- Need for effective unified communications across the ever-evolving organizational set-ups, growing increasingly complex, to drive up demand in global Unified Communication-as-a-Service Market
- Cost benefits of simplified yet seamless connection brought about by UCaaS to be a major factor underlying growth in market over period 2019 to 2027
ALBANY, New York, Feb. 17, 2020 /PRNewswire/ -- The global Unified Communication-as-a-Service (UCaaS) market is set on an impressive growth trajectory, credit a number of benefits it helps businesses accrue in terms of reliable and effective communications, the cornerstone of smooth functioning of any organization.
As per Transparency Market Research, "Noteworthy statistics would mark the global Unified Communication as a Service market landscape, which is set to witness a growth rate of ~36%, compounded annually from 2019 to 2027, to reach a market valuation of about USD 235 bn. by the end of the period. Market players would do well to invest in multi-channel integration of communication to ease operations."
Key Findings of the Unified Communication-as-a-Service Market Study
Service Providers to focus upon building cloud-based solutions – collaborative and innovative – over the forecast period
Lucrative and cost-effective subscription plans to emerge as a result of strategic alliances; an example is that of Cisco and BroadSoft's partnership to provide users with Cisco BroadCloud Calling - complete enterprise calling for hosted models
Sharp focus on technological advancement to propel market on a higher trajectory over the forecast period
Explore 247 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Unified Communication-as-a-Service market by Deployment Model: Managed, Hosted (UC SaaS, UC PaaS, UC IaaS); Service: Telephony Services, Contact Center Services, UC Application Services, Collaboration Services; End User: Large Enterprises, Small and Medium Enterprises (SMEs), Public Sector, and Others; Delivery Model: Stand-alone Services and Integrated Services
Need for scalable, flexible, and secure communications across a business organization and among its employees is a major driver of growth in the global Unified Communications-as-a-Service market, as per Transparency Market Research's study on the market. An outline on growth factors is provided below:
As mobility in enterprises gains prominence, demand for Unified Communication-as-a-Service sees an upward curve; it is a natural outcome of the growing need to facilitate seamless connection among people working from different locations, using a wide range of devices
Technological advancement and integration such as that of voice assistance, machine learning, and Artificial Intelligence to propel market forward; increasing use of mobile phones and internet penetration to support growth
Virtual reality, need to improve customer interaction and demand for operational flexibility to dominate market, sustain competition in vendor landscape
Key Impediments for Unified Communication-as-a-Service Market Players
Transparency Market Research highlights few restraints that will present themselves in the global Unified Communication-as-a-Service market over the forecast period, hampering market growth to a certain extent but being counteracted effectively by an impressive growth in demand and technological advancement. One of the most prominent restraint in the market is a low rate of adoption in small and medium enterprises, owing to lack of awareness and cost restraints. These organizations are also hesitant to adopt these solution owing to hiccups arising from compliance environment.
Presence of some of the strongest players flanking the global Unified Communication-as-a-Service market, and a keen focus and high adoption of advanced technology will lead North American region to dominate the market landscape, accounting for a major share of the market growth over the forecast period; key players in the region include IBM Corporation and Microsoft Corporation
North America will reach a market valuation of about USD 89 bn. by 2027 from about USD 6 bn. in 2018 in the hosted UCaaS segment; the region will see increase in valuation in UC PaaS segment from about USD 2 bn. in 2018 to USD 38 bn. by 2027
The UC PaaS segment in the region will chart a significant CAGR of ~33% over the assessment period, as per TMR
Analyze Unified Communication-as-a-Service market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
According to Transparency Market Research, Unified Communication-as-a-Service market is a mildly consolidated vendor landscape, wherein players are forging collaborations that help resolve cost issues, operational complexities, and combine resources for ensuring future growth.
Some of the most renowned market players that operate in the global Unified Communication-as-a-Service market and are profiled by Transparency Market Research are Cisco Systems, Inc., Avaya, Inc., IBM Corporation, Microsoft Corporation, Alcatel-Lucent SA (Nokia Networks), Unify, Inc. (Atos SE), Hewlett-Packard Development Company, L.P., Polycom, Inc., Fuze Inc., 8x8, Inc., West Corporation, Verizon Communications, and Avanade Inc, among others.
Transparency Market Research has segmented the Unified Communication-as-a-Service market based on deployment model, service, end-user, delivery model and region.
In terms of deployment model, the UCaaS market has been segmented into:
Based on service, the UCaaS market has been divided into:
Contact Center Services
UC Application Services
Based on end user, the UCaaS market has been divided into:
Small & Medium Enterprises (SMEs)
Based on delivery model, the UCaaS market has been divided into:
Based on region, the UCaaS market has been divided into:
Middle East & Africa
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