Pune, India, Feb. 02, 2023 (GLOBE NEWSWIRE) -- The global UCaaS Market size was valued at USD 25.85 billion in 2020. The market is projected to grow from USD 28.96 billion in 2021 to USD 69.93 billion in 2028, exhibiting a CAGR of 13.4% during the forecast period. Increasing Application of unified communication as a service Across Numerous Sectors to Boost Growth. This information is provided by Fortune Business Insights, in its report, titled “UCaaS Market Forecast, 2023-2028.”
Industry Development
Verizon Business Group, a division of Verizon Communications based in New Jersey, announced that it has teamed up Zoom Video Communications, a provider of remote conferencing services, headquartered in the U.S.
Genesys introduced a unified contact-center-as-a-service solution known as ‘Omnipremise’ in collaboration with Arvind Limited.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 13.4% |
| 2028 Value Projection | USD 69.93 Billion |
| Base Year | 2020 |
| UCaaS Market Size in 2020 | USD 25.85 billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | Component, Delivery Model, Organization Size, Vertical and Geography |
| UCaaS Market Growth Drivers | Approval of Circulated Workforce and Remote Work Methods to Bolster Growth |
| Implementation of BYOD Services by Companies to Boost Growth |
Key Takeaways
- Icreasing adoption of the CPaaS and APIs are expected to drive the growth of the unified communication as a service market 2023-2028
- Integration of Unified Collaboration Tools with Programmable Capabilities is Emerging Trend
- The increasing adoption of smart mobile devices, as well as advancements in collaboration tools, is enabling remote work and distributed workforce strategies.
- UCaaS Market Size in North America was USD 9.92 Billion in 2020
- Rising Usage of API-driven Programmable Communication to Aid Market Growth
- Organization Size Analysis: Small and Medium-sized Enterprises Segment to Grow Fueled by High IT Spending
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Drivers and Restraints
- Approval of Circulated Workforce and Remote Work Methods to Bolster Growth
- The rising implementation of smart mobile gadgets, as well as improvements in association tools, is empowering remote work and dispersed workforce tactics. Similarly, establishments are employing a ‘bring your own device’ (BYOD) rule across their business facilities.
- This approach is likely to help organizations to upsurge efficiency, refine internal interaction, and eradicate additional prices. This is expected to eventually bolster the UCaaS Market growth during the forecast period.
- Implementation of BYOD Services by Companies to Boost Growth. Nowadays, many companies are putting forward the bring your own devices (BYOD) services for their employees. It is set to aid these companies in improving collaboration, increasing productivity, strengthening communication channels between employees, and cutting costs.
- The service enables employees to get access to the corporate network via their own devices. Employees can connect their devices, such as smartphones, laptops, PCs, and notebooks into the network of a particular company that they are a part of.
- Additionally, several businesses are offering the feature of mobility solutions to enhance consumer satisfaction with faster service and response, as well as to manage business continuity. Besides, mobility solutions help the employees in being in touch with their colleagues, partners, and consumers.
- The increasing adoption of tablets and smartphones, coupled with the persistent development of 5G infrastructure, are expected to propel the UCaaS Market growth during the forthcoming period.
Segmentation
On the basis of components, the market is classified as telephony, unified messaging, collaboration platform, conferencing, and reporting & analytics. Among these, the telephony segment is expected to hold the maximum share in the market.
By delivery model, the UCaaS Market is bifurcated into managed services and hosted/ cloud services.
In terms of the organization size, the market is branched into small and medium-sized enterprises and large enterprises.
Based on vertical, the market is divided into BFSI, IT and telecommunications, IT-enabled services (ITeS), education, retail and consumer goods, government and defence, healthcare, others.
Geographically, the market is segregated across five major regions: North America, Latin America, the Middle East & Africa, Asia Pacific, and Europe.
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Regional Insights
North America to Lead Stoked by Adoption of Video and Audio Conferencing
North America is holding a major UCaaS Market share, owing to the implementation of innovative business communication services. End-use enterprises across this region have embraced services such as chat, video & audio conferencing, voice, mails, and others as an incorporated portion of their procedures. The region generated USD 9.92 billion in 2020 in terms of revenue.
Europe is estimated to display reasonable growth during the forecast period. The growth is owing to the implementation of communications gears, utilization of pay-per-use model, surging movement trends, and others throughout the education and healthcare sector.
Asia Pacific is projected to grow with the maximum CAGR during the forecast period. The growth of this region is owing to the rising demand for internet-grounded interaction services across small-scale and medium-scale enterprises.
List of Key Players Covered in the UCaaS Market Report
- RingCentral, Inc. (California, U.S.)
- ALE International (Boulogne-Billancourt, France)
- Sify Technologies, Ltd (Chennai, India)
- Tata Communications, Ltd. (Maharashtra, India)
- Verizon Communication, Inc (New York, U.S.)
- Genesys (California, U.S.)
- Metaswitch Networks Ltd (London Borough of Enfield, U.K.)
- Mitel Networks Corporation (Ottawa, Canada)
- Polycon, Inc. (California , U.S.)
- Zoom Video Communications, Inc. (California, U.S.)
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Table of Content
- Global Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players
- Overview
- Offerings/Business Segments
- Key Details
- Recent Developments
- Annexure / Appendix
- Global Unified Communication as a Service (UCaaS) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (USD)
- Telephony
- Unified Messaging
- Collaboration Platforms
- Conferencing
- Others
- By Delivery Model (USD)
- Managed Services
- Hosted/Cloud Services
- By Organization Size (USD)
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
- By Vertical (USD)
- Banking, Financial Services and Insurance (BFSI)
- IT and Telecommunications
- IT-enabled Services (ITeS)
- Education
- Retail and Consumer Goods
- Government and Defense
- Healthcare
- Others
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- By Component (USD)
- North America Unified Communication as a Service (UCaaS) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (USD)
- Telephony
- Unified Messaging
- Collaboration Platforms
- Conferencing
- Others
- By Delivery Model (USD)
- Managed Services
- Hosted/Cloud Services
- By Organization Size (USD)
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
- By Vertical (USD)
- Banking, Financial Services and Insurance (BFSI)
- IT and Telecommunications
- IT-enabled Services (ITeS)
- Education
- Retail and Consumer Goods
- Government and Defense
- Healthcare
- Others
- By Country (USD)
- United States
- Canada
- By Component (USD)
- Global Unified Communication as a Service (UCaaS) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
TOC Continued….
FAQ’s
How big is the UCaaS market?
UCaaS Market size to reach USD 69.93 billion in 2028.
How fast is the UCaaS market growing?
The UCaaS market will exhibit a CAGR of 13.4% during the forecast period, 2021-2028
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