Unified Communications as a Service (UCaaS) Industry is Expected to reach USD 65.8 billion by 2032 -Google, Avaya, Cisco, Microsoft, Fuze, West Unified Communications Services, Mitel, PanTerra Networks, Polycom

The global Unified Communications as a Service Market size is estimated to grow from USD 22.8 billion in 2021 to USD 65.8 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period. The key factors driving the growth of the UCaaS market include the increasing demand for UCaaS from both large enterprises and SMEs, and growing trends toward mobility and Bring Your Own Device (BYOD).

New Jersey, United States,- The latest report published by MR Accuracy Reports indicates that the Unified Communications as a Service (UCaaS) Market is likely to accelerate strongly in the coming years. Analysts have studied market drivers, restraints, risks, and opportunities in the global market. The Unified Communications as a Service (UCaaS) Market report shows the likely direction of the market in the coming years along with its estimates. An accurate study aims to understand the market price. By analyzing the competitive landscape, the authors of the report have made excellent efforts to help readers understand the key business tactics that major companies are using to maintain market sustainability.

Key Players Mentioned in the Unified Communications as a Service (UCaaS) Market Research Report: Google, Avaya, Cisco, Microsoft, Fuze, West Unified Communications Services, Mitel, PanTerra Networks, Polycom

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Based on components, telephony and conferencing segment to contribute the highest market share during the forecast period
The telephony and conferencing segment are the most demanded UCaaS solutions among other components in 2019. However, collaboration platforms and applications segment is estimated to have higher demand during the forecast period due to its inherent benefits, such as security and low dependence on multiple vendors for UCaaS deployment. Vendors across the globe are offering telephony and conferencing as the main product due to an increasing demand among small and medium enterprises (SMEs) as these solutions help them in streamlining their enterprise communication and increase productivity.

Based on organization types, the large enterprises segment to hold a larger market size during the forecast period
The large enterprises across the world are adopting BYOD trends and thus, a large number of mobile workers are being employed leading to a higher demand for UCaaS solutions. The SMEs segment is expected to grow at a higher CAGR during the forecast period. An increasing number of SMEs and their global expansion have increased the demand for UCaaS solution

Unified Communications as a Service (UCaaS) Market

Single Tenant, Multi-Tenant.

Application as below

Information And Communication Technology (ICT), Banking, Financial Services, Insurance (BFSI), Medical, Retail, Manufacturing

Recent Developments
In January 2020, Altura partnered with RingCentral to enhance cloud communications and contact center solutions. Altura will help RingCentral bring its cloud communications and contact center solutions to the US enterprises across multiple sectors, such as healthcare, government, and education.
In July 2019, Verizon collaborated with Zoom to provide a new solution for unified communications. This collaboration provides access to Zoom meetings to the current Verizon customers from Verizon wireless phones or VoIP solutions, without having to pay for additional support or staff.
In October 2019, 8x8, Poly, and ScanSource announced a strategic partnership to deliver cloud-based communication solutions. The partnership helped customers easily move away from on-premises business communication systems to cloud-based communication solutions.

The regional analysis section of the report allows players to concentrate on high-growth regions and countries that could help them to expand their presence in the Unified Communications as a Service (UCaaS) market. Apart from extending their footprint in the Unified Communications as a Service (UCaaS) market, the regional analysis helps players to increase their sales while having a better understanding of customer behavior in specific regions and countries. The report provides CAGR, revenue, production, consumption, and other important statistics and figures related to the global as well as regional markets. It shows how different type, application, and regional segments are progressing in the Unified Communications as a Service (UCaaS) market in terms of growth.

Unified Communication as A Service Market Trends
For more than a decade, UCaaS has been a thriving industry. The technology promises a flood of new, integrated communications devices that will assist businesses in achieving a variety of benefits, including collaboration, improved corporate procedures, and lower overall communications expenses. Vendors who specialize in UCaaS services focus on making their products simple to acquire, deploy, and maintain. A greater emphasis has been placed on exploiting previous user experience as a significant tool for building new solutions and improving existing ones.

The enterprises are witnessing a rapid adoption of Artificial Intelligence (AI), and Machine Learning (ML) enabled communication solutions. AI in the UCaaS sector is paving the way toward an increasingly connected future. Organizations are deploying AI-based UCaaS for changing the way companies' structure their workflows, decision-making processes, and strategy planning. For instance, Avaya Inc. has created an AI voice assistant application for desk phones, and Amazon released Chime a cloud-based UCaaS.

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Deployment Insights
The public cloud segment accounted for the largest revenue share of over 73.0% in 2020. Public cloud technology helps in reducing lead times in testing and deploying new products. Public cloud-based deployment models offer the opportunity to deploy scalable, subscription-based UC platforms. As a result, organizations of all sizes can conveniently shift from legacy communication practices and platforms to more advanced and efficient public cloud UCaaS solutions. The growing preference among companies for a flexible environment that can potentially aid in deploying changes more efficiently is also prompting organizations to opt for public cloud-based platforms.

The private cloud deployment model is expected to offer significant growth opportunities for the market over the forecast period. Private clouds offer a greater degree of customization and enable companies to subscribe to services according to their needs and specifications. Deploying private cloud-based UCaaS solutions also benefits enterprises in the form of 24/7 support services, contracted capabilities, and service-level agreements, and guarantees more secure and personalized experiences. Several companies such as Kandy Communications, LLC offer UCaaS services to their clients and enable them to transform legacy communication applications into a private cloud deployment model.

Industry Vertical Insights
The IT and telecom segment dominated the market with a revenue share of 19.9% in 2020. The strong emphasis of several IT and telecom companies to roll out more efficient collaboration among their globally-distributed teams is driving the need to deploy UCaaS solutions. Incumbents of the IT and telecom industry often have to work with high-profile clients, such as government departments and federal organizations, which calls for secure and efficient exchange of information. The growing need for data security and privacy protection is driving the adoption of UCaaS solutions by IT and telecom companies.

Key questions answered in the report:

Which are the five top players of the Unified Communications as a Service (UCaaS) market?
How will the Unified Communications as a Service (UCaaS) market change in the next five years?
Which product and application will take a lion's share of the Unified Communications as a Service (UCaaS) market?
What are the drivers and restraints of the Unified Communications as a Service (UCaaS) market?
Which regional market will show the highest growth?
What will be the CAGR and size of the Unified Communications as a Service (UCaaS) market throughout the forecast period?
Note - To provide a more accurate market forecast, all our reports will be updated prior to delivery considering the impact of COVID-19.

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