Unified Communication as a Service Market Size is Estimated to Reach USD 34.7 Billion by 2030

The Global Unified Communication as a Service (UCaaS) Market is expected to grow at a CAGR of around 9.5% from 2022 to 2030 and reach the market value of over US$ 34.7 Billion by 2030.

North America is expected to dominate the global unified communication as a service (UCaaS) market during the forecast period. Given that the US has been one of the worst-affected countries by the COVID-19 pandemic, government bodies, healthcare providers, and offline and online distribution channels in the United States are looking forward to effective communication and collaboration to ensure adequate care and diagnosis that is propelling the adoption of UCaaS solutions in the US.

Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the global UCaaS market in the coming years. An aggressive rollout of high-speed internet at affordable rates, as well as rapid smart phone proliferation in the region, are enabling people to work remotely and, as a result, encouraging enterprises to choose UCaaS solutions. Furthermore, the existence of a substantial AI-development hub in several Asian countries, including Singapore, has resulted in the rise of a number of startups that provide AI-related services to clients all over the world. This is typically driving the adoption of UCaaS solutions and platforms in the region, and it is expected to contribute to market growth during the forecast period.

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Market Driver

The incorporation of cutting-edge technology, such as Artificial Intelligence (AI), is critical in assisting organizations in achieving their digital transformation goals. AI-enabled solutions can assist businesses in automating transcriptions, intelligently tracking speakers, intuitively recording calls, understanding users' needs, and providing relevant services. AI-powered UCaaS solutions can also assist with sentiment analysis. As a result, AI-enabled UCaaS solutions can typically use data mining techniques to analyze discussions, reviews, and comments, as well as direct mentions of brands, products, and services, and assist enterprises in strategizing accordingly.

Furthermore, since its inception, Unified Communications (UC) has emerged as a cost-effective solution for organizations in a variety of industries, including BFSI, healthcare, and retail. However, the cloud delivery of unified communications services provided by companies such as Mitel Networks Corporation and IBM is changing the way businesses manage their communication networks.

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Segmental Outlook

The global Unified Communications as a Service (UCaaS) market is segmented based on deployment and industry vertical. By deployment, the market is classified into public cloud and private cloud. By industry vertical, the market is segmented as automotive, education, healthcare, BFSI, hospitality, real estate, legal, IT & telecom, and others

Competitive Landscape

The prominent players of unified communication as a service (UCaaS) involve Ring Central, Inc., Log MeIn, Inc., 8x8 Inc., Mitel Networks Corporation, Cisco Systems, Inc., Vonage, Fuze, Microsoft Corporation, and among others.

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Some of the key observations regarding unified communication as a service (UCaaS) include:

• In April 2021, Ring Central, Inc., announced a partnership with ecotel. The partnership will see Ring Central's UCaaS solution, Ring Central Office; become the central solution for ecotel to assist companies in making the transition to the cloud. Ring Central Office is a flexible UCaaS solution that offers team messaging, video, cloud phone systems, and more. The collaboration will also give customers access to value-added services, like integration, migration, and adoption support.

• In February 2021, Cisco Systems, Inc., announced a collaboration with Masergy. Aiming to enhance enterprises' collaboration capabilities, by enabling those wanting to add to hosted voice services with unified communications and collaboration (UUC), enterprise software-defined network and cloud platform provider Masergy has enhanced its unified communications as a service (UCaaS) solution by adding collaboration with Cisco Webex.

• In May 2020, Mitel Networks Corporation announced a new product launching namely, "MiCloud Flex". The newly launched product is now available on Google Cloud as a wholesale offering in the United States, United Kingdom, and France. The solution provides mid-market and enterprise organizations greater choice in cloud models and ensures higher levels of performance and customization, while also offering Mitel channel partners more opportunities for growth.

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