Service center

Unified Communications as a Service (UCaaS) Market Size and Growth

A recent market study published by Future Market Insights (FMI) on the Unified Communication as a Service (UCaaS) market includes global industry analysis for 2016-2020 and opportunity assessment for 2021-2031, and provides a comprehensive assessment of the most important market. dynamic. After conducting thorough research on historical and current growth metrics, market growth prospects are obtained with utmost accuracy.

Unified communications-as-a-service (UCaaS) market revenue totaled US$19.6 billion in 2020, according to Future Market Insights (IMF) analysis. With a CAGR of 14.5% between 2021 and 2031, the overall market is expected to reach US$85.7 billion by 2031.

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Demand for UCaaS solutions will accelerate, with the top 5 vendors holding around 36.5% of the total market in 2020.

Recently released data on the UCaaS demand outlook points to 12.8% year-over-year growth in 2021. Among verticals, the share held by the BFSI sector will remain the highest of all. However, the IT and telecommunications segment will grow at a CAGR of 18.1% during the assessment period.

UCaaS Market COVID-19 Impact Analysis

The coronavirus (COVID-19) outbreak has created the need for organizations to adapt to today’s fast-paced world where business continuity is a must. The outbreak of the COVID-19 pandemic marks a rare occasion where business leaders around the world must quickly allow their staff to work remotely for an extended period of time.

Due to this factor, organizations are incorporating remote work into their business where communication and remote work policy is the key to meet expectations between management and employees.

According to Future Market Insights, the COVID-19 pandemic is expected to accelerate the adoption of cloud computing not only as a technological shift, but also as an operating model, as businesses around the world recognize the limitations of their current situation.

Key points: UCaaS market

By solution segment, the integrated UCaaS platform/suite is expected to account for the major share of the global UCaaS market during the forecast period. The segment is expected to grow at a robust CAGR of 17.3% through 2031.
The demand for UCaaS in small and medium enterprises (SMBs) is expected to increase at a maximum rate as these organizations continue to adopt UCaaS and cloud-based solutions for better return on investment.
The demand for UCaaS in the IT & Telecom and BFSI industries is expected to grow at an impressive CAGR. Among these, the BFSI industry is expected to account for the major share of the UCaaS market during the forecast period.
North America is expected to dominate the market followed by Europe in 2021. South Asia and Pacific is expected to become the fastest growing region between 2021 and 2031.
The market in Japan is expected to grow at a CAGR of over 17% through 2031.
In the UK, sales are expected to grow at a CAGR of nearly 18% over the next ten years.

Competitive landscape

Intense competition and rising customer expectations are creating a storm in the global UCaaS market, forcing solution providers to innovate and improve customer engagement. Customers’ accelerated transition to cloud communication creates demand for increased user productivity and flexibility and creates opportunities for advanced communication and collaboration tools.

For example, in May 2021, 8×8, Inc. announced Experience Communications as a Service (XCaaS), a cloud communications deployment model that blurs the line between Unified Communications as a Service (UCaaS) and the data center. contact as a service (CCaaS). With XCaaS, organizations can meet the communication needs of all employees as they work together to deliver differentiated customer experiences.

Some of the major companies operating in the market are:

8×8 inc.
Cisco Systems, Inc.
Google LLC
Microsoft Corporation
LogMeIn Inc.
Ring Central, Inc.
Mitel Networks Corporation
Rocket Inc.
Windstream Holdings, Inc.
FTA International
DIALPAD, INC.
Verizon Communications Inc.
NTT Communications Corporation

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UCaaS insights by category

By solution, UCaaS solutions are segmented as follows:

Software
Integrated UCaaS Platform/Suite
Stand-alone solutions
Audio and video conferences
Hosted IP telephony/VoIP
Collaborative platform
Unified Messaging
Services
Professional services
Integration and Deployment Service
Consulting services
Support & Maintenance
Managed Services

By business size, UCaaS Outlook is segmented as:

Small and medium-sized enterprises (SMEs)
Large companies

By vertical, UCaaS demand is segmented as follows:

BFSI
IT & Telecom
Health care
Retail and GICs
travel and hospitality
Logistic transport
Military & Defense
Others

By region, UCaaS sales are segmented as follows:

North America
Latin America
Europe
East Asia
South Asia and the Pacific
Middle East and Africa (MEA)

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Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.

This press release was published on openPR.