CRI Report has released a report titled “Unified communication as a service Market – Analysis of Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030” which is anticipated to reach USD 34.87 billion by 2030. According to a study by CRI Report, the market is anticipated to portray a CAGR of 10.24% between 2020 and 2030. According to the report, the low cost of ownership of UCaaS models, as well as pay-per-use models, are resulting in increased adoption of these solutions by Small and Medium Scale Enterprises, resulting in overall market growth, although factors such as security concerns and weak internet connectivity in some parts of the world are deterrents to market growth. The growth of IoT applications has opened up a possible application avenue for the Unified Communication as a Service industry, presenting new opportunities.
The market report on global Unified communication as a service market includes in-depth insights as:
- The estimated value of the market was USD 17.9 billion in the year 2020.
- Global Unified Communication as a service in APAC held the largest market share in the year 2020.
- Global Unified Communication as a service market is segmented by deployment into Public Cloud and Private Cloud.
- Global Unified Communication as a service market is divided by end-user into Automotive, Education, Healthcare, BFSI, Hospitality, Real Estate, Legal, IT & Telecom, and Others.
- Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.
“The demand for mobile and wearable payments is continuing to grow in the market due to a significant shift in customer behavior and attitudes toward payment options. As a result of the increased use of mobile and wearable devices, Unified communication as service methods are becoming more common. Customers are also gradually connecting their bank accounts to mobile wallets and other devices, accelerating the market’s demand for Unified communication as a service. Furthermore, the industry is driven by a rise in awareness of advanced payment devices and a boom in technology adoption”, according to this report
Unified Communications as a Service is abbreviated as UCaaS. UCaaS refers to a group of cloud-based communications tools that come as a full package. Phone, chat, online meetings, screen sharing, and other UC functions are all available. A common distribution model in which a provider can deliver a variety of communication and collaboration applications, as well as related services, to its customers through the internet, using IP blocks as containers for small units of data. Single-tenancy and multi-tenancy are two methods by which the distribution model meets its customers. Organizational trends toward accessibility and Bring Your Own Device (BYOD) are expected to drive changes in this industry, as are demands for continuous service support.
Global Unified Communication as a service market is segmented by deployment into Public Cloud and Private Cloud. In the year 2020, the Public Cloud segment dominated the industry. The use of public cloud technologies shortens the time it takes to test and launch new products. Scalable, subscription-based UC systems can be deployed using public cloud-based deployment models. As a result, businesses of all sizes will easily move from traditional communication methods and channels to more modern and effective public cloud UCaaS solutions. Companies are increasingly opting for public cloud-based solutions because they want a scalable environment that can theoretically help them deploy changes more efficiently.
Key Players in the Market
- Some of the key players operating in the global Unified communication as a service Market are RingCentral, Inc., BT, Verizon, Orange, 8×8 Inc., Cisco, Google LLC, Microsoft Corporation, LogMeIn, Inc., Mitel Networks Corp, and other prominent players
Get Valuable Insights into Global Unified communication as a service Market
In the new report, CRI Report thrives to present an unbiased analysis of the global Unified communication as a service Market that covers the historical demand data as well as the forecast figures for the period, i.e., 2021-2030. The study includes compelling insights into growth that is witnessed in the market. Global Unified Communication as a service market is segmented by deployment into Public Cloud and Private Cloud. Global Unified Communication as a service market is divided by end-user into Automotive, Education, Healthcare, BFSI, Hospitality, Real Estate, Legal, IT & Telecom, and Others. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.