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Unified Communications as a Service Market Expected to Reach USD 118.8 Billion by 2031, Key Factors behind Market's Exponential Growth

04-18-2024 03:42 PM CET | IT, New Media & Software

Press release from: Allied Market Research

Unified Communications as a Service Market Expected to Reach USD

Allied Market Research published a new report, titled, " The Unified Communications as a Service Market Expected to Reach USD 118.8 Billion by 2031, Key Factors behind Market's Exponential Growth." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The increase in demand for 5G high speed network, the surge in trend of bring your own device (BYOD) and mobility, and the growth in migration from legacy systems to cloud-based communication services drive the unified communications as a service market. Rise in integration of advanced technologies in unified communication as a service will present new growth opportunities for the global market in the coming years.

Request Sample Report (Get Full Insights in PDF - 250 Pages) at: https://www.alliedmarketresearch.com/request-sample/A47397

The global unified communications as a service market size was valued at USD 27 billion in 2021, and is projected to reach USD 118.8 billion by 2031, growing at a CAGR of 16.3% from 2022 to 2031.

The global unified communications as a service market are segmented into component, delivery model, organization size, industry verticals, and region. Depending on the component, the market is divided into telephony, unified messaging conferencing, and collaboration platforms, & application. By delivery model, it is divided into managed services and cloud services. Based on organization size, it is categorized into large enterprises and small & medium-sized enterprises. Based on industry verticals, it is bifurcated into media and entertainment, BFSI, IT and telecom, healthcare, automotive & transformation and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Access the full summary at: https://www.alliedmarketresearch.com/unified-communications-as-a-service-market-A47397

Covid-19 Scenario-

● During the outbreak of the Covid-19 pandemic, the unified communications as a service market expanded due to the rising adoption of technologies, such as machine learning and artificial intelligence. This is because AI capabilities enable faster and more accurate manual task completions.

● Moreover, the emergence of 5G technology during the pandemic period enabled high-speed internet that boosted the market growth. This is because video and audio-conferencing require high speed and low latency in the connection, which is easily provided by the 5G network.

● Players in the market also enhanced their communication tools to provide better services to employees. For instance, in May 2020, Zoom Video Communication Inc. for unified communications-enabled organizations to add up to 52 weekly minutes' worth of productivity per employee, reduce IT troubleshooting time by 75%, and decommission redundant technologies valued at up to tens of millions of dollars annually.

If you have any questions, Please feel free to contact our analyst at: https://www.alliedmarketresearch.com/connect-to-analyst/A47397

Based on component, the conferencing segment contributed to the largest share of nearly one-third of the global unified communications as a service market in 2021 and is expected to maintain its dominance during the forecast period. This is owing to the rise in remote working trend that led to an increased demand for UCaaS conferencing solutions, as businesses seek to communicate and collaborate effectively with their remote team solutions. The unified messaging segment, however, is projected to witness the fastest CAGR of 17.9% from 2022 to 2031. This is owing to the increasing demand for remote work and collaboration tools.

Based on deployment model, the hosted/cloud service segment grabbed the highest share of three-fifths of the unified communications as a service market in 2021 and is expected to dominate the market in 2031. This is because companies are looking for ways to improve collaboration and productivity among their employees. The managed service segment, however, would witness the fastest CAGR of 17.3% from 2022 to 2031. This is owing to the rise in cyber threats which has led to an increased demand for managed security services, including threat detection and response, data protection, and compliance management.

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Based on region, the market in North America was the largest in 2021, accounting for more than one-third of the global unified communications as a service market and is likely to maintain its dominance during the forecast timeframe. This is owing to the increase in demand for connected interfaces, growth associated with cloud technology, and penetration of bring your own devices (BYOD) in the U.S. However, the market in Asia-Pacific is likely to show the fastest CAGR of 18.6% during the forecast period. This is owing to the rapidly digitized straining cloud networks and data centers in the region, where the adoption of edge computing is helping to reduce latency, enhance security, and maximize reliability.

Key players profiled in the report include Avaya, Inc., BroadSoft, Inc, BxB, Inc, Cisco Systems, Inc., Genesys, Microsoft Corporation, Mitel Networks Corp., NEC Corporation, RingCentral, Inc., Zoom Video Communications, Inc. Market players have adopted various strategies, such as product launches, collaboration & partnership, joint ventures, and acquisition to expand their foothold in the unified communications as a service industry.

Buy Now & Get Exclusive Discount on this Report (250 Pages PDF with Insights, Charts, Tables, and Figures) at: https://www.alliedmarketresearch.com/unified-communications-as-a-service-market/purchase-options

Thanks for reading this article, you can also get an individual chapter-wise section or region-wise report versions like North America, Europe, or Asia.

If you have any special requirements, please let us know and we will offer you the report as per your requirements.

Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

AMR launched its user-based online library of reports and company profiles Avenue. An e-access library is accessible from any device anywhere and at any time for entrepreneur's stakeholder's researchers and students at universities. With reports on more than 60000 niche markets with data comprising of 600000 pages along with company profiles on more than 12000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.

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