The Unified Communication-as-a-Service Market size is estimated at USD 44.68 billion in 2024, and is expected to reach USD 139.94 billion by 2029, growing at a CAGR of 25.65% during the forecast period (2024-2029).
The increasing trend of work from home (WFH) model is compelling employers to use UCaaS solutions as it's beneficial for companies to reevaluate their operational costs and save their marginal revenue from declining. According to Eurostat, in 2022, the percentage of people who usually worked from home in the European Union accounted for 12.4%. Estonia recorded the highest rate of employed persons working from home in the CEE region, followed by Latvia. In Romania, only 1.4% of employees worked from home.
The competitive rivalry between market players is high owing to some major players like 8x8 Inc., Mitel Networks, Verizon, and many others, and the Unified Communication-as-a-Service (UCaaS) Market is moderately fragmented. These companies can gain a competitive advantage due to their ability to bring about innovations by investing heavily in research and development activities. Strategic partnerships, mergers, and acquisitions have allowed these companies to occupy a substantial market share.
In July 2022, Symbio and Cisco collaborated to provide a unified communications product for Cisco's Cloud Connect for Webex Calling. The product offered to Cisco distributors and their consumers in Singapore is in the country's telecoms sector. It delivered a simple, low-cost cloud communication option for Webex Calling.
In February 2022, Evolve IP, one of the leading international service providers of Work Anywhere solutions, announced a partnership with Webex, a prominent supplier of cloud-based collaboration solutions, to create Evolve Anywhere with Webex, Evolve IP's new unified communications solution. The Cisco-powered UCaaS solution combined enterprise-grade calling and cutting-edge features from Evolve IP Global Voice with Webex's powerful messaging and meetings capabilities, all within a single app.
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