USD 70.49 Billion
Unified Communication as a Service Market Size, Share, Growth Analysis, By Component(Telephony, Unified Messaging, Conferencing, Collaboration Platforms and Applications), By Organization Size(Large Enterprises, Small and Medium Enterprises), By Vertical(Banking, Financial Services, and Insurance, Telecom and IT), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45D2084 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
68
|Figures:
75
Unified Communication as a Service Market Insights
Global Unified Communication as a Service Market size was valued at USD 58.50 Billion in 2022 and is poised to grow from USD 70.49 Billion in 2023 to USD 315.44 Billion by 2031, at a CAGR of 20.6% during the forecast period (2024-2031).
The growing trend of working from home is encouraging employers to embrace UCaaS solutions since it allows them to reassess their operational costs & safeguard their marginal earnings from shrinking. Implementing UCaaS using artificial intelligence helps manufacturers achieve their information technology goals. It enables the organization to intelligently track speakers, intuitively record calls, comprehend users' wants, and deliver relevant services. AI-enabled UCaaS solutions assist organizations in strategizing appropriately about their choices, reviews, and remarks that pertain to their companies, goods, and services.
Adoption of video calling in the aftermath of the pandemic is increasing market usage, as users shift to virtual meetings made possible by video meetings as well as communication tools provided by businesses such as Microsoft, Cisco Systems, and then Zoom Videos Communication Inc. Video conferencing creates a welcoming environment for users, fosters interpersonal interactions, and allows for more efficient decision-making over meetings and conferences.
The advent of 5G networks and fast internet is likely to increase the market during the forecast period, since audio and video conferencing require high speed and low delay connections, which the 5G network easily provides. Due to increased demand for real-time communication, suppliers are now offering Web RTC remedies, which enable faster transmission of videos and conversations in client devices. Intelligent chatbots & predictive intelligence features offer AI and machine learning skills, allowing the organization to improve communication and the remote working experience.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Public Cloud
Fastest Growth
Private Cloud
Growth Rate
20.6% CAGR
Global Unified Communication as A Service Market 2024-2031 ($ Bn)
Country Share for North America Region- 2024 (%)
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Unified Communication as a Service Market Segmental Analysis
Global Unified Communication as A Service Market is segmented based on Deployment, Industry Vertical and organization site region. Based on Component, the market is segmented into Telephony, Unified Messaging, Conferencing, and Collaboration Platforms and Applications. Based on Vertical the market is segmented into Banking, Financial Services, and Insurance Telecom and IT, Consumer Goods and Retail, Healthcare, Public Sector and Utilities, Logistics and Transportation, Travel and Hospitality and Others. Based on organization size the market is segmented into large, medium and small enterprises. Based on region the global Unified Communication as A Service Market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa.
Global Unified Communication as a Service Market Analysis by Deployment
In 2022, the public cloud sector held a 70.0% revenue share, dominating the market. This expansion is attributable to several factors, including the emergence of IoT, edge computing, real-time analytics, and big data consumption, as well as the expanding digital transformation of several industries, including manufacturing, BFSI, IT & telecom, and others. The digital transformation of organisations is causing them to alter their operational procedures and commercial operations.
Over the projection period, the private cloud sector is anticipated to grow at a CAGR of more than 21.0%. This rise may be ascribed to the expanding mobile workforce, the rising emphasis on assuring real-time and rapid access to data, and the growing acceptance of bring your own device (BYOD). An infrastructure that offers hosted services to a single business is known as a private cloud server.
Global Unified Communication as a Service Market Analysis by Industry Vertical
In 2022, the healthcare sector held a dominant revenue share of over 17.0% of the market. Critical healthcare data may be accessed in real time by utilizing technology like cloud-based telephone, video conferencing, and texting. A number of countries, including South Korea, are trying telemedicine in order to give clinicians access to low-cost distant patient treatment.
Over the projection period, the hospitality category is anticipated to grow at a CAGR of more than 23.0%. The increasing digitalization of business processes to track consumer behaviour, improve customer experiences, maximize production, and boost productivity and sales is responsible for this rise. Businesses in the hospitality industry are placing a strong emphasis on the customer experience in order to enhance their revenue position and brand image.
Global Unified Communication as A Service Market By Deployment 2024 (%)
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Unified Communication as a Service Market Regional Insights
In 2022, North America had a noteworthy revenue proportion, around 35.0%. The area is well known for its smooth online and physical channel integration, which creates a cohesive consumer experience. The goal of proactive services is to establish connections with consumers through a variety of channels, including social media, mobile applications, e-commerce sites, physical storefronts, and customer service departments. By ensuring uniform and consistent interactions, this omnichannel strategy builds better customer connections.
Asia Pacific is anticipated to increase at a rate of 23.0% throughout the course of the projection year. Given that the region is advancing technologically and that 4G and 5G technology is becoming more widely used, this notable increase can be attributed to ongoing digitalization and the expansion of the mobile workforce.
