CHICAGO, Aug. 10, 2021 /PRNewswire/ — In-depth analysis and data-driven insights on the impact of COVID-19 included in this global Unified Communication as a Service (UCaaS) market report.
The Unified Communication as a Service (UCaaS) market is expected to grow at a CAGR of over 19.25% during the period 2020−2026.
Key Highlights Offered in the Report:
1. The global UCaaS market is expected to witness the highest demand from North America and Europe region.
2. The emerging trends such as artificial intelligence (AI), developments of new technologies, rising awareness of cloud and its benefits, maturing business models, and bring your own device (BYOD) is projected to support the market growth.
3. Large enterprises hold the highest share in the market. However, small & medium enterprises (SMEs) are expected to witness the highest growth rate with a CAGR of 20.76% owing to the continuous growth of SMEs worldwide. The growing number of SMEs in developing countries such as China, Brazil, and others is likely to support the market growth.
4. Telecom & IT industry is leading the global UCaaS market and is expected to grow at a CAGR of 15.10% from 2020-2026.
5. The UCaaS finds its application across all industries including healthcare, telecom & IT, BFSI, hospitality, healthcare, logistics, and others, and across all job functions.
6. BFSI & Retail & consumers good industry is expected to witness the highest CAGR growth of 23.46% and 21.61%, respectively.
7. The global COVID-19 pandemic has positively affected the UCaaS market. It has resulted in more than 85% increase in UCaaS sales worldwide. The 2020 pandemic caused due to COVID-19 has forced IT teams to move from traditional network infrastructures to cloud-based solutions, which promote remote working, thereby boosting the demand for UCaaS in the market.
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by category, component, industry vertical, and geography
- Competitive Landscape – 8 key vendors and 15 other vendors
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Unified Communication as a Service (UCaaS) Market – Segmentation
- Telephony holds the highest share of 41.73% in the UCaaS market based on components. This is because of the huge importance attached to connecting with individuals at any time and at any place over call. Cloud-based telephony also helps in saving costs related to on-site PBX systems, which require installation and maintenance services.
- Large enterprises are dominating the UCaaS market share, holding 61.45%. When it comes to SMEs, traveling for various business purposes frequently gets costly, making video conferencing the best alternative. As a result, although large enterprises dominate the UCaaS sales, their CAGR is lesser than SMEs.
- The retail industry is no longer limited to offline channels as many of the masses prefer online shopping. As a result, there is a need for customer service throughout the day. UCaaS provides an omnichannel initiative and enables the customer support team to handle queries through various mediums.
Unified Communication as a Service (UCaaS) Market by Category
- Large Enterprises
- Small & Medium Enterprises
Unified Communication as a Service (UCaaS) Market by Component
- Telephony
- Conferencing
- Unified Messaging
Unified Communication as a Service (UCaaS) Market by Industry Vertical
- Telecom & IT
- Healthcare
- Banking, Financial Services & Insurance
- Retail & Consumer Goods
- Education
- Transportation & Logistics
- Travel & Hospitality
Unified Communication as a Service (UCaaS) Market – Dynamics
The success of UCaaS depends heavily on the speed of the data. Improvement in connectivity and development of the connectivity infrastructure is expected to boost the demand for cloud-based UC platforms. The rollout of the 5G network provided significant growth opportunities to UCaaS vendors in the market. Running communication data over the public internet is difficult for companies, and this is not very fruitful in business communication. The emergence of 5G and Software Defined Networking in a Wide Area Network (SD-WAN) is likely to encourage organizations to shift over to this network, which is likely to boost the demand for UCaaS. Network connections such as 5G provide improved connectivity, and SD-WAN safeguards public internet connectivity. This enables organizations to access UCaaS for screen sharing, voice, and video calling.
Key Drivers and Trends fueling Market Growth:
- Lower Total Cost of Ownership (TCO)
- Remote Working and Distance Learning
- Growing Trend of Bring Your Own Device
- Advances in AI-Based Technologies
Unified Communication as a Service (UCaaS) Market – Geography
In 2020, North America dominated the UCaaS market accounting for 31.71% share by revenue in the global market. Highly skilled labor, high technology is driven population, presence of a large number of enterprises are the major elements that have led to such huge demand in the region. Apart from that, deep penetration of some of the largest vendors such as Google, Microsoft, RingCentral, and others in the region has made the market growth easy. The US and Canada are the major countries driving the demand in North America and are expected to keep leading during the forecast period. The region is an early adopter of many new technologies. Continuous innovation and development of new technologies along with high acceptance are accelerating the growth of industries in the region. This continuous growth of industries is likely to create more demand for UcaaS during the forecast period.
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Unified Communication as a Service (UCaaS) Market by Geography
- Europe
- APAC
- North America
- Latin America
- Middle East & Africa
Major Vendors
- 8×8
- Business Overview
- Product Offerings
- Key Strengths
- Key Strategies
- Key Opportunities
- Cisco
- LogMeIn
- Microsoft
- Mitel
- RingCentral
- Vonage
Other Prominent Vendors
- Alcatel Lucent Enterprise
- Cloud Connect
- Dialpad
- Digerati Technologies
- Fuze
- Intrado
- Masergy
- Nextiva
- NTT Communications
- Orange SA
- Revation Systems
- Starblue
- Verizon
- Windstream
- Zoom
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