unified communication-as-a-service market
The unified communication-as-a-service market is estimated to observe profitable growth across the assessment period of 2019-2027. The growing popularity of remote working mechanisms due to the COVID-19 pandemic will serve as a prominent growth-generating factor. Many enterprises are trying to inculcate cross-functioning to assure efficient collaboration between them and the employees. These factors have a large influence on the growth of the unified communication-as-a-service market.
Unified communication-as-a-service, also abbreviated as UCaaS, is a unified communications model which supports communications functions such as unified messaging, communications-enabled business processes, enterprise telephony, instant messaging and presence, audio/video conferencing, and mobility. The UCaaS infrastructure is maintained, operated, and delivered by the service provider. The overwhelming benefits provided by the unified communication-as-a-service platforms attract considerable growth, eventually bringing immense growth prospects.
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Unified communication-as-a-service platforms are assisting in managing the mobile workforce efficiently through providing access to voice calls, instant messaging and video conferencing. As remote work is gaining considerable traction, the growth of the unified communication-as-a-service market is estimated to expand at a rapid rate through the forecast period of 2019-2027.
The transition from older communication methods to unified communication-as-a-service platforms can help in significant cost savings. Furthermore, advanced functionality is one of the prominent highlights of a unified communication-as-a-service platform. It enables a person to interact through new channels and improve communication skills in innovative ways. Such benefits help in improving the overall growth structure of the unified communication-as-a-service market. Affordability and productivity enhancement are the most significant advantages that help in boosting the growth of the unified communication-as-a-service market.
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Transparency Market Research’s (TMR’s) research report on the unified communication-as-a-service market has every component that will assist the stakeholder in understanding the current scenario. The overall market research survey on unified communication-as-a-service by TMR suggests a stable growth period.
According to the TMR experts, the market for unified communication-as-a-service is prognosticated to expand at 36 percent CAGR during the forecast period of 2019-2027. In the context of valuation, the unified communication-as-a-service market is estimated to reach a valuation of US$ 235 bn by 2027 and was valued at US$ 20 bn in 2019.
Research and Development Activities and Strategic Collaborations Form Important Part of Growth Cycle of Unified Communication-as-a-Service Market
Research and development activities have a critical role in the growth of the unified communication-as-a-service market. Due to the pandemic, the development of a mobile workforce is on the rise. Considering these aspects, the demand for unified communication-as-a-service platforms has increased extensively. The players in the unified communication-as-a-service market are coming up with new solutions and upgrades to make remote working more easy and convenient for the workforce.
Strategic collaborations are an important part of the unified communication-as-a-service market growth landscape. These collaborations have a prominent role in the growth of the unified communication-as-a-service market. Many players often collaborate to expand