Unified Communication-as-a-Service in Banking Market Global Insights, Technology, Trends and Demand Growth 2020 to 2025 | TE Connectivity Ltd, Honeywell International Inc., Utc Aerospace Systems

The Unified Communication-as-a-Service in Banking Market is anticipated to witness a CAGR of 18.7% over the forecast period 2019 - 2024. The banking industry relies heavily on customer engagement. Customers have become the driving force behind the banking industry and banks are looking forward to enhancing their customer experiences and service costs reduction at the same time.

UCaaS refers to a service model where the provider delivers different telecom or communications applications, software products and processes generally over the web. The UCaaS in the banking market is segmented by various types of components used for UC, size of the organization, and geography. By type of components, the market studied is segmented into telephony, contact center, unified messaging, collaboration platform. By organization size, the market studied is segmented into large enterprises and small & medium enterprises. Integrated solutions offered by UCaaS vendors are considered in the scope of the study.

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The prominent players in the global Unified Communication-as-a-Service in Banking market are:

TE Connectivity Ltd, Honeywell International Inc., Utc Aerospace Systems, Meggitt Plc, Ametek, Inc., Thales Group, General Electric Company, The Raytheon Company, Safran Electronics & Defense, Curtiss-Wright Corporation, And Zodiac Aerospace

Global Unified Communication-as-a-Service in Banking Market: Research Methodology

Proliferation of Cloud Based Ecosystem to Drive the Market Growth

- Enterprises are searching for ways that cut down on expenses and has the potential to generate internal revenues. Making essential files and data accessible through the cloud was found to be a feasible solution, which in turn has led to the proliferation of the BYOD trend. The banks are quickly following suit, and given the globalized nature of their business, remote access of data becomes an essential feature for this industry. A cloud report published by RightScale in 2018, stated that more than 68% of running applications used for communication are built on Cloud services of Amazon (AWS).

- Encouraging employees to bring their own devices is an efficient way of adding capacity to IT infrastructure. This will enable employees to work away from the office while still being able to access the system over the internet by accessing data and files they need. For instance, Team Sites comes with Office 365 and allows employees to edit the documents simultaneously while being in different locations, and taking part in online conferences.

- A new report from iPass, a commercial Wi-Fi network service provider, indicates that 70% of mobile workers adapt their companies' bring your own device (BYOD) policies. For some, BYOD is a must. This trend will also get increasingly reflected in the banking industry, as the lines between office and private spaces get blurred.

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Competitive Landscape:

- March 2019 - Avaya Holdings Corp. introduced a program that provides financial organizations access to high-level communications across a variety of client touchpoints, thereby delivering banking reliability & security.

- March 2019 - Optus Business announced the launch of Optus Cloud Calling, a cloud-based calling and collaboration solution, that includes mobility, audio and video conferencing, collaboration, and enterprise telephony. This solution is based on Cisco's BroadCloud and Webex portfolios.

- April 2019 - Momentum Telecom acquired Metro Optical Solutions, a leading provider of managed network, data, and internet solutions to enterprise and carrier customers globally. This acquisition is expected to further position Momentum Telecom as a leader in the UCaaS market.

Furthermore, Global Unified Communication-as-a-Service in Banking Market following points are involved along with a detailed study of each point: –

– Global Unified Communication-as-a-Service in Banking Market Overview, Drivers, Restraints and Opportunities, Segmentation overview

– Global Unified Communication-as-a-Service in Banking Market competition by Manufacturers (2020-2024)

– Production and Consumption by Regions

– Complete profiling and analysis of Manufacturers (2020-2024)

– Manufacturing cost analysis, Materials analysis, Region-wise manufacturing expenses

– Industrial Chain, Sourcing Strategy and Downstream Buyers

– Marketing Strategy Analysis, Distributors/Traders

– Global Unified Communication-as-a-Service in Banking Market Effect Factors Analysis (2020-2024)

– Global Unified Communication-as-a-Service in Banking Market Forecast (2020-2024)

– Global Unified Communication-as-a-Service in Banking Market Research Findings and Conclusion

In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key players and the market as a whole. It also analyses key emerging trends and their impact on present and future development.

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