Unified Communication as a Service (UCaaS) Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Unified Communication as a Service (UCaaS) Market: Snapshot
The latest business intelligence studies report that the global unified communication as a service (UCaaS) market is anticipated to grow exponentially over the forecast period, registering a healthy growth rate of 13.4 % over the forecast years i.e. 2021 to 2028.
The global unified communication as a service (UCaaS) market was valued at US$ 28.96 billion in the base year of the study i.e. 2021.
The research report also dictates that the global unified communication as a service (UCaaS) market is expected to surpass the final evaluation of US$ 69.93 billion by the end of the forecast period i.e. 2028.
The growth in the global unified communication as a service (UCaaS) market can be attributed to the increasing adoption of the solutions and services in the industry by corporations and businesses all over the globe for functions such as messaging, collaboration tools, and video and audio conferencing.
The constant advancements and technological innovations in the domain of hybrid cloud infrastructures as well as the increasing demand for novel and advanced cloud platforms is also propelling the growth in the global unified communication as a service (UCaaS) market in coming years.
Unified communication as a service (UCaaS) can be understood as a delivery model on the cloud that offers a wide variety of communication services, including collaboration applications, through a third party.
It characterizes an integrated and unified cloud platform through which enterprises gain access to all services they may need. Features that make it stand apart from traditional communication platform is elegance, simplicity, and scope.
The drive for UCaaS primarily stemmed from the need to bring scalability and flexibility to core business processes. UCaaS comes with the integrated capability of communications platform as a service (CPaaS) and application programming interfaces (APIs).
The vendors include providers that typically sell directly to buyer organization or may include third party providers; 8x8 Inc. and Microsoft offerings of UCaaS fall in the first category while AT&T and Verizon Wireless come under the second one.
The variety of architectures under UCaaS can be grouped into single-tenancy and multi-tenancy. The single tenancy architecture features a software platform customized for the buyer. Considered as more secure and reliable as disruption in another customer’s data doesn’t affect a specific customer’s data, they are expensive. The onus for upgrades are put on the buyer organization. In contrast to this, in multi-tenancy approach, the software instance resides with provider's data center and is shared. The architecture is more cost-effective with the provider tasked with making regular upgrades. A third approach, called hybrid one, is also possible where unified communications are placed on-premises for security concerns or for the management convenience, while other applications are pushed to the cloud.
Global Unified Communication as a Service (UCaaS) Market: Overview
Unified Communications as a Service (UCaaS) is a delivery model in which provides deliver a variety of telecom or communications software applications or services over an IP network. UCaaS solutions are a part of the global industry trend towards cloud-based services. They are known for offering benefits such as high levels of availability, flexibility, and scalability for core business tasks. They include online meetings, messaging and presence technology, contact center services, video conferencing, and telephony. They are available as stand-alone services or integrated services in terms of delivery model.
Global Unified Communication as a Service (UCaaS) Market: Key Trends
The rapidly rising number of mobile workers worldwide is compelling enterprises to adopt collaboration tools that allow employees to effectively communicate with each other. This, in turn, is providing a fillip to the global (UCaaS). The growing trend of bring-your-own-device (BYOD) and proliferation of mobile devices are also working in favor of the market. On the flip side, the low awareness levels regarding UCaaS solutions and the advantages that these solutions offer are limiting their widespread adoption, especially across SMEs. However, market players are likely to capitalize on untapped, developing regions such as Asia Pacific and the MEA to boost their revenue generation in the coming years.
Global Unified Communication as a Service (UCaaS) Market: Market Potential
Players in the global unified communication as a service market are paying high attention towards the launch of technologically advanced products in order to enhance their visibility in the arena, indicating towards a bright future of the market. To put this perspective, Amazon Web Services (AWS) in February 2017, launched a unified communication service called Amazon Chime. With this, the company promises to offer high-quality audio and video meeting solutions that are one-third of the cost of conventional solutions, without any ongoing maintenance or upfront investments. Another case in point is West Unified Communication Services, which in partnership with Dolby Laboratories Inc. has launched InterCall Reservationless-Plus with Dolby Voice in March 2017. This unified communication solution will offer superior sound quality and clarity of Dolby voice through Voice over Internet Protocol (VoIP) networks.
Global Unified Communication as a Service (UCaaS) Market: Geographical Segmentation
The key regions analyzed in the report are Asia Pacific, the Middle East and Africa, Europe, North America, and Latin America. North America will be a major revenue contributor during the forecast period. The presence of advanced network infrastructure and a large base of tech-savvy workforce is propelling the growth of the region. The increasing investments in sectors such as consumer goods, transportation and logistics, retail, banking, financial services, and insurance (BFSI) are also likely to boost the demand for UCaaS solutions in the region.
Asia Pacific is expected to offer promising opportunities during the same period. The growth of the region can be attributed to the growing inclination of large enterprises towards UCaaS solutions. Moreover, the increasing establishment of offices, contact center services, and manufacturing units in emerging economies such as India and China is augmenting the growth of the region.
Global Unified Communication as a Service (UCaaS) Market: Competitive Landscape
The leading companies operating in the global UCaaS market are Microsoft Corporation, Cisco Systems Inc., 8×8 Inc., Fuze Inc., and West Corporation. These players are paying high attention to the integration of applications and business processes. The trend of using social media for businesses is on a rise, and combining social media with UCaaS solutions allows efficient customer relationships and strengthens marketing. As a result, players are focusing towards building ecosystems that can make social business integration captivating for enterprises. Other prominent global participants in the market are IBM Corporation, Alcatel-Lucent SA (Nokia Networks), Hewlett-Packard Development Company, Verizon Communications, and Avaya Inc.
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