Unified Communication as a Service 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.
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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 Unified Communication as a Service 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 defence, healthcare, others.
Geographically, the market is segregated across five major regions: North America, Latin America, the Middle East & Africa, Asia Pacific, and Europe.
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 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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List of Key Players Covered in the Unified Communication as a Service 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.)
Table of Content
- Global Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- 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)
- North America 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 Country (USD)
- United States
- Canada
- By Component (USD)
- Global Unified Communication as a Service (UCaaS) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
TOC Continued.......
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