Unified Communication as a Service Market Lucrative Option for Various Businesses
Unified Communication as a Service Market is an emerging technology that has rapidly garnered a lot of attention from developer communities and enterprises. The global Unified Communication as a Service Market is poised to witness a significant rise in demand for UCaaS solutions from enterprises and businesses keen on increasing the efficiency of existing processes. A number of these enterprises are now switching from traditional business processes to communications-enabled business processes.
The value of the global UCaaS market was pegged at US$8.23 bn in 2015 and is projected to expand at an impressive CAGR of 29.4% from 2016 to 2024 to reach US$79.3 bn by the end of the forecast period.
Market for Integrated UCaaS to Gain Precedence over Stand-alone Services by 2024
By deployment model, hosted UCaaS solutions led the market in 2015 and the segment is expected to retain its lead through 2024. This is mainly owing to the rising adoption of Internet Protocol (IP) telephony across the world. The low total cost of ownership (TCO) and major advancements in cloud communication platforms are also supporting the adoption of hosted UCaaS solutions across various industry verticals.
Based on service, telephony services emerged as the key contributor in the Unified Communication as a Service Market. The segment is expected to continue its lead through 2024 thanks to the growing adoption of hosted telephony as a part of enterprise UCaaS solutions.
By delivery model, stand-alone services led the Unified Communication as a Service Market in 2015. However, by 2024, the revenue generated by the integrated services segment is expected to surpass that by stand-alone services. The rising demand for integrated services across various businesses is likely to bring about this shift.
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Geographically, North America headed the global Unified Communication as a Service Market in 2015 and the region is expected to continue to be the leading revenue generator throughout the forecast period. This growth can be attributed to the presence of a massive tech-savvy workforce and advanced network infrastructure in the region. The demand for Unified Communication as a Service Market is likely to increase in the coming years as vendors invest in sectors such as banking, financial services, and insurance (BFSI), consumer goods, retail, transportation and logistics, and telecom. This is likely to open up new offerings for Unified Communication as a Service Market.
Asia Pacific is forecast to be the most rapidly growing market for UCaaS owing to the rising inclination of large companies toward UCaaS solutions. The region also presents immense opportunities for the establishment of contact center services due to a growing population proficient in the English language. Asia Pacific is a lucrative option for various businesses due to the availability of a comparatively cheaper workforce and rapid growth in emerging economies such as India and China. Campaigns such as ‘Make in India’ have led to the establishment of offices and manufacturing units in India, which is anticipated to further the need for UCaaS to stay connected with the headquarters situated at a different location. Moreover, the introduction of new mobile phones and tablets is going to increase the demand for unified communication in this region.