Unified Communications as a Service Market to Grow at a CAGR of 12.1%
Unified Communications as a Service Market is flourishing owing to the increasing demand for UCaaS from both large enterprises and SMEs, as well as growing trends toward mobility and Bring Your Own Device along with the advancements in artificial intelligence, machine learning, and other emerging technologies.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Unified Communications as a Service Market was worth USD 31.25 billion in the year 2021. The market is projected to grow at a CAGR of 12.1%, earning revenues of around USD 69.4 billion by the end of 2028. The availability of low-cost smartphones, rising internet penetration, and rising adoption of digital platforms that enable remote work are driving the global unified communication-as-a-service (UCaaS) market. IP-PBX manufacturers enable unified communication and collaboration on smartphones via mobile client software. Mobile unified communications allow users to connect from anywhere in the world. This increases output and fosters better teamwork among employees. The growing importance of API-driven programmable communication features is also driving the global unified communication-as-a-service (UCaaS) market. Businesses in the public sector are utilizing unified communications technology to improve their services. Because the pricing strategy used by providers fits end-user needs within the current IT infrastructure, UCaaS solutions reduce a company's total cost of ownership. However, data security concerns and regulatory risk limit adoption, in turn, may act as a huge restraining factor for the market growth.
Total Cost of Ownership is lower (TCO) Driving the Global Unified Communication-as-a-Service Industry (UCaaS) Market
Enterprises can implement unified communications at a lower cost than on-premises PBX systems due to the development of cloud-based unified communications, which allows employees to connect from any location and at any time. UCaaS solutions use software from externally hosted infrastructure and charge a monthly subscription, lowering the total cost of ownership. These features improve employee collaboration, productivity, and job satisfaction while lowering travel costs. Instead of costly telecommunications equipment, UCaaS solutions necessitate VoIP-ready telephone handsets and dedicated routing equipment on-premise. As a result, the lower total cost of ownership is increasing the size of the global Unified Communication-as-a-Service market.
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Using BYOD Services Increases Business Growth
Businesses are increasingly offering to bring your own device (BYOD) programs to their employees. It is expected to help these businesses reduce costs while improving collaboration, productivity, and employee communication. Because of the service, employees can connect to the corporate network using their own devices. Employees can connect their devices, such as smartphones, laptops, PCs, and notebooks, to the network of a specific company. Furthermore, many businesses offer mobility solutions to manage business continuity and improve customer satisfaction by providing quick service and response.
Challenge: Adoption is Hampered by Data Security Concerns and Regulatory Risks
In an ideal world, UCaaS providers would secure customer data in their own, strictly monitored data centers. However, not every unified communications service provider has its own data center. Concerns about regulatory risks and data security breaches may arise as a result of this. The lack of multiple power sources and remote backups may also have an impact on business risk and compliance regulations. Furthermore, reselling services hosted at a third-party data center poses a significant security risk, preventing the widespread adoption of unified communication services.
Segmental Coverage
Global Unified Communication as a Service Market - By Component
Based on component, the Global Unified Communication as a Service Market is segmented into Telephony, Unified Messaging, Collaboration Platforms, Conferencing, and Others. Among other components, telephony and conferencing are the most popular UCaaS solutions in 2019. However, due to inherent benefits such as security and low reliance on multiple vendors for UCaaS deployment, the collaboration platforms, and applications segment is expected to have higher demand during the forecast period. Due to an increase in demand among small and medium enterprises (SMEs), vendors around the world are offering telephony and conferencing as the main product. These solutions help SMEs streamline their enterprise communication and increase productivity.
Impact of COVID-19 on Global Unified Communication as a Service Market
Businesses all over the world have adopted remote working models to ensure employee safety and stop the virus's spread since the COVID-19 pandemic started. Since employees began working from home, there has been a sharp rise in demand for online communication and association platforms enhanced with cutting-edge technology. A rise in work-from-home and distance learning regulations has also improved service delivery. Businesses occasionally make a quick transition to the cloud service model in order to manage their teams and increase worker productivity.
Competitive Landscape
The leading market players in the Global Unified Communication as a Service Market are Alcatel-lucent SA, ALE International, AT&T, Avaya Inc., Cisco Systems Inc., Dell Inc., Dialpad Talk, DXC technologies, Fuze, Inc., 8x8 Inc., Genesys, Google, Huawei Technologies Co., IBM corporation, Masergy Communications, Inc., Microsoft Corporation, Mitel Networks Corp., Orange business services, Plantronics, Inc. (Polycom), Revation Systems, Ring Central, Verizon Communications, Visionoss ltd., Vonage Holdings Corp., and other prominent players. The Global Unified Communication as a Service Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Unified Communication as a Service Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Unified Communication as a Service Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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