Unified Communications as a Service Market size is expected to grow from USD 15.8 billion in 2019 to USD 24.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.5% during the forecast period. The key factors driving the growth of the UCaaS market include increasing demand for UCaaS from both large enterprises and SMEs and growing trends toward mobility and Bring Your Own Device (BYOD).
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Based on components, the collaboration platforms and applications segment to grow at the highest CAGR during the forecast period
The presence of legacy unified communication systems for telephony has made easy for enterprises to move to cloud telephony without many budget investments. Additionally, employees across the world prefer voice as a main form of communication compared to messaging and video conferencing. This has led telephony to have the largest market share compared to other components. However, rising need for security and need to remove dependency on multiple vendors enterprises are deploying collaborations platforms to have a single solution for all their unified communication needs. Thus, collaboration platforms and applications segment is estimated to grow at the highest CAGR during the forecast period.
Based on regions, North America to account for the largest market size during the forecast period
North America is estimated to dominate global UCaaS due to the presence of a large number of UCaaS vendors and high adoption of BYOD and enterprise mobility trends across the region. However, Asia Pacific (APAC) is estimated to grow at the highest CAGR during forecast period among other regions.
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The UCaaS market comprises major solution providers, such as RingCentral (US), 8x8 (US), LogMeIn (US), Mitel (US), Cisco (US), Vonage (US), Fuze, Inc. (US), Microsoft (US), Google (US), Verizon (US), BT (UK), Orange S.A. (France), DialPad (US), StarBlue (Ireland), Windstream (US), Alcatel-Lucent Enterprise (France), Intrado Corporation (US), NTT Communications Corporation (US), Masergy (US), and Revation Systems (US). The study includes the in-depth competitive analysis of these key players in the UCaaS market with their company profiles, recent developments, and key market strategies.
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The global Unified Communication As A Service Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the unified communication as a service market include 8x8, Inc., ALE International, Avaya Inc., Cisco Systems Inc., Fuze, Inc., IBM Corporation, Mitel Networks Corp., NEC Corporation, RingCentral, Inc. and Verizon Communications Inc..
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Unified Communication As A Service Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/unified-communication-as-a-service-market/download-sampleMarket DynamicsThe growing need for effective communication solutions across many industries is a significant factor creating a positive outlook for the market.
In addition, the extensive adoption of cloud computing solutions across the globe, the emerging trend of bring-your-own-devices (BYOD) for improved enterprise mobility, and technological advancements, such as machine learning (ML) and artificial intelligence (AI) based solutions for advanced communications, are playing as other growth-inducing factors.
UCaaS solutions offer numerous benefits, including automated transcripts, smart tracking of speakers, and intuitive call recordings, which, in turn, contributing to the market growth.
