SAN FRANCISCO, Jan. 16, 2020 /PRNewswire/ -- The global unified communication as a service market size is anticipated to reach USD 97.7 billion by 2025, exhibiting a CAGR of 20.5% over the forecast period, according to a new report by Grand View Research, Inc. Technological proliferation in the communication sector is expected to offer growth opportunities over the forecast period. Artificial Intelligence (AI) and Machine Learning (ML) capabilities are expected to change the workforce dynamics, thereby replacing the enterprise voice calls with virtual assistants and bots.
Key suggestions from the report:
Private cloud is expected to be the fastest-growing segment over the forecast period. The growth can be attributed to greater reliability, security, and more control offered by private cloud in the data center
- The healthcare segment is expected to witness the highest CAGR over the forecast period owing to rising expectations of patients and staff to facilitate modern and effective communication
- The Asia-Pacific region is expected to dominate the market over the forecast period. The introduction of 5G in the region has expanded revenue opportunities through faster data processing and communication
- Key players in the unified communication as a service market are 8x8 Inc.; Amazon.com, Inc.; Avaya Inc.; CenturyLink, Inc.; Cisco Systems, Inc.; and Fuze, Inc.
Read 100 page research report with ToC on "Unified Communication as a Service Market Size, Share & Trends Analysis Report By Deployment (Public Cloud, Private Cloud), By Industry Vertical (Real Estate, Legal), By Region, And Segment Forecasts, 2019 - 2025'' at: https://www.grandviewresearch.com/industry-analysis/unified-communications-as-a-service-market
The rapid adoption of AI-enabled communication solutions is paving the way towards an increasingly connected future. These solutions assist professionals to simplify the workflow process by allowing machines to interpret data, analyze information, and guide them to make better decisions. For instance, Amazon, Inc., launched Chime, a cloud-based unified communication solution for meetings, video conferencing, and business calls. The increasing need to enhance business productivity by simplifying processes is expected to trigger the demand for solutions with respect to unified communication as a service.
The growing adoption of hybrid cloud solutions among organizations to prioritize and bifurcate company data has provided new opportunities for service providers to transition towards offering hybrid cloud solutions. Hybrid cloud allows companies to leverage the benefits of both cloud and on-premise infrastructure when planning to migrate to the cloud seamlessly. Additionally, the hybrid cloud also helps organizations to leverage existing infrastructure, thus offering cost-saving opportunities.
Having realized the increased benefits of UCaaS solutions, enterprises are integrating the solution with various social media platforms to understand the customer's needs better and foster better customer relationships. Moreover, social media bots can also be integrated to address customer queries and get quick responses. Apart from the customer point of view, unified communication as a service can be leveraged with social media's real-time features to ensure employee connectivity in remote locations for easier and efficient collaboration and engagement.
Healthcare has emerged as one of the promising sectors, which has opened new growth avenues in terms of growth and transformation. The digital transformation of the healthcare sector is expected to create a strategic approach in adopting solutions with respect to unified communication as a service, to improve the patient experience. The integration of UCaaS with healthcare sector-specific tools such as emergency paging, nurse call systems, and the patient-record system helps healthcare professionals in making quick decisions. Furthermore, the adoption of UCaaS ensures secure and efficient co-ordination amongst hospital staff, which is essential for patient well-being in critical situations, thus promoting market growth.
Grand View Research has segmented the global unified communication as a service market based on deployment, industry vertical, and region:
- Unified Communication as a Service Deployment Outlook (Revenue, USD Billion, 2014 - 2025)
- Public Cloud
- Private Cloud
- Unified Communication as a Service Industry Vertical Outlook (Revenue, USD Billion, 2014 - 2025)
- Real Estate
- IT & Telecom
- Unified Communication as a Service Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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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.
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