Unified Communication as a Service (UCaaS) Market: Rising Demand for UCaaS Solutions in Large Enterprises Acts as Growth Booster

Unified Communication as a Service (UCaaS) Market: Snapshot

Unified Communication as a Service (UCaaS) is an emerging technology that has rapidly garnered a lot of attention from developer communities and enterprises. The global UCaaS 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 UCaaS 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 UCaaS 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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Asia Pacific to Present Several Opportunities for UCaaS Providers

Geographically, North America headed the global UCaaS 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 UCaaS 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 UCaaS.

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.

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Rising Demand for UCaaS Solutions in Large Enterprises Acts as Growth Booster

Recent studies have shown a significant rise in the number of mobile workers across the globe. “Growing liberalization around the world has compelled large enterprises to enter cross-border markets, thereby driving the need for collaboration tools to allow employees of a company to effectively communicate with each other,” the author of the study comments. UCaaS solutions support this very need and as a result, the market for the same has been receiving a major boost. “The impact of this driver will be high during the forecast period with businesses likely to expand operations to developing regions such as the MEA and Asia Pacific,” the analyst predicts.

The growth of the BYOD trend, multiple benefits offered by UCaaS solutions, and surging penetration of mobile devices are also responsible for the future expansion of the UCaaS market.

In contrast, the lack of awareness regarding UCaaS solutions and the benefits they offer threatens to hamper the adoption rate of UCaaS by SMEs. However, this impediment is projected to have a minimal impact on the UCaaS market in the long term.

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