Unified Communication as a Service Market Size to Surpass USD 85.77 Billion by 2030, exhibiting a CAGR of 15.1%

Pune, India, June 19, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global Unified Communication as a Service market size was valued at USD 28.43 billion in 2022 and is projected to grow from USD 32.01 billion in 2023 to USD 85.77 billion by 2030, exhibiting a CAGR of 15.1% during the forecast period. Digital Transformation and Increasing Remote Work Drive Exponential Market Growth. Fortune Business Insights presents this information in their report titled Global Unified Communication as a Service (UCaaS) Market Forecast, 2023–2030.

Companies globally are implementing various strategies to offer enhanced communication, subscription models, and collaboration tools to end-user. Rising demand is observed in unified communication services due to the development of cloud infrastructure.

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Key Industry Development:

May 2022 – net2Phone, a cloud communication solution provider, entered into a partnership with TeleBermuda International Limited (TBi) to deliver omnichannel Unified Communication as a Service (UCaaS) solutions to TBi’s customers across Bermuda to fulfill the needs of the workplace.

Key Takeaways

• Unified Communications as a Service (UCaaS) is a cloud delivery service model that provides communication & collaborative application services via telephony, video, and chat channels.
• Remote Working during COVID-19 Pandemic Boosted Demand for Unified Communications
• Integration of Unified Collaboration Tools with Programmable Capabilities is an Emerging Trend
• By Delivery Model Analysis: Adoption of Conferencing Services to Drive Hosted/Cloud Services Segment Growth
• Unified Communication as a Service Market Size in North America was USD 9.46 Billion in 2022

Discover the Leading Players Featured in the Report:

“Companies leading the Unified Communication as a Service Market Are RingCentral, Inc. (U.S.), ALE International (France), Sify Technologies, Ltd. (India), Tata Communications, Ltd. (India), Verizon Communication, Inc. (U.S.), Metaswitch Networks Ltd. (U.K.), Mitel Networks Corporation (Canada), 8×8, Inc. (U.S.), Zoom Video Communications, Inc. (U.S.), Vonage Holdings Corp. (U.S.)”

Report Scope & Segmentation

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Segments:

By Component

• Telephony
• Unified Messaging
• Collaboration Platforms
• Conferencing
• Others

By Delivery Model

• Managed Services
• Hosted/Cloud Services

By Enterprise Type

• Small & Medium-sized Enterprises (SMEs)
• Large Enterprises

By Vertical

• BFSI
• IT and Telecommunications
• IT-enabled Services (ITeS)
• Education
• Retail and Consumer Goods
• Government and Defense
• Healthcare
• Others

By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

Drivers & Restraints:

Implementation of Collaboration Tools Surges the Product Demand

The demand for remote work and distributed workforce strategies is being accelerated by the growing adoption of smart mobile devices and advancements in collaboration tools and has increased the Unified Communication as a Service (UCaaS) market share. Organizations are also implementing a ‘Bring Your Own Device’ (BYOD) policy across their business units, allowing employees and partners to use their own devices for work purposes. According to data from Bitglass, approximately 85% of companies have already embraced BYOD environments, presenting market opportunities for key players to enhance their product offerings.

On the contrary, a shortage of remote backup and data security breaches concerns may hamper the Unified Communication as a Service (UCaaS) market growth.

Regional Insights

North America Leads the Market Due to Acceptance of Cutting-edge Communication Services

North America holds a significant share of the global UCaaS market due to the adoption of advanced business communication services. The region is dominated by key players such as IBM Corporation, Verizon Communication Inc., and Google LLC.

Europe’s moderate growth is driven by the adoption of communication tools, pay-per-use models, mobility trends, and cloud communication popularity.

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Competitive Landscape

Market Players Concentrate on Product Launches to Increase Sales
Key players in the Unified Communication as a Service (UCaaS) industry are focused on customized product launches, partnerships, and strategic collaborations to enhance their offerings.

FAQ’s

How big is the unified communication as a service market?

Unified Communication as a Service Market size was USD 28.43 billion in 2022.

How fast is the unified communication as a service market growing?

The Unified Communication as a Service Market will exhibit a CAGR of 15.1% during the forecast period, 2023-2030

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