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Unified Communication as a Service (UCaaS) Market Skyrockets to US$ 28.5 Billion in 2023, Set to Rea | |
The Unified Communication as a Service (UCaaS) market revenue totaled US$ 28.5 Billion in 2023, according to Future Market Insights (FMI) analysis. Rising at a CAGR of 14.7% between 2023 and 2033, the overall market is expected to reach US$ 112.6 Billion by 2033. Request a Sample of this Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-11533 The demand for UCaaS solutions will accelerate with top 5 providers holding around 36.5% of total market in 2020. Newly released data on the UCaaS demand outlook indicates 12.8% y-o-y growth in 2021. Among industry vertical, share held by BFSI sector will remain highest among all. However, the IT & telecom segment will grow at 18.1% CAGR through the assessment period. COVID-19 Impact Analysis on UCaaS Market The outbreak of coronavirus (COVID-19) has created the need for organizations to adapt today’s fast-paced world where the business continuity is a must. The outbreak of COVID-19 pandemic is marking a rare occasion where business leaders globally have to quickly enable their workforces to work remotely for an extensive period of time. Owing to this factor, organizations are incorporating remote work into their businesses where the communication and remote work policy holds the key to meet the expectation between management and workforce. According to Future Market Insights, the COVID-19 pandemic is expected to accelerate the adoption of cloud computing not just as a technological shift, but also as an operating model as enterprises across the globe acknowledges the limitations of their current situation. Key Takeaways: UCaaS Market By solution segment, the integrated UCaaS platform/suite is anticipated to account for the leading share in the global UCaaS market during the forecast period. The segment estimated to grow at a robust CAGR of 17.3% through 2031. The demand for UCaaS in small and medium enterprises (SMEs) is expected to rise at maximum pace as these organizations continue adopting UCaaS and cloud based solutions for better ROI. Demand for UCaaS in IT & Telecom and BFSI sector is estimated to grow at an impressive CAGR. Of these, BFSI industry is expected to account for leading share in UCaaS market during the forecast period. North America is expected to lead the market followed by Europe in 2021. South Asia & Pacific is anticipated to emerge as the fastest growing region between 2021 & 2031. The market in Japan is expected to progress at a CAGR of more than 17% through 2031. In the U.K., sales are expected to increase at a CAGR of close to 18% over the next ten years. Request Methodology: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-11533 Competitive Landscape Intense competition and growing customer expectations are creating a storm in the global UCaaS market which is compelling solution providers to innovate and improve customer engagement. The accelerated shift by the customers to cloud communication is creating a demand for enhanced user productivity and flexibility and is creating the opportunities for advanced communications and collaboration tools. For instance, in May 2021, 8×8, Inc. announced Experience Communications as a Service (XCaaS), a cloud communications deployment model that erases the boundary between Unified Communications as a Service (UCaaS) and Contact Center as a Service (CCaaS). With XCaaS, organizations can support the communications requirements of all employees as they work together to deliver differentiated customer experiences. Some of the leading companies operating in the market are: 8×8 Inc. Cisco Systems, Inc. Google LLC Microsoft Corporation LogMeIn Inc. RingCentral, Inc. Mitel Networks Corporation Fuze Inc. Windstream Holdings, Inc. ALE International DIALPAD, INC. Verizon Communications Inc. NTT Communications Corporation UCaaS Outlook by Category By Solution, UCaaS Solutions are segmented as: Software Integrated UCaaS Platform/Suite Standalone Solutions Services Professional Services Managed Services By Enterprise Size, UCaaS Outlook is segmented as: Small and Medium Enterprises (SMEs) Large Enterprises By Vertical, UCaaS Demand is segmented as: BFSI IT & Telecom Healthcare Retail & CPG Travel & Hospitality Transportation & Logistics Military & Defense Others | |
| Target State: All States Target City : All Cities Last Update : Apr 22, 2024 1:23 PM Number of Views: 13 | Item Owner : Sudip Saha is the managing director and co-founder at Future Market Insights Contact Email: (None) Contact Phone: (None) |
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2024-04-23 (0.778 sec)