Global Unified Communication as A Service Market By Geography, 2024-2031
- Largest
- Fastest
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Unified Communication as a Service Market Dynamics
Global Unified Communication as a Service Market Drivers
Remote Work and Collaboration
- The rise of remote work and distributed teams has increased the demand for UCaaS solutions. These solutions provide seamless communication and collaboration tools, such as voice and video conferencing, instant messaging, file sharing, and virtual meeting rooms, enabling effective collaboration regardless of geographical locations.
Global Unified Communication as a Service Market Restraints
Security and Data Privacy Concerns
- As organizations rely on cloud-based UCaaS solutions, there may be concerns regarding data security and privacy. Organizations need to ensure that proper security measures are in place, including data encryption, access controls, and compliance with regulatory requirements.
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Unified Communication as a Service Market Competitive Landscape
Key market players are creating a stir for employing unified interaction as an assistance, which has grown into a provider of solutions to build up client loyalty innovatively, due to increased rivalry and growth in consumer demands. Manufacturers are integrating AI capabilities into UCaaS technologies to boost their product line and service offerings.
Manufacturers are delivering new goods and focusing on product developments to create money as they start providing Communication Platform as a Service (CPaaS) for their customers, which allows them to link individuals to services, processes, and applications.
Top Player’s Company Profiles in Global Unified Communication as a Service Market
- Microsoft Corporation (US)
- Cisco Systems, Inc. (US)
- RingCentral, Inc. (US)
- Zoom Video Communications, Inc. (US)
- Mitel Networks Corporation (Canada)
- 8x8, Inc. (US)
- Avaya Holdings Corp. (US)
- Vonage Holdings Corp. (US)
- Google LLC (Google Meet) (US)
- BroadSoft (now part of Cisco) (US)
- Alcatel-Lucent Enterprise (France)
- NEC Corporation (Japan)
- Unify, Inc. (Atos SE) (Germany)
- Verizon Communications Inc. (US)
- BT Group plc (UK)
- AT&T Inc. (US)
- StarLeaf (UK)
- Dialpad, Inc. (US)
- Twilio, Inc. (US)
- Nextiva, Inc. (US)
- PBX Plus by 3CX (UK)
Global Unified Communication as a Service Market Recent Developments
-
In May 2024, Constellation Research Names Avaya In ShortLists™ Among Top Solutions for Contact Center as a Service (CCaaS) and Unified Communications as a Service (UCaaS).
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In March 2024, Global UCaaS market to reach more than 131m users by 2028.
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In March 2024, Tata Communications Recognized by Frost & Sullivan for Excellence in Next-gen Connectivity and Unified Communications.
- In February 2022, Evolve IP, a leading international provider of Work Anywhere remedies, announced a collaboration with Webex, a major supplier of cloud-based communication solutions, to build Evolve all places with Webex, Grow IP's latest unified communication solution.
- In April 2022, 8x8, Inc., a leading provider of unified communication solutions, and Genesys, a global cloud leader in customer service orchestration, have introduced an 8x8 Working with Genesys Cloud CX solution combination. With the new connection, businesses can quickly align agents and subject-matter specialists to collaborate for better customer results.
Unified Communication as a Service Key Market Trends
- Cloud-Based Solutions: The shift towards cloud-based UCaaS solutions continues to gain momentum. Organizations are embracing cloud-based models to leverage the benefits of scalability, flexibility, and reduced infrastructure costs. Cloud-based UCaaS solutions also enable seamless remote access and collaboration from anywhere, supporting the growing trend of remote work.
- Integration with Collaboration Tools: UCaaS providers are increasingly integrating their solutions with popular collaboration tools such as messaging apps, project management platforms, and document sharing tools. This integration allows for a unified and streamlined communication and collaboration experience, improving productivity and efficiency.
- Video Conferencing Dominance: Video conferencing has emerged as a dominant component of UCaaS solutions. The COVID-19 pandemic has accelerated the adoption of video conferencing for remote collaboration. Providers are enhancing video capabilities by offering features like virtual backgrounds, screen sharing, and recording options to enhance the overall meeting experience.
- Artificial Intelligence (AI) Integration: AI technologies are being integrated into UCaaS solutions to enhance user experience and productivity. AI-powered features such as voice assistants, real-time language translation, transcription services, and automated meeting scheduling are becoming increasingly prevalent, making communication and collaboration more efficient.
Unified Communication as a Service Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global unified communication as a service market analysis, the growing trend of working from home is encouraging employers to embrace UCaaS solutions since it allows them to reassess their operational costs & safeguard their marginal earnings from shrinking. Implementing UCaaS using artificial intelligence helps manufacturers achieve their information technology goals. It enables the organization to intelligently track speakers, intuitively record calls, comprehend users' wants, and deliver relevant services. AI-enabled UCaaS solutions assist organizations in strategizing appropriately about their choices, reviews, and remarks that pertain to their companies, goods, and services.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 58.50 Billion |
| Market size value in 2031 | USD 315.44 Billion |
| Growth Rate | 20.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Unified Communication as a Service Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Unified Communication as a Service Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Unified Communication as a Service Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Unified Communication as a Service Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Unified Communication as a Service Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Unified Communication as a Service Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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