New York, US, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Unified Communication as a Service Market information by Deployment Mode, by Components, by Organization Size and Region – forecast to 2027” market size to grow at a compound annual growth rate of 10.5% by 2025.
Market Scope:
Unified communication as a service (UCaaS) is a service model offered to telecommunication providers to enable collaborations or meetings. Support for chat and voice communication can lead to adoption in huge droves. The global unified communication as a service market report by Market Research Future (MRFR) covers drivers and setbacks to be faced by industry leaders during the forecast period (2020-2027). The COVID-19 pandemic and its effects on the market are explained in high detail.
Dominant Key Players on Unified Communication as a Service Market Covered are:
- Microsoft Corporation
- Verizon Communications Inc.
- ATOS SE
- Polycom Inc.
- Avanade Inc.
- 8x8 Inc.
- Voss Solutions
- IBM Corporation
- Fuze Inc.
- West Corporation
- Cisco Systems Inc.
- BT Group
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Market USP Exclusively Encompassed:
Market Drivers
Goals of developed and developing nations to increase food production by 70% by 2050 can drive the market demand significantly. Introduction of subsidies to farmers and loan schemes for adapting modern methods can bode well for the market. Farm mechanization that refers to use of modern vehicles for irrigation of and harvesting of crops can favor the market. This can increase the output while keeping labor costs low. Government efforts to bring in farmers to the industrial fold by assuring timely assistance with fertilizers, crop seeds, and right prices for their crops can influence farmers greatly. This is exemplified by release of funds to states by the central government of India through its Sub-Mission on Agricultural Mechanisation scheme for establishment of farm machinery banks, distribution centers for machines, and custom hiring centers.
Lack of arable land, need of fresh water, and climate change are challenges posed to the market.
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Segmentation of Market Covered in the Research:
By deployment mode, the market has been segmented into managed and hosted. The hosted segment has been further divided into UC SaaS, UC PaaS, and UC IaaS.
By service, the market has been divided into telephony services, contact center services, UC application services, and collaboration services.
By organization size, the market has been divided into large enterprises and small and medium enterprises.
By delivery model, the market has been bifurcated into standalone services and integrated services.
By vertical, the market has been divided into BFSI, IT & telecom, public sector, retail, healthcare, logistics & transportation, travel & hospitality, and others.
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Regional Analysis
APAC is touted to lead the global market owing to increased demand for food by the large population residing in China and India coupled with need for sustainable practices. Government support for enabling modern equipment for resident farmers and rising export of cereals from the region can bolster market demand. Indonesia has also vouched for local production of farm equipment with the government setting aside a fund for increasing yields and investing in rice science. Huge demand for tractors and investments to reduce harvest losses can drive the market.
North America has assumed the second position in the unified communication as a service market owing to huge demand for tractors. Used farm equipment is another niche segment sprouting in the region owing to assurance on these products given by certified preowned programs. In addition, leasing of equipment to farmers in Canada and the U.S. may also bolster market revenues.
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COVID-19 Impact on the Global Unified Communication as a Service Market
The COVID-19 outbreak has affected the supply chain of agriculture equipment which has in extent foiled the plans of procurement of additional arable land for cultivation. Focus of companies for producing crops locally and sell to farm outlets is expected to drive the market demand significantly. New farm laws enabling companies to tie-up with large farmers to gain stocks of viable crops in respect to customer demand may be suitable to the market. This is evident by establishment of centers housing fresh farm produce.
Industry Trends
Introduction of smart equipment capable of providing accurate metrics on soil quality and other parameters vital for a good harvest can disrupt the unified communication as a service market. This is exemplified by Caterpillar launching skid-steer loaders with room for attachment for other equipment for multi-tasking purposes. The tools in the machine can recognize new equipment and assign controls accordingly.
Farm monitoring platforms have gained prominence with the evolution of internet of things and use of data for improving farming practices. Recently, FarmMicro has launched a farm control monitoring system, SmartFarm, for allowing farmers overall control of their equipment. Examples of applications are livestock monitoring and control of irrigation gates, rain gauges, and farm gates. The company has even partnered with John Deere to provide real-time data for proving insights into operations.
Industry News
Vonage, a provider of UCaaS solutions, has launched a virtual assistant for its clients to enhance customer experiences.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
