Unified Communication as a Service (UCaaS) Market Outlook 2031
The unified communication as a service market size was valued at USD 58.87 Billion in 2022 and is anticipated to reach USD 387.76 Billion by 2031, expanding at a CAGR of 23.3% during the forecast period, 2023 – 2031. The growth of the market is attributed to the rising number of employees working from home, which is encouraging companies to implement unified communication as a service.
Unified communication is a group of services or cloud mechanism for communication within an organization. The capability of cloud-based unified communication coupled with IoT devices, which allow for real-time connectivity and contribute in process automation, is majorly expected to increase the usage of UCaaS solutions.
Unified Communication as a Service Market Trends, Drivers, Restraints, and Opportunities
- UCaaS solutions can help a company to control cloud platforms and carry-on effective communication, without spending on IT infrastructure.
- Small and medium-sized enterprises (SMEs) are majorly opting for UCaaS solutions to enable unified communication at reasonable prices.
- Rising fame of unified communication as a service and continuous launch of social media platforms is expected to propel the market.
- Combining UCaaS solutions with social media bots allow organizations to collect responses and address customer inquiries.
- Factors such as operational flexibility and affordable prices are estimated to fuel the market.
- UCaaS solutions contribute to digital transformation of enterprises along with saving costs.
Scope of Unified Communication as a Service Market Report
The report on the unified communication as a service market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Unified Communication as a Service Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Deployments (Public Cloud and Private Cloud), Industry Vertical (Automotive, Education, Healthcare, IT & Telecom, Legal and Real Estate), and Regions
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Amazon.com, Inc., 8x8 Inc., CenturyLink, Inc., Avaya Inc., Fuze, Inc., and Cisco Systems, Inc.
Unified Communication as a Service Market Segment Insights
Based on deployment, the unified communication as a service is bifurcated into public cloud and private cloud segments. The public cloud technology helps in minimizing the time required for testing and organizing new products.
Rising preference of companies for flexible atmosphere that can help in organizing changes professionally is encouraging companies to choose public cloud-based platforms. Companies of all sizes can easily change from traditional communication to efficient and advanced communication solutions.
The private cloud technology is projected to register a substantial growth rate during the forecast period. Private cloud technology can be customized and permits companies to select only those services which are needed. Private cloud-based technology provides features such as 24/7 support, service legal agreements, and a personalized and secure experience.
On the basis of industry verticals, the unified communication as a service is segregated into automotive, education, healthcare, IT & telecom, legal, and real estate. The IT & telecom segment is projected to expand at a rapid pace during the forecast period.
Prominence of numerous IT & telecom organizations, which carry out effective team work between their international branches, is fueling the demand for UCaaS solutions. Rising need for data privacy and security is boosting the demand for UCaaS solutions.
The healthcare segment is attributed to register a substantial growth during the forecast period. Increasing usage of UCaaS by the healthcare industry, such as National Health Service (NHS), is inspiring other healthcare organizations to use the UCaaS technology at the organizational level.
Patients as well as doctors are keen to be in touch with each other, hence UCaaS helps doctors to access critical patient data from several sources in real time to provide care. Strict government regulations and acts are motivating healthcare organizations to use private cloud UCaaS to preserve data security and privacy.
In terms of regions, the unified communication as a service market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is estimated to expand at a robust CAGR during the forecast period.
Healthcare providers and government bodies are looking forward to effective communication and teamwork to confirm satisfactory care in the US. This in turn, is boosting the demand for UCaaS solutions.
The market in Asia Pacific is projected to register significant growth during the forecast period, due to rising mobile staff and digitization in the region. Presence of major AI development hubs in the region such as Singapore, has increased a number of startups that provide AI services across the globe. This in turn, is propelling the growth of the market during the forecast period.
The global unified communication as a service market has been segmented on the basis of
- Public Cloud
- Private Cloud
- IT & Telecom
- Real Estate
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players in the unified communication as a service market include Amazon.com, Inc., 8x8 Inc., CenturyLink, Inc., Avaya Inc., Fuze, Inc., and Cisco Systems, Inc. Developers are concentrating more on product launches and innovations to generate revenue.