SAN FRANCISCO, April 1, 2021 /PRNewswire/ -- The global unified communication as a service market size is expected to reach USD 210.07 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 23.6% from 2021 to 2028. The growing preference for combining unified communication and IoT is expected to open new growth opportunities for the market. The ability of cloud-based unified communication solutions, along with IoT devices and solutions, to enable real-time connectivity and contribute to process automation is particularly expected to encourage enterprises to shift from conventional communication to UCaaS solutions. UCaaS (Unified Communication as a Service) can also help in convenient employee collaboration as employers can flexibly hire resources from a more comprehensive geographical range and onboard them through personalized self-guided walkthroughs and training material.
Key suggestions from the report:
By deployment, the private cloud segment is expected to emerge as the fastest-growing segment over the forecast period. This can be attributed to the greater degree of customization and control offered by private cloud platforms for the deployment of UCaaS solutions
Based on industry vertical, the healthcare segment is expected to register the highest CAGR over the forecast period as healthcare practitioners increasingly opt for these solutions to gain access to vital patient data and consult with their peers in real-time during mission-critical scenarios
Asia Pacific is expected to dominate the market over the forecast period owing to the emergence of several startups offering cloud-based communication and collaboration services in the region
UCaaS solutions can allow enterprises to leverage cloud platforms to roll out effective communication without investing in dedicated IT infrastructure. Hence, SMEs are particularly adopting UCaaS solutions to facilitate unified communication at affordable prices. As such, these solutions can typically contribute to organizations' digital transformation goals while saving costs. SMEs are also adopting these solutions as part of the rollout of a hybrid working model in the wake of the outbreak of the COVID-19 pandemic. Benefits such as affordable prices and operational flexibility are expected to drive the market over the forecast period.
The growing popularity and continuous emergence of various social media platforms bode well for the market growth. Having realized that individuals tend to spend more of their free time on social media, enterprises are looking forward to rolling out new channels to reach out to their customers and better understand their needs and requirements to offer efficient customer service. Integrating social media bots with UCaaS solutions can allow enterprises to receive responses and address customer queries. Combining UCaaS with real-time social media features can typically facilitate efficient collaboration and engagement in remote locations.
The aggressive adoption of cloud computing and unified communication is poised to trigger a paradigm shift in the legal industry. For large legal firms, ensuring efficient communication is of paramount importance even if their offices are located at different geographical locations. Moreover, as large legal firms are increasingly outsourcing some part of their work to Alternate Legal Service Providers (ALSPs), efficient communication would be required between the two parties to ensure adequate data security and privacy protection. For smaller legal firms, handling communication across various channels through a single platform can dedicate more resources to critical client services and engagement. Continued adoption of UCaaS solutions by legal firms is expected to drive the market over the forecast period.
Grand View Research has segmented the global UCaaS market on the basis of deployment, industry vertical, and region:
UCaaS Deployment Outlook (Revenue, USD Billion, 2017 - 2028)
UCaaS Industry Vertical Outlook (Revenue, USD Billion, 2017 - 2028)
IT & Telecom
UCaaS Regional Outlook (Revenue, USD Billion, 2017 - 2028)
Middle East & Africa
List of Key Players of Unified Communication as a Service (UCaaS) Market
Public Cloud Market – The global public cloud market size was valued at USD 211.5 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.6% from 2020 to 2027.
Private Cloud Server Market – The global private cloud server market size was valued at USD 30.24 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 29.6% from 2019 to 2025.
Video Conferencing Market – The global video conferencing market size was valued at USD 3.85 billion in 2019 and is expected to register a CAGR of 9.9% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.