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

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.