Market Research Report
Unified Communication as a Service Market 2020-2026
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|Unified Communication as a Service Market 2020-2026|
|Published: March 22, 2021||Content info:||
Global Unified Communication As A Service Market Size, Share & Trends Analysis Report By Deployment (Public Cloud and Private Cloud), By Verticals (BSFI, Consumer Goods & Retail, Healthcare, It & Telecom, Logistics & Transportation, and Others) Forecast Period 2020-2026
The global unified communication as a service (UCaaS) market is expected to grow at a significantly high CAGR of 24.5% during the forecast period 2020-2026. UCaaS reduce the cost of the organization by bringing in different services under one cloud. The key factors driving the growth of the UCaaS market include the increasing demand for UCaaS from both large enterprises and SMEs, and growing trends toward mobility and Bring Your Own Device (BYOD). UCaaS combines different sorts of communication into a single network. Easy pricing, lower cost of ownership, and after-sale services provided by vendors are driving the market growth.
Moreover, other factors such as advancements in artificial intelligence, machine learning, other emerging technologies are expected to create opportunities for the UCaaS service providers. UCaaS provides flexibility and a high level of availability and scalability to core business tasks. Unified communication as a service is used by various enterprises as it improves business processes by streamlining communication, and also increases revenue. The increased adoption of UCaaS in SMEs significantly contributes to the growth of the UCaaS market.
The global UCaaS market is segmented on the basis of deployment and verticals. By deployment, the market is bifurcated into public cloud and private cloud. Based on the verticals, the market is segmented into BSFI, consumer goods & retail, healthcare, IT & telecom, logistics & transportation, and others.
Global Unified Communication as a Service Market Share by Deployment, 2019 (%)
Source: OMR Global
Public Cloud to contribute a significant share to the global UCaaS market owing to the fact that with the public cloud, lead times in testing and deploying new products is significantly reduced. SMEs are the main benefactors of public cloud platform as it is cost-efficient and offers better utilization rates as compared to private cloud.
Vertical Insights: IT & Telecom to Contribute Significantly to the Market
The rising demand for IT infrastructure development to facilitate upfront communication and collaboration practices is expected to drive the growth of the IT and telecom segment in the market. The telecom companies are more preferring a subscription-based model so that the fund will be effectively utilized and will be invested in other business operations. Digital Channels offer IT administrators which can be used for workflow management, customer engagement, and effective employee collaboration. Apart from it, the BFSI sector has gained significant revenue share due to the rising demand for better consumer engagement and support. The increasing adoption of the private cloud distribution model by banking institutions for securing critical and sensitive information is offering an impetus to the segmental growth of the market.
The global unified communication as a service market is analyzed on the basis of the geographical regions that are contributing significantly towards the growth of the market. The report covers the analysis of four major regions including North America (the US and Canada), Europe (UK, Germany, Italy, Spain, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and the Rest of the World. North America is anticipated to have a significant market share in the market. The regional growth of the market is attributed to the digitization of businesses and the adoption of cloud services by SMEs and large enterprises. Moreover, North America, especially the US, is home to major players operating in the market. Some of the players in the region include IBM Corp., 8X8 Inc., Avaya Inc., AT&T Inc., Cisco System Inc., and others.
Global Unified Communication as A Service Market Growth, by Region 2020-2026
Source: OMR Global
Market Players Outlook
Moreover, the study of the report covers the analysis of top players operating in the global unified communication as a service market. Some of the key players covered in the report include 8x8 Inc., Avaya Inc., Cisco Systems Inc., IBM Corp., RingCentral Inc., Masergy Communications, Inc., and others. In order to survive in the market, these players adopt different strategies such as mergers, acquisitions, product launches, and geographical expansion. For instance, in March 2019, Masergy Communications, Inc. launched the Masergy Intelligent Virtual Agent, a conversational AI agent that powers virtual assistant and chatbot features for the company's UCaaS solutions.
The Report Covers
Market value data analysis of 2019 and forecast to 2026.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global unified communication as a service market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying who-stands-where in the market.