According to a report published by UnivDatos Markets Insights, the Unified Communication-as-a-Service (UCaaS) market is expected to grow with a CAGR of around 11 percent over the forecast period (2022-2028). UCaaS is a cloud-delivered unified communication model that mainly supports enterprise telephony, meetings (audio, video, web conferencing), unified messaging, instant messaging and presence (personal, and team), mobility, and communication-enabled business processes.
Typical characteristics of UCaaS include multitenancy (including tenant partitions residing on shared UC infrastructure, such as data centers, racks, compute, network, common equipment and blades) and self-service web portals for provisioning, management and performance/usage reporting.
The increasing adoption of smart mobile devices coupled with the growing advancements of collaboration tools is expected to drive the market. Moreover, the rising trend of “bringing your own device” among organizations and the growing trend of remote work is expected to affect the UCaaS market. For instance, 55 percent of businesses globally offer some capacity for remote work.
Some of the major players operating in the market include 8×8 Inc, Cisco System Inc, Google LLC, Microsoft Corporation, LogMeIn Inc, RingCentral Inc, Mitel Networks Corporation, Fuze Inc, Windstream Holdings Inc, ALE International.
According to the UnivDators Report, COVID-19 had a huge impact on every industry, however, due to constant lockdowns and social distancing organizations were shifted to remote working platforms to safeguard employee safety and to reduce the spread of the virus. This has positively influenced the market.
The global UCaaS report finds:
- Based on components, the market is segmented into telephony, unified messaging and collaboration platforms. The telephony component is expected to grow with a significant CAGR during the forecast period. This is mainly due to the transformation of the enterprise communication infrastructure. Furthermore, as the trend of remote working is becoming more prevalent, to communicate with teammates Unified Communication-as-a-Service (UCaaS) is used.
- Based on organization size, the market is segmented into small and medium enterprises and large enterprises. The small and medium enterprises segment is expected to grow significantly during the forecast period. The growing prominence of UCaaS in small and medium organizations is attributed to the normalization of contract work and remote work, offering enterprises the agility to be responsive as well as strategic in order to maintain an edge in the marketplace. Moreover, the small and medium have higher IT spending.
The North American region is expected to achieve a larger share of UCaaS growth. The growth in the region is attributed to advanced business communication services. Furthermore, the presence of key players in the market such as Microsoft Corporation, Google LLC, Genesys etc. Moreover, organizations across the region are adopting advanced unified communication services such as conferencing, unified messaging, enterprise telephony, and instant messaging.
The usage of contact center capabilities such as auto-attendant, call routing, interactive voice response and CRM integrations also is rising in North America.
The degree of competition among prominent global companies was detailed by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on traits such as global market competition, market share, recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading UCaaS companies.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in UCaaS?
- Which factors are influencing UCaaS over the forecast period?
- What are the global challenges, threats, and risks in UCaaS?
- Which factors are propelling and restraining UCaaS?
- What are the demanding global regions of UCaaS?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
UnivDatos Market Insights (UMI) is a market research firm and a subsidiary of Universal Data