Unified Communication as a Service (UCaaS) Market - Industry Analysis, Market Size, Share, Trends,Application Analysis, Growth and Forecast 2019 - 2025
Unified Communication as a Service (UCaaS) Market Overview:
Cloud service adaptability and its popularity in modern business enterprises is a prompting innovation in the global IT market. According to CISCO’s global cloud traffic analysis, 20.6 zettabytes of data is consumed by cloud services annually globally. This index resonates with the fact that in forthcoming years there will be an upsurge in global cloud traffic. Cloud-based Unified Communication as a Service (UCaaS) is a digital transformation for strengthening business tasks, the global market gained a revenue of $22 billion as of 2018. As an alternative to enterprise communication platform, UCaaS replaces additional liability such as deployment of on-premises software, IT support team, and multiple pay-offs. For reliable communication to global businesses, UCaaS support diverse features including unified instant messaging, Voice over Internet Protocols (VoIP), single user interface, flexible device connectivity, updated software systems, and cost-efficient operations. Growth in cloud IT-led transition is boosting the UCaaS market growth. High demand from large, medium, and small scale enterprises will boost the global UCaaS market and expected to grow with a CAGR of 11.1% through 2025.
UCaaS Market Outlook:
92% of Americans say they have purchased something on Amazon, as per NPR/Marist poll. Online businesses are gaining high consumer demand and building strong relationship with users through multiple customer oriented services facilitated by UCaaS cloud utility which include chatbots, audio conferencing, and automated customer query response. Other web services such as Airbnb hospitality services and Uber transportation network are also deploying UCaaS facility to gain huge customer base. The reflective demand growth of unified communication services, economic stability, and advancement in the technology and business sector are driving factors for North America’s contribution of 23% in global UCaaS market. Global UCaaS market will experience compounding profit income and an effective increase in demand from enterprise collaboration with a robust CAGR of 37% during the forecast period of 2019-2025.
UCaaS Market Growth Drivers:
· IT solutions offer under a single roof-UcaaS reduces in-house software and hardware complications being solely undertaken by a third party service provider. This help the business entrepreneurs to focus on primary subjects without any diverted response attributing to UCaaS market growth.
· Organizations dependency on communication induce innovations and established clientele reliance through various channels such as web-based texting, screen sharing, and video and voice media that majorly influences the UCaaS market demand.
· Additional digital features of pay per use services, incorporating several apps in single-user interface, strong networking infrastructure, and replacing conventional telephonic system with VoIP solutions are constantly boosting the UCaaS market scope.
UCaaS Market Challenges:
Cloud computing majorly involve UCaaS integrators and service providers that make it essential to choose the right vendor. In order to provide low cost services, UCaaS eliminate essential cloud IT requirement which leads to significant drawbacks such as security breach and data backup redundancy caused by inadequate data controlling environment.
UCaaS Market Key Players:
The key players in the global UCaaS market are Microsoft Corporation (U.S.), Cisco Systems (U.S.), 8x8, Inc. (U.S.), Verizon Enterprise Solutions (U.S.), Avaya, Inc. (U.S.) AT&T, Inc. (U.S.), BT Group plc (UK), Centile Telecom Applications (France), DXC Technology Co. (U.S.), Fuze (U.S.), IBM Corporation (U.S.), Mitel Networks Corporation (Canada), NTT Communications (Japan), Orange Business Services (France), RingCentral, Inc. (U.S.), Vonage (U.S.), West Corporation (U.S.), and others.
Microsoft Corporation is a multinational technology company dealing with computer and computing related services. Company offer cloud services to organizations, business enterprises, government agencies, and others. It also deliver UCaaS services to its customers with Microsoft 365 integrated audio, video, messaging, and meeting solutions.
UCaaS Market Trends:
AI Induced Automated Transcription:
Speech-to-text transcription with technologically advanced AI and ML systems will lead the market in forthcoming years with ability to transcribe video and audio conference calls. The recent trend of cloud UCaaS will provide new solutions to communication-led business transition with automated transcription, response identification and instantly deliver the appropriate description, details, and solutions via text messages to the second party. Reducing human engagement by providing AI incorporated UCaaS will offer virtual solution, improve the accuracy, and customer satisfaction when applied to e-commerce and web-based businesses.
UCaaS Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them to understand the future of the UCaaS market. The assessment include the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of UCaaS in UCaaS market, and their specific applications in different areas.
UCaaS Market: Industry Coverage:
Global UCaaS market can be bifurcated on the basis of component, organization size, and industry. Component segment include telephony, unified messaging, conferencing, and collaboration platforms and applications. Based on organization size, categorization includes small businesses, medium businesses, enterprises, and large enterprises. On the basis of industry, this market is divided into banking, financial and insurance, telecom and IT, consumer goods and retail, healthcare, public sector and utilities, logistics and transportation, travel and hospitality, and others.
The UCaaS market also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia
List of Tables
1 US Unified Communication as a Service (UCaaS) Market Size 2018
2 Canada Unified Communication as a Service (UCaaS) Market Share 2018
3 Brazil Unified Communication as a Service (UCaaS) Market Outlook 2019 - 2023
4 Mexico Unified Communication as a Service (UCaaS) Market Research 2018
5 Germany Unified Communication as a Service (UCaaS) Market Trends 2019 - 2023
6 France Unified Communication as a Service (UCaaS) Market Growth 2019 - 2023
7 UK Unified Communication as a Service (UCaaS) Market Demand 2019 - 2023
8 Italy Unified Communication as a Service (UCaaS) Market Segmentation 2018
9 Russia Unified Communication as a Service (UCaaS) Market Analysis 2019 - 2023
10 China Unified Communication as a Service (UCaaS) Market Revenue 2019 - 2023
11 Japan Unified Communication as a Service (UCaaS) Market Volume 2019 - 2023
12 South Korea Unified Communication as a Service (UCaaS) Market Potential 2019 - 2023
13 India Unified Communication as a Service (UCaaS) Market Leaders 2018
14 Saudi Arabia Unified Communication as a Service (UCaaS) Market Forecast 2019 - 2023
15 Kuwait Unified Communication as a Service (UCaaS) Market Value 2018
List of Figures
For complete list of 60+ tables and 60+ figures follow the Link