Selbyville, Delaware, Sept. 27, 2022 (GLOBE NEWSWIRE) --
The unified communications as a service market is expected to cross a valuation of USD 150 billion by 2030, according to the latest research study by Global Market Insights Inc. The emerging work-from-home trends is one of the key factors propelling the industry revenues.
Remote work or the work-from-home arrangement has gained considerable traction over recent years, especially since the COVID-19 pandemic has taken over, encouraging organizations to transition toward more effective and advanced communication technologies. A recent study commissioned by Mitel discovers that around 84% of companies surveyed state modern communications solutions are crucial to their success. With the increasing number of enterprises perpetually operating with a blend of an onsite and remote workforce, the demand for UCaaS solutions is likely to grow substantially in the forthcoming years.
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Demand for better in-house communication to push the adoption of UCaaS messaging offerings
According to the report, the messaging segment held over 15% of the industry share in 2021. The increasing popularity of instant messaging and text messages among younger clients has helped UCaaS messaging offerings to emerge as an effective mode of communication to collaborate and stay connected more efficiently in the business environment. The surging requirement to introduce better in-house communication across enterprises may strengthen the UCaaS market outlook.
The audio conferencing sector is speculated to emerge as a lucrative revenue source by 2030. The segmental growth can be attributed to the rising demand for better management of employees and company assets and the growing prominence on establishing a more productive associate/client interaction. Besides, the integration of several online collaboration tools, including team messaging, screen sharing, meeting recording, etc., may further bolster the unified communications as a service market growth trajectory.
Rapid demand for 1-1 communication services
The 1-1 communication industry as one of the major growth contributors expected to record a noticeable evaluation by 2030. The increasing number of enterprises introducing personalized marketing campaigns to drive customer engagement and improve customer retention may help the segment register lucrative gains during 2022-2030. In addition, the proliferation of instant messaging services due to the ongoing shift in consumer-brand interaction may foster product adoption in the foreseeable future.
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Proliferation of hybrid work culture in the SMEs
The small and medium sized enterprises are likely to drive significant revenues to the UCaaS market by 2030. The increasing number of companies transitioning toward hybrid work environments and the expanding remote workforce are the primary factors driving the industry growth. UCaaS enables SMEs to establish flexible and cost-effective communication channels that can easily be scaled up and scaled down based on enterprise requirements to bridge the gap between remote employees and the office, positively influencing the business landscape.
Evolution of existing communication channels in government & public entities
The government & public sector may account for around 10% of the revenue share by 2030. The emergence of UCaaS has enabled public entities and government institutions to leverage enterprise-level UCC capabilities that allow secure communications and more efficient operations within limited budgets. The increasing number of establishments making a shift from complicated, expensive, and often obsolete legacy systems may further strengthen the industry statistics.
Emerging remote working trends to push the deployment of multi-tenant architecture
The multi-tenant unified communications as a service market is set to attain over 20% gains between 2022 and 2030. The rapid espousal of remote working, work-from-home and BYOD trends has pushed the demand for enhanced communication technologies throughout large enterprises. Multitenancy is an easily scalable, cost-effective, and secure cloud architecture that makes better use of resources, offers enhanced privacy, and free-of-cost maintenance to the customers, driving its demand through the projection period.
Flourishing BFSI industry to bolster industry growth in the Asia Pacific
The Asia Pacific UCaaS market size is poised to record an appreciable target estimation, depicting nearly 25% growth rate from 2022 to 2030. The proliferation of the BFSI sector and the subsequent demand for UCaaS solutions and services for efficient communication impacting the regional industry expansion. Moreover, countries such as ANZ and South Korea have been focusing on enhancing customer experience by leveraging UCaaS technology, stimulating the business scenario.
Acquisitions to stimulate the strategic outlook
Notable players in the Unified Communications as a Service (UCaaS) industry include Microsoft Corporation, Zoom Video, Cisco, and NEC Corporation. The competitive outlook is strengthened by the growing strategic associations among the new entrants and established players, focusing on developing cutting-edge solutions to enable companies to foster their communication capabilities based on current requirements. For instance, in August 2022, HP Inc. announced the acquisition of Poly to create a more growth-oriented portfolio, better its industry prospect in hybrid work solutions, and place the combined organization for long-term value generation and sustainable growth.
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/unified-communications-as-a-service-ucaas-market
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 UCaaS industry 360º synopsis, 2018 – 2030
2.2 Business trends
2.2.1 Total addressable market (TAM), 2022 – 2030
2.3 Offering trends
2.4 Enterprise size trends
2.5 Architecture trends
2.6 Application trends
Chapter 3 UCaaS Industry Insights
3.1 Introduction
3.2 Impact analysis of COVID-19 pandemic
3.3 Impact analysis of Russia Ukraine war
3.4 Evolution of UCaaS technology
3.5 Industry ecosystem analysis
3.6 UCaaS architecture analysis
3.7 UCaaS vs UCC
3.8 Technology & innovation landscape
3.9 Patent analysis
3.10 Investment portfolio
3.11 Industry news
3.13 Industry impact forces
3.13.1 Growth drivers
3.13.1.1 Increasing adoption of UCaaS by SMEs and large enterprises
3.13.1.2 Growing need for hosted solutions to reduce costs and improve productivity
3.13.1.3 Rising investments to digitalize IT infrastructure
3.13.1.4 Increasing number of mobile workers
3.13.2 Industry pitfalls & challenges
3.13.2.1 Risk of security over cloud-based deployment
3.13.2.2 Lack of standardization
3.14 Growth potential analysis
3.15 Porter's analysis
3.16 PESTEL analysis
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
