Unified Communication As A Service Market: IT And Telecom Segment Dominated With A Revenue Share
Unified Communication As A Service Industry Overview
The global unified communication as a service market size was valued at USD 38.74 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 23.6% from 2021 to 2028. The outbreak of COVID-19 is compelling enterprises to adopt a hybrid business model. As a result, enterprises are particularly consolidating multiple communication features and enabling cross-functioning to ensure efficient collaboration. The growing number of employees working from home is also prompting companies to implement UCaaS (Unified Communication as a Service) solutions. Companies are also adopting UCaaS platforms and tools as the outbreak of the COVID-19 pandemic prompts them to reevaluate their operational costs and protect their margins amid dwindling revenues.
Gather more insights about the market drivers, restrains and growth of the Global Unified Communication As A Service market
The latest technologies such as Artificial Intelligence (AI) are playing a vital role in helping organizations in achieving their digital transformation goals. AI-enabled solutions can help organizations in effortless transcriptions, intelligently tracking speakers, intuitively recording calls, understanding users’ needs, and offering relevant services. AI-enabled UCaaS solutions can also help in sentiment analysis. As such, AI-enabled UCaaS solutions can typically leverage data mining techniques to analyze discussions, reviews, and comments, direct mentions related to brands, products, and services, and help enterprises in strategizing accordingly.
The adoption of video conferencing and video communication practices gained significant traction in 2020. The trend was particularly highlighted by the rapid adoption of video conferencing and communication services offered by Microsoft Corporation; Cisco Systems, Inc.; and Zoom Video Communications, Inc.; among other vendors. For instance, Zoom Video Communications, Inc. registered a growth of 88% in 2020, thereby illustrating the growing preference for video conferencing solutions among enterprises. Video conferencing enables users to foster healthy interpersonal relationships and facilitates more efficient decision-making during meetings and conferences.
The continued rollout of high-speed 5G data networks bodes well for the growth of the market over the forecast period. The high-speed, low-latency connectivity enabled by 5G networks can significantly enhance video and audio conferencing and meetings and strengthen collaboration. The cloud-specific network function virtualization (NFV) and multi-access edge computing (MEC) capabilities offered by 5G technology for scalable and self-healing networks are particularly encouraging the adoption of UCaaS solutions, platforms, and services. The customizable user interfaces and application functions, which can potentially enhance workplace collaboration, are also expected to contribute to the growth of the market over the forecast period.
Browse through Grand View Research's Communication Services Industry Research Reports.
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Unified Communication As A Service Market Segmentation
Grand View Research has segmented the global unified communication as a service market on the basis of deployment, industry vertical, and region:
UCaaS Deployment Outlook (Revenue, USD Billion, 2017 - 2028)
- Public Cloud
- Private Cloud
UCaaS Industry Vertical Outlook (Revenue, USD Billion, 2017 - 2028)
- Automotive
- Education
- Healthcare
- BFSI
- Hospitality
- Real Estate
- Legal
- IT & Telecom
- Others
UCaaS Regional Outlook (Revenue, USD Billion, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies profiled:
Some prominent players in the global Unified Communication As A Service market include
- 8x8 Inc.
- com, Inc.
- Avaya Inc.
- CenturyLink, Inc.
- Cisco Systems, Inc.
- Fuze, Inc.
Order a free sample PDF of the Unified Communication As A Service Market Intelligence Study, published by Grand View Research.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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