PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1126519
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1126519
According to Stratistics MRC, the Global Unified Communications as a Service Market is accounted for $33.41 billion in 2022 and is expected to reach $78.92 billion by 2028 growing at a CAGR of 15.4% during the forecast period. Unified Communication-as-a-Service (UCaaS) is a cloud-based software that requires a monthly subscription fee for the web-based interface, mobile communication, and customization and integration. It is perfect for reporting & analytics, continuous support, and contact centre operations. Many businesses choose cloud-based unified communications platforms because they are more affordable than conventional Private Branch Exchange (PBX) systems. All unified communications and collaboration features are offered by UCaaS on a single platform.
According to the Remote Work Trend report, which was published in April 2020 by the Microsoft Corporation, nearly 183,000 participants in 175 countries are utilizing the Microsoft Teams communication platform for distance learning. As a result, distance learning, remote working, and Bring Your Own Device (BYOD) are expected to drive the growth of the market.
Market Dynamics:
Driver:
Increasing usage of api-driven programmable communication to aid market growth
Audio, messaging, programmable video and other services are integrated into business software to help automate the communication process. Developers may now concentrate on the most crucial elements of the programme thanks to these built-in functionalities. Because of the growing importance of API-driven programmable communication capabilities, the industry is therefore projected to experience exponential growth.
Restraint:
Data security concerns and regulatory risks to restrict adoption
Providers in the UCaaS market should ideally offer businesses' data security through own, tightly monitored data centers. Yet not all unified communication services are created equal. Each supplier has a data centre of their own. This could raise questions about data regulatory hazards and security breaches. The lack of remote backups and various power sources may also have an impact on business risk and compliance laws. Sources could affect company risk and legal compliance. Besides that, Reselling services housed at a third-party data centre raises significant security issues that are restricting unified communication service adoption.
Opportunity:
Adoption of distributed workforce and remote work
The growing popularity of smart mobile devices and improvements in collaboration tools have made it possible to implement distributed workforce and remote work techniques. A "bring your own device" (BYOD) strategy is also being implemented by organizations across all of their business areas. Organizations will benefit from this strategy by seeing an increase in production, enhanced internal communication, and reduced expenditures. For instance, 85% of businesses, according to Bitglass research, currently allow employees and partners to use BYOD (bring your own device) environments. Key firms would benefit from new market opportunities to diversify their product offers.
Threat:
Lack of remote backups
Absence of offsite backups and inconsistent power sources could affect company risk and legal compliance. Besides that, Reselling services housed at a third-party data centre raises significant security issues that are limiting the use of unified communication services.
COVID-19 Impact
Since the COVID-19 pandemic began, businesses all around the world have embraced remote working models to ensure employee safety and stop the spread of the virus. There has been a sharp increase in demand for online communication and association platforms enhanced with cutting-edge technology since people started working from home. The delivery of services has also been enhanced by a rise in work-from-home and distant learning regulations. On occasion, businesses quickly switch to the cloud service model to manage their teams and boost employee productivity.
The telephony segment is expected to be the largest during the forecast period
The telephony segment is estimated to have a lucrative growth, due to the evolution of the enterprise communication infrastructure. Businesses converting from conventional PBX telephone systems to voice over internet protocol (VoIP) solutions have aided the market's expansion.
The hosted/cloud services segment is expected to have the highest CAGR during the forecast period
The hosted/cloud services segment is anticipated to witness the fastest CAGR growth during the forecast period, due to innovative cloud services such as cloud-based conferencing and cloud telephony. Managed services include features such as customizations, dashboards, multiple functions, analytics, portals, and others.
Region with highest share:
North America is projected to hold the largest market share during the forecast period owing to the advanced commercial communication services have been adopted. End-use businesses in this region have already incorporated chat, email, voice, video and audio conferencing, and other services into their daily operations. Bring your own device (BYOD), telepresence technologies, and other trends are being adopted, and these are what are really fueling the market's expansion in the area. Aside from this, the expansion is also being supported by the presence of important firms like IBM Corporation, Verizon Communication Inc., Google LLC, Avaya Inc., and others.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the desire for internet-based communication services among small and medium-sized businesses. Voice over internet protocol (VoIP), audio & video conferencing, and other communication services are widely used in nations like India, South Korea, China, Japan, Oceania, and others.
Key players in the market
Some of the key players profiled in the Unified Communications as a Service Market include RingCentral, BT Group, Verizon, Orange S.A., 8x8 Inc, Cisco, Google, Microsoft, LogMeIn Inc., Mitel, DialPad, Fuze, StarBlue, Windstream, Alcatel-Lucent Enterprise (ALE), NTT Communications, Vonage, Intrado Corporation (Formerly West), Masergy, Revation Systems
Key Developments:
In March 2022, Microsoft announced plans to introduce Microsoft Teams Connect shared channels, with the integration of Microsoft 365 Business, Enterprise, and Education subscriptions. The company introduced new channels along with existing standard and private channels in Microsoft Teams Connect. Using a shared channel, users can invite others to a particular channel without adding them to a team.
In March 2021, RingCentral, Inc. partnered with Ecotel Communication AG to develop a unified cloud communication solution. The platform offers unified functionalities, team messaging, video meetings, and a cloud phone system to clients.
In October 2019, 8x8, Poly, and ScanSource announced a strategic partnership to deliver cloud-based communication solutions. The partnership helped customers easily move away from on-premises business communication systems to cloud-based communication solutions.
In July 2019, Verizon collaborated with Zoom to provide a new solution for unified communications. This collaboration provides access to Zoom meetings to the current Verizon customers from Verizon wireless phones or VoIP solutions, without having to pay for additional support or staff.
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What our report offers:
Free Customization Offerings:
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