NEWARK, Del., Dec. 20, 2022 (GLOBE NEWSWIRE) — The global Unified Communications as a Service (UCaaS) market is expected to generate unprecedented growth opportunities by exhibiting a CAGR of approximately 14.5% between 2021 and 2031. The global market revenue was approximately US$ 19.6 Bn in 2020 and the overall market is predicted to reach US$ 85.7 Bn by 2031. The demand for UCaaS solutions will accelerate in 2020 with the top 5 providers holding approximately 36.5% of the total market share. Unified Communications as a Service (UCaaS) delivers on that vision with flexible, cloud-based solutions that can be deployed more quickly and in less time than on-premises solutions.
This indicated a year-on-year growth of 12.8% in 2021, according to new data released on the UCAAS demand outlook. Across many industrial verticals, the BFSI sector has a major share across sectors. However, the IT & Telecom segment will grow at a CAGR of 18.1% through the assessment period. The growing demand for UCaaS from many large as well as small and medium enterprises (SMEs) can be attributed to the proliferation of mobility and Bring Your Own Device (BYOD) trends.
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The demand for UCAAs is projected to grow at a CAGR of 14.5% between 2021 and 2031 as compared to the 10.7% CAGR registered during 2016-2020. The implementation of hosted solutions by enterprises to reduce costs and improve productivity has created opportunities for the growth of the UCaaS market. Furthermore, the advantages of UCaaS over Unified Communications in terms of ROI, business continuity, speed and flexibility are factors driving the popularity of UCaaS solutions.
Since its inception, Unified Communications (UC), has emerged as a cost-effective solution for various industries such as Healthcare, Retail & CPG, and BFSI. For savvy IT and business leaders, current communications are already in the cloud. With the rise of the 100% remote workforce, virtual teams need to be fully integrated, so they can connect and collaborate with all the tools they need to do their jobs.
key takeaways
- UCaaS is known to steal the center stage as the adoption of cloud solutions and services has seen a significant increase with each passing year. Demand for UCaaS is growing as businesses around the world are looking for more unified communications capabilities to ensure the ability to work and acknowledge the cost and productivity benefits of cloud communications.
- Over the past few years, the continuous digitization of workspaces has increased the demand for remote solutions, creating opportunities for the implementation of UCaaS solutions. In addition, the growing demand for mobile devices, applications, and a variety of collaboration tools enable employees to connect across geographies, platforms, and devices. This is further changing IT consumption trends and increasing adoption of cloud computing and uCaaS solutions.
- In recent years, there has been a significant jump in the adoption of unified UCaaS platforms due to the current remote working mandate. Thus, the demand for UCAAs is projected to grow by approximately 10.3% to 12.8% from 2019 to 2021.
- As more and more employees are choosing to work from home, video conferencing, web conferencing, collaborative meetings, mobile telephony and VoIP phone systems have become some of the most sought after tools.
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competitive landscape
The global Unified Communication as a Service (UCaaS) market has witnessed intense competition and rising customer expectations, which is expected to offer some compelling solutions for innovation and improving customer engagement. The accelerated shift by customers to cloud communications is creating demands for increased user productivity and flexibility and creating opportunities for advanced communication and collaboration tools.
more insight into Unified Communications as a Service (UCS)Yukas) market
North America is expected to dominate the global UCAAS market during the projection period. The US is projected to account for approximately 83% of the North American share by 2031. The demand for UCAAs in the US is anticipated to provide the most lucrative opportunity for revenue generation during the forecast period. The presence of various key players in the US and the proliferation of trends such as work from home (WFH) and bring-your-own-device (BYOD) are some of the key factors encouraging the adoption of uCaaS solutions in the country.
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Yukas Outlook by Category
by solution, Yukas The solutions are divided as follows:
- Software
- Unified UCaaS Platform/Suite
- standalone solution
- audio and video conferencing
- Hosted IP Telephony/VoIP
- collaboration platform
- unified messaging
- Services
- professional services
- Integration and Deployment Services
- consulting services
- support and maintenance
- managed services
- professional services
by enterprise size, Yukas The outlook is segmented as follows:
- Small and Medium Enterprises (SME)
- large enterprises
by vertical, Yukas Demand is divided into:
- BFSI
- IT & Telecom
- Health care
- Retail & CPG
- travel and hospitality
- transportation and logistics
- military and defense
- Other
by region, Yukas Sales are broken down as follows:
- North America
- latin america
- europe
- east asia
- South Asia and the Pacific
- Middle East and Africa (MEA)
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table of content
1. Executive Summary
1.1. Global Market Outlook
1.2. demand side trends
1.3. supply side trends
1.4. analysis and recommendations
2. Market Overview
2.1. Market Coverage / Classification
2.2. Market definition / scope / boundaries
3. Major Market Trends
3.1. Major trends affecting the market
3.2. Solution Innovation / Development Trends
4. Yukas – value analysis
4.1. Pricing Analysis, by Solution
4.2. Average Pricing Analysis Benchmark
5. COVID-19 Pandemic Crisis Impact Analysis
5.1. Impact of the COVID-19 pandemic crisis on the demand for UCAAs
5.1.1. Pre-Covid-19 Growth Analysis
TOC continued..!
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