Market Overview
The unified communication as a service (UCaaS)
market will develop
at a 10.5% CAGR in the forecast period (2020- 2027), states the latest Market
Research Future (MRFR) report.
Drivers
Continued Rollout of 5G
Data Network to Boost Market Growth
The continued
rollout of high-speed 5G data network will boost market growth over the
forecast period. The low-latency and high-speed connectivity enabled by 5G
networks can significantly improve audio and video conferencing and meetings as
well as strengthen collaboration.
Opportunities
Incorporation of AI to
offer Robust Opportunities
The
incorporation of cutting-edge technology like AI is crucial to assist organizations
to attain their digital transformation goals. This may offer robust
opportunities for the market in the forecast period. Solutions that are
AI-enabled can help businesses to automate transcriptions, track speakers
intelligently, record calls intuitively, understand users’ needs, and offer
relevant services. UCaaS solutions that are AI-powered can also help with
sentiment analysis. Thus they can typically use data mining methods for
analyzing discussions, comments, and reviews and also direct mentions of
services, brands, and products and help enterprises to strategize
accordingly.
Restraints and Challenges
Lack of Awareness to act as
Market Restraint
The lack of awareness
regarding unified communication as a service offerings & company policies
around security issues of these integrated platforms may act as a market
restraint over the forecast period.
COVID-19 Analysis
The COVID-19
outbreak has compelled enterprises in adopting a hybrid business model thus
enterprises are specially consolidating multiple communication features and
also allowing cross-functioning for efficient collaboration. The increase in
work from home employees is also prompting companies in implementing UCaaS
solutions. Organizations are also adopting UCaaS tools and platforms as the
outbreak prompts them in reevaluating their operational costs and protecting
their margins amid dwindling revenues.
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Market Segmentation
The unified
communication as a service market is bifurcated based on deployment mode,
service, organization size, delivery model, and vertical.
By deployment
mode, the unified communication as a service market is segmented into hosted
and managed. The hosted segment is again segmented into UC laaS, UC PaaS, and
UC SaaS.
By service,
the unified communication as a service market is segmented into collaboration
services, UC application services, contact center services, and telephony
services.
By
organization size, the unified communication as a service market is segmented into
small and medium enterprises and large enterprises.
By delivery
model, the unified communication as a service market is segmented into
integrated services and standalone services.
By vertical,
the unified communication as a service market is segmented into travel and
hospitality, logistics and transportation, healthcare, retail, public sector,
IT and telecom, BFSI, and others.
Regional Analysis
North America to Steer
Unified Communication as a Service Market
North America
will steer the market over the forecast period. Increased adoption of BYOD
trends, increasing demand for efficient collaboration and communication to
ensure adequate care and diagnosis in the US during the COVID-19 outbreak, the
presence of a large number of UCaaS vendors, and increasing technology adoption
for increasing productivity are adding to the growth of global unified
communication as a service market in this region.
Key Players
Eminent
players profiled in the global unified communication as a service market report
include IBM Corporation, Cisco Systems, Inc., BT Group, 8x8, Inc., Microsoft
Corporation, Verizon Communications, Inc., Avanade, Inc., Fuze, Inc., Voss
Solutions, Polycom, Inc., ATOS SE, and West Corporation.
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