Unified Communications As A Service (UCaaS) Market Size, Share, Opportunities, And Trends By Application (Enterprise Telephony, Meetings (audio/video/web Conferencing), Messaging, Communications-enabled Business Processes), By End-User (BFSI, IT And Telecom, Retail, Healthcare, Public Sector, Education, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Apr 2023
- Report Code : KSI061615186
- Pages : 142
The unified communications as a service (UCaaS) market is projected to grow at a CAGR of 24.14%, reaching US$119.62 billion in 2028 from US$26.33 billion in 2021.
Unified communications as a service is a cloud-based service that integrates various communication and collaboration applications into a single platform. UCaaS enables businesses to streamline communication channels, reduce costs, and enhance productivity. UCaaS offers multiple communication tools, including voice and video conferencing, messaging, email, and collaboration software. The platform allows users to access these tools from anywhere, on any device, using an internet connection. It eliminates the need for expensive hardware, software, and maintenance costs, making it an attractive option for businesses of all sizes.
One of the significant advantages of UCaaS is its scalability. As businesses grow and their communication needs change, UCaaS can quickly adapt to meet those requirements. The platform also offers a high level of flexibility, allowing users to choose the communication tools that best suit their needs. In addition, it also provides robust security features, including data encryption, firewalls, and multi-factor authentication. These security measures protect sensitive data and communication from unauthorized access, hacking, or data breaches. As a result, UCaaS is a cost-effective and flexible solution that offers businesses a comprehensive contact and collaboration platform with the added benefits of scalability, accessibility, and security.
The unified communications as a service market is driven by the rising incorporation of remote work and its solutions and the growing demand and adaptation of cloud-based solutions.
- Rising incorporation of remote work and its solutions
The COVID-19 pandemic has accelerated the trend toward remote work and increased the demand for remote work solutions. In the US, a report by the US Bureau of Labor Statistics shows that the number of people working remotely has increased by 115% since 2005, with 42% of the US labor force working remotely in 2020. The benefits of remote work, such as increased productivity and cost savings, have contributed to the growth in demand for remote work solutions. UCaaS has emerged as a popular solution for businesses looking to enable remote work, as it provides employees with access to communication and collaboration tools from anywhere, on any device, using an internet connection. This has led to a significant increase in the adoption of UCaaS solutions.
- Growing demand and adaptation of cloud-based solutions
The adoption of cloud-based solutions has increased over the past few years, with businesses of all sizes moving their IT infrastructure to the cloud. UCaaS is a cloud-based solution that offers businesses a comprehensive suite of communication and collaboration tools without expensive hardware, software, and maintenance costs. In addition, UCaaS solutions can be easily scaled up or down to meet the changing business needs, making it an attractive option for businesses looking to adopt cloud-based solutions.
Based on end-user, the unified communications as a service market is expected to witness positive growth in the healthcare segment.
The healthcare sector is key end-users driving growth in the unified global communication as a service (UCaaS) market. Healthcare providers are increasingly adopting UCaaS solutions to improve communication and collaboration among staff, patients, and caregivers. UCaaS can enhance the quality of care by enabling secure messaging, video conferencing, and telemedicine services. With the rise of remote work and telehealth services, the demand for UCaaS in the healthcare sector is expected to grow significantly in the coming years.
North America accounted for a significant share of the global unified communications as a service market.
The unified communication as a service market is geographically segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. North America is one of the leading regions in the global UCaaS market. The United States is one of the largest markets for UCaaS due to several leading vendors and the high adoption of cloud-based technologies in the region. The pandemic has also increased the demand for UCaaS solutions as organizations have shifted to remote work and require advanced collaboration tools. The Canadian UCaaS market is also growing, with the increasing adoption of cloud-based technologies and the government's focus on digitization. The region is expected to maintain its significance in the UCaaS market due to the high adoption rate of advanced technologies, the presence of leading vendors, and the increasing demand for remote work solutions.
- In March 2023, Viirtue, a provider of UCaaS and wholesale voice based in Tampa, secured US$10.8 million in Series A financing, which Ballast Point Ventures IV spearheaded. The funding was utilized to improve its platform.
- In November 2021, Tata Communications introduced a new service named GlobalRapide, which provides managed UCaaS for businesses. The objective was to enable enterprises to offer their employees sophisticated, digitally advanced, intelligent collaboration experiences.
- In October 2022, RingLogix, a significant provider of UCaaS, secured a US$3 million series A investment from MK Capital to improve its position as one of the swiftest-growing software firms allowing MSPs to brand and resell UCaaS. The proceeds were expected to be utilized to speed up product innovation, deploy new integrations and solutions, expand partners' businesses, and increase their earnings.
Unified Communications as a Service (UCaaS) Market Scope:
|Market Size Value in 2021||US$26.33 billion|
|Market Size Value in 2028||US$119.62 billion|
|Growth Rate||CAGR of 24.14% from 2021 to 2028|
|Forecast Period||2023 – 2028|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Application, End-User, and Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Zoom Video Communications, Inc., Verizon, Microsoft, Sangoma, 8x8, Inc., Bandwidth Inc., Dstny, Genesys, Avaya Inc., RingCentral, Inc.|
|Customization Scope||Free report customization with purchase|
- By Application
- Enterprise Telephony
- Meetings (Audio/Video/Web Conferencing)
- Communications-enabled Business Processes
- By End-User
- IT and Telecom
- Public Sector
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Research Design
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. UNIFIED COMMUNICATION AS A SERVICE (UCAAS) MARKET BY APPLICATION
5.2. Enterprise Telephony
5.3. Meetings (Audio/Video/Web Conferencing)
5.5. Communications-enabled Business Processes
6. UNIFIED COMMUNICATION AS A SERVICE (UCAAS) MARKET BY END-USER
6.3. IT and Telecom
6.6. Public Sector
7. UNIFIED COMMUNICATION AS A SERVICE (UCAAS) MARKET BY GEOGRAPHY
7.2. North America
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Zoom Video Communications, Inc.
9.5. 8x8, Inc.
9.6. Bandwidth Inc.
9.9. Avaya Inc.
9.10. RingCentral, Inc.
Zoom Video Communications, Inc.
|Report Name||Published Month||Get Sample PDF|
|Energy as a Service (EaaS) Market Size: Report, 2023 - 2028||Feb 2023|
|Firewall as a Service Market Size & Share: Report, 2022-2027||Oct 2022|
|Function as a Service (FaaS) Market Size: Industry Report, 2021-2026||May 2021|
|Network as a Service (NaaS) Market Size & Share: Report, 2022-2027||Dec 2022|
|Identity as a Service Market Size & Share: Report, 2022-2027||Jun 2022|