Unified Communication-as-a-Service (UCaaS) Market : Current Analysis and Forecast (2022-2028)

Unified Communication-as-a-Service (UCaaS) Market : Current Analysis and Forecast (2022-2028)

The global Unified Communication-as-a-Service (UCaaS) Market is expected to grow at a significant rate of around 11% during the forecast period. Unified Communications refers to the integration of a range of communication technologies within a single platform. UC systems, therefore, typically incorporate business telephony, text messaging, team collaboration features, video conferencing, email, and more. The Unified Communication-as-a-Service (UCaaS) Market is growing on account of increasing smartphone use around the world. For instance, there are more than 600 million smartphone users in India. Furthermore, the growing investments in the research and development of UCaaS technology coupled with the growing trend of remote work due to covid – 19 is expected to drive the UCaaS market. Moreover, the rapid integration of AI-enabled UCaaS for changing the way companies structure their workflows, decision-making processes, and strategy planning. For instance, Avaya Inc. has created an AI voice assistant application for desk phones, and Amazon released Chime a cloud-based UCaaS.

8x8 Inc, Cisco System Inc, Google LLC, Microsoft Corporation, LogMeIn Inc, RingCentral Inc, Mitel Networks Corporation, Fuze Inc, Windstream Holdings Inc, ALE International are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst organization size, small and medium enterprises category to witness higher CAGR during the forecast period”

On the basis of organization size, the market is bifurcated into small and medium enterprises and large enterprises. The small and medium enterprises segment is expected to grow with a significant CAGR during the forecast period, owing to the higher IT spending of these enterprises. Furthermore, the normalization of contract work and remote work offers enterprises the agility to be responsive as well as strategic in order to maintain an edge in the marketplace.
"Amongst industry verticals, the commercial segment is expected to hold a significant share in the market in 2020”

Based on industry vertical, the market is segmented into BFSI, telecom and it, consumer goods and retail, healthcare, public sector and utilities, logistics and transportation, travel and hospitality, and others. The IT and telecom vertical is expected to grow significantly during the forecast period. The growth of this segment is mainly attributed to the increasing demand for real-time communication due to the growing trend of remote working. Furthermore, as services-based companies are becoming more prevalent, IT companies are always expected to be in direct touch with the client for real-time project updates which are expected to drive the segment market.
"North America to hold a significant share in the market”

The North American region is expected to achieve a larger share of the Unified Communication-as-a-Service (UCaaS). The growth in the region is owing to advanced business communication services. Furthermore, the presence of key players in the market such as Microsoft Corporation, Google LLC, Genesys etc. Moreover, organizations across the region are adopting advanced unified communication services such as conferencing, unified messaging, enterprise telephony, and instant messaging. The usage of contact centre capabilities such as auto-attendant, call routing, interactive voice response, and CRM integrations is also rising in North America.

Reasons to buy this report:

• The study includes market sizing and forecasting Analytics validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers in-depth Analytics of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level Analytics of the industry.