London, UK, Sept. 22, 2022 (GLOBE NEWSWIRE) -- The Unified Communication As A Service market size reached USD 29.54 Billion in 2021. The Unified Communication As A Service market size is likely to grow at 14.63% CAGR during 2022-2028 to reach USD 76.84 Billion by 2028 end. Rising adoption of video conferencing and video communications practices, growing latest technologies such as artificial intelligence (AI) and increasing adoption of BYOD trend are some of the major factors driving the growth of Global Unified Communications as a Service Market.
Unified Communication As A Service Market Scope
The global unified communication as a service market is going to see a good amount of growth in the coming few years. This is due to the growing inclination of the world to adopt a business model which is a hybrid one. The COVID 19 outbreak has compelled the enterprises even more to consolidate their communication features. Therefore, the enterprises are now focusing on the cross-function enabling of communication features for ensuring efficient collaboration. There is a growth in the number of employees which are now working from home therefore, the companies are implementing these solutions. The outbreak of COVID left the companies with no choice but to adopt the platforms a s well as tools in the outbreak of the pandemic to work out ways of performance. This will also make them reevaluate their costs and protect the margins as the revenues dwindle.
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What plays the biggest role in the growth of the market is the adoption of technologies and how the Artificial Intelligence is playing a key role in the helping of the organizations in achieving the digital transformation goals. The AI- enabled solutions may help the organizations in transcription effortless, tracking speakers intelligently, intuitively recording calls, offering relevant services and understanding the needs of the users. The AI-enabled service solutions may also help in the sentiment analysis. These solutions may typically leverage the data mining technology for analysing the discussions, comments, reviews and comments which is related to the products, services and brands which help the enterprises in accordingly strategizing.
Video conferencing and video communication practices being adopted has helped in gaining traction significantly over the last few years. This trend was particularly highlighted by a rapid adoption of the video conferencing and the communication services offered by Corporation. Video conferencing also helps in enabling the users to foster the healthy interpersonal relationships along with facilitating more efficient making of decisions in the conferences and meetings.
The continued roll out of the 5G data which is a high-speed network is going to be working well for this growth of the market in the coming years. The low-latency, high-speed connectivity which is enabled by 5G networks which can significantly enhance the audio and video conferencing and strengthen collaborations and meetings. The cloud specific network functions and the multi- access edge capabilities of computing offered by the 4G technologies for self-healing and scalable networks. The networks which are cloud-specific function are helping the market grow at a breakneck pace.
Ucaas Market Size: Competitive Analysis
Companies such as 8x8 Inc, Amazon.com, Inc., Avaya Inc., CenturyLink, Inc., Cisco Systems, Inc., and Fuze, Inc are the leading players in the global unified communication as a service market. The global unified communication as a service key players are working hard to innovate on their service and a competitive market helps in the growth of the market as there are new services being launched.
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The largest revenue segment currently is the public cloud segment. The public cloud technology is helping in the reduction of lead times in the testing and deployment of new products. The models offer the opportunity for deploying scalable, UC platforms that are subscription based. Therefore, the organizations of all sizes may conveniently shift from the legacy communications as well as platforms to the more efficient and advanced public solutions which gives the companies a flexible solution as per their preferences. The segment of IT and telecom too has been dominating the market. There is a strong emphasis being made on the different IT as well as telecom companies to roll more efficient collaborations out. This is driving the adaptation significantly. This will further drive the market considerably in the coming years for this segment.
Global Unified Communication As A Service (ucaas) Market Segmentation:
By Component:
- Telephony
- Conferencing
- Unified Messaging
- Collaboration Platforms and Applications
By Vertical:
- BFSI
- Telecom and IT
- Consumer Goods and Retail
- Healthcare
- Public Sector and Utilities
- Logistics and Transportation
- Travel and Hospitality
- Other
North America is going to dominate this market globally with the revenue share exceeding one third of the total share. A big factor here was also the way the United States was affected by this outbreak of the pandemic, the healthcare providers, offline as well as online distribution channels, government bodies and others are looking forward for an efficient collaboration and communication for ensuring adequate diagnosis and care. This is going to drive the market in United States as well as North America.
Another market which is going to develop significantly over the coming period due to the continued growth of digitalization and growing workforce of mobile users is Asia Pacific. The implementation of high- speed internet has been aggressive and done at the competitive prices as well as the rapid growth of the smartphones in this region which is going to develop business solutions. Further, there is a presence of AI hub in many countries which is going to show a growth in many organizations which provide the services related to the AI clients all over the world. This is going to increase adoption in this region.
Unified Communication As A Service Market: Key Trends
In the last decade or so this has become a thriving industry. The technology is promising a flood of integrated and innovated communication devices which are going to assist the businesses in achieving many benefits which include the improved corporate procedures and also lower the expenses of communication overall. The vendors who specialize in these in the services also focus on making their products simpler for acquiring maintaining and deploying. The increase in demand for communication real-time has allowed the venders to offer the Web RTC solutions, for facilitating faster streaming of video and the group chats in the client devices. The companies aim for the service which help them in achieving the overall improvement in experience of users working remotely and those at the desks. The AI and ML advancements in communication sector have provided the opportunities at this company. The skills enable the new features such as the chatbots and the predictive intelligence.
Region Covered in Unified Communication As A Service Market Report:
North America
- U.S, Canada
Europe
- Germany, France,U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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