USD 47.64 Billion
Report ID:
SQMIG45D2084 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
68 |
Figures:
75
Global Unified Communication As A Service Market size was valued at USD 47.64 Billion in 2021 and is poised to grow from USD 58.45 Billion in 2022 to USD 262.37 Billion by 2030, at a CAGR of 20.6% during the forecast period (2023-2030).
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.
Global Market Size
USD 47.64 Billion
Largest Segment
Public Cloud
Fastest Growth
Public Cloud
Growth Rate
20.6% CAGR
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The global unified communication as a service market is segmented based on deployment, industry vertical, and region. Based on deployment, the market is segmented into public cloud and private cloud. Based on industry vertical the market is segmented into automotive, education, healthcare, BFSI, hospitality, real estate, legal, IT & telecom, and others. Based on region, the global unified communication as a service market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Global Unified Communication as a Service Market Analysis by Deployment
The public cloud segment generated the largest revenue share, approximately 73%, as it reduces lead times in product testing and deployment and provides the opportunity to implement the UC platform on a subscription-based and scalable scale. It assists organizations in shifting their preference from conventional communication practices to more sophisticated and efficient UCaaS solutions.
The private cloud sector is predicted to increase significantly throughout the projection period because it allows for greater customization, and businesses frequently subscribe to solutions based on their wants or requirements. The private cloud UCaaS solution provides benefits to the organization for continuous support service, ensuring a more safe and personalized experience. Companies also offer subscriptions as the foundation of their client requirements, moving from traditional to private cloud-based deployment.
Global Unified Communication as a Service Market Analysis by Industry Vertical
The IT and Telecom sector is expected to thrive in the market, with a market value share of roughly 18%; IT and telecom firms are partnering with worldwide distributors and joining up to efficiently execute the UCaaS solution. As IT and telecom firms work with government agencies and federal organizations to provide secure calling and effective information exchange, the demand for data security and privacy protection develops, and this is pushing the UCaaS solution supplied by IT and telecommunications companies.
The healthcare industry is predicted to have significant revenue growth by 2030, as patients require effective communication with officials and careers for improved care. The usage of UCaaS for medical use on the internet, such as through the NHS (National Health Service), promotes manufacturers & healthcare providers to integrate technological advances into their companies. The use of UCaaS in healthcare technology, such as with the NHS (National Health Service), encourages manufacturers and healthcare providers to implement technological advancements in their organizations.
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North America dominates the global unified communication as a service market, accounting for around 31% of total revenue. It has grown into the most profitable region because different players discover that working from home is more effective, and carrying a smartphone or tablet has grown into a vital aspect in the market's growth.
Asia Pacific is expected to be the most rapidly developing region in the forecast period, trailing North America, owing to continuous the digitization with an increasingly mobile staff, as the area continues to expand in the area of technology due to growing adoption of 4G and 5G technology, as well as the development of several international businesses operating in the region, which drives demand for UCaaS. Organizations are changing through new technology to become artificial intelligence hubs, and there is significant growth for organizations that provide AI related services on a worldwide scale.
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Global Unified Communication as a Service Market Drivers
Remote Work and Collaboration
Global Unified Communication as a Service Market Restraints
Security and Data Privacy Concerns
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Key market players are creating a stir for employing unified interaction as an assistance, which has grown into a provider of solutions to build up client loyalty innovatively, due to increased rivalry and growth in consumer demands. Manufacturers are integrating AI capabilities into UCaaS technologies to boost their product line and service offerings.
Manufacturers are delivering new goods and focusing on product developments to create money as they start providing Communication Platform as a Service (CPaaS) for their customers, which allows them to link individuals to services, processes, and applications.
Top Player’s Company Profiles in Global Unified Communication as a Service Market
Global Unified Communication as a Service Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global unified communication as a service market analysis, 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.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 47.64 Billion |
Market size value in 2031 | USD 262.37 Billion |
Growth Rate | 20.6% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Unified Communication as a Service Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Unified Communication as a Service Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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