Unified Communication as a Service Market

Unified Communication as a Service Market Size

Unified Communication as a Service Market to surpass USD 34.87 billion by 2030 from USD 17.9 billion in 2020 at a CAGR of 10.24% in the coming years, i.e., 2021-30.

Unified Communications as a Service is abbreviated as UCaaS. UCaaS refers to a group of cloud-based communications tools that come as a full package. Phone, chat, online meetings, screen sharing, and other UC functions are all available. A common distribution model in which a provider can deliver a variety of communication and collaboration applications, as well as related services, to its customers through the internet, using IP blocks as containers for small units of data. Single-tenancy and multi-tenancy are two methods by which the distribution model meets its customers. Organizational trends toward accessibility and Bring Your Own Device (BYOD) are expected to drive changes in this industry, as are demands for continuous service support.

Market Highlights

Global Unified Communication as a service market is expected to project a notable CAGR of 10.24% in 2030.

Global Unified Communication as a Service Market to surpass USD 34.87 billion by 2030 from USD 17.9 billion in 2020 at a CAGR of 10.24% in the coming years, i.e., 2021-30. The low cost of ownership of UCaaS models, as well as pay-per-use models, are resulting in increased adoption of these solutions by Small and Medium Scale Enterprises, resulting in overall market growth, although factors such as security concerns and weak internet connectivity in some parts of the world are deterrents to market growth. The growth of IoT applications has opened up a possible application avenue for the Unified Communication as a Service industry, presenting new opportunities.

Global Unified Communication as a service: Segments

Public Cloud segment to grow with the highest CAGR during 2020-30

Global Unified Communication as a service market is segmented by deployment into Public Cloud and Private Cloud. In the year 2020, the Public Cloud segment dominated the industry. The use of public cloud technologies shortens the time it takes to test and launch new products. Scalable, subscription-based UC systems can be deployed using public cloud-based deployment models. As a result, businesses of all sizes will easily move from traditional communication methods and channels to more modern and effective public cloud UCaaS solutions. Companies are increasingly opting for public cloud-based solutions because they want a scalable environment that can theoretically help them deploy changes more efficiently.

IT & Telecom segment to grow with the highest CAGR during 2020-30

Global Unified Communication as a service market is divided by end-user into Automotive, Education, Healthcare, BFSI, Hospitality, Real Estate, Legal, IT & Telecom, and Others. The Unified communication as a service market is expected to expand rapidly in the IT & Telecom end-user industry. The need for UCaaS solutions is being driven by the strong desire of several IT and telecom companies to roll out more productive collaboration among their globally dispersed teams. Employees in the IT and telecom industries often work with high-profile clients, such as government departments and federal agencies, requiring safe and effective knowledge exchange. The rising need for data security and privacy protection is pushing IT and telecom companies to implement UCaaS solutions.

Market Dynamics

Drivers

Growing acceptance of cloud as a service

During the forecast era, the global Unified Communication as a Service (UCaaS) market is expected to expand at a significant pace. One of the most important factors driving the market's growth is the growing acceptance of the cloud as a service (CaaS) model among businesses. Because of their continuous collaboration capabilities and creativity, cloud-based unified communication (UC) systems are enabling businesses to migrate to cloud platforms. Chats, audio, video services, and chats are being embedded by businesses all over the world to automate the communication process. To achieve their objectives, they have chosen coherent communication as a service (UCaaS) solutions.

Remote working platform due to COVID-19 and demand for video conferencing services

Following the outbreak of the COVID-19 pandemic, the world has moved to a remote working platform in order to reduce the risk of contracting coronavirus. As a result, the transition to a work-from-home lifestyle has boosted demand for services like mobile telephony, video conferencing, online conferencing, and other stable cloud connectivity alternatives.

Restraint

Security breach and data redundancy

Since cloud computing primarily involves UCaaS integrators and service providers, it's critical to pick the right vendor. UCaaS eliminates critical cloud IT requirements in order to offer low-cost services, but this results in major disadvantages such as security breaches and data backup redundancy due to an insufficient data control setting.

Global Unified Communication as a Service:  Key Players

• RingCentral, Inc.

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• BT Group
• Verizon, Orange
• 8×8 Inc.
• Cisco
• Google LLC
• Microsoft Corporation
• LogMeIn, Inc.
• Mitel Networks Corp
• Other Prominent Players

Global Unified Communication as a Service Market: Regions

Global Unified Communication as a service market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Global Unified Communication as a service in APAC held the largest market share in the year 2020. Due to continued digitization and an increasingly mobile workforce in the region, Asia Pacific is projected to expand significantly over the forecast period. People can function remotely thanks to the ambitious deployment of high-speed internet at affordable prices and the rapid proliferation of smartphones in the country, which is motivating businesses to use UCaaS solutions.

Global Unified Communication as a service is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Global Unified Communication as a service report also contains analysis on:

Unified Communication as a Service Market Segments:

• By Deployment:
  • Public Cloud
  • Private Cloud
• By End-use:
  • Automotive
  • Education
  • Healthcare
  • BFSI
  • Hospitality
  • Real Estate
  • Legal
  • IT & Telecom
  • Others
• Unified communication as a service Dynamics
• Unified communication as a service Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Unified communication as a service Market Report Scope and Segmentation

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