PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1100672
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1100672
The global unified communication as a service (UCaaS) market size was USD 4,800.5 million in 2020, expanding at a CAGR of 13.4% during the 2021-2027.
Unified communications-as-a-service (UCaaS) is a delivery model in which a wide range of collaboration and communication services and apps are outsourced to a third-party provider and supplied through a network. Presence technology, workplace messaging, video conferencing, and telephony are examples of UCaaS technologies.
Businesses all around the world are using unified communication as a service (UCaaS) platforms to take advantage of services like video and audio conferencing, messaging, and other collaboration capabilities. The advent of cloud infrastructure has significantly increased the need for unified communication services. The up-and-coming trend such as distance learning and remote working is supporting the adoption of UcaaS solutions. For instance, According to the Microsoft Corporation's Remote Work Trend study, which was published in April 2020, about 183,000 participants in 175 countries are using the Microsoft Teams communication platform for distance learning. As a result, the market is predicted to develop due to distance learning, remote working, and Bring Your Own Device (BYOD).
Additionally, the usage of communications platforms as a service (CPaaS) and application program interfaces (APIs) is likely to grow. help propel the industry for unified communication as a service forward Furthermore, cutting-edge technologies such as artificial intelligence (AI), Machine Learning (ML), voice help, and other technologies are making it easier to use unified communication services.
The unified Communication as a Service (UCaaS) Market is segmented on the basis of component, delivery mode, vertical, and region.
In terms of components category, the worldwide industry is bifurcated into unified messaging, telephony, conferencing, collaboration platform, and reporting & analytics.
Among these, telephony is expected to have the largest market share. The need for cloud (IP) telephony is increasing due to the evolution of enterprise communication infrastructure. Enterprises migrating from traditional PBX telephone systems to voice over internet protocol (VoIP) solutions have aided the market's growth.
Advanced collaboration tools enable staff to operate more productively. By aligning with each team member, these technologies boost employee productivity. Furthermore, the adoption of collaboration technologies is likely to be driven by the acceptance of remote working. According to Gartner, 51 percent of worldwide knowledge workers will be working remotely by the end of 2021.
The market is divided into managed services and hosted/cloud services based on the delivery model.
Hosted/cloud services are expected to dominate the industry. The primary elements driving adoption are rising innovations in cloud services such as cloud telephony. Customizations, dashboards, numerous functionalities, analytics, portals, and other features are examples of managed services. As a result, the managed service market is anticipated to rise at a substantial CAGR throughout the forecast period.
The market is divided into verticals such as IT and telecommunications, retail and consumer goods, BFSI, education, IT-enabled services (ITeS), healthcare, and government and defense. Among these, IT and telecommunications are expected to have the largest market share. The expansion is due to the digital transformation of enterprises, which has resulted in the widespread adoption of cloud-based unified communication services. Work-from-home, remote working, and other trends are also increasing demand for IT-enabled services across the board. As a result, information technology and telecommunications are two of the most important sectors contributing to growth.
The primary focus of key companies is on finalizing strategic agreements and partnerships to expand their unified communication as a service product and service portfolios. Furthermore, investment in customized product and service launches is assisting significant corporations in strengthening their market positions. Several major corporations have expanded their collaborations with cloud service providers in order to improve performance.
For instance, in March 2021, RingCentral, Inc. and Ecotel Communication AG collaborated to create a unified cloud communication solution. Clients can access unified functionality, team communications, video meetings, and a cloud phone system via the platform.
The scope of this report covers the market by its major segments, which include as follows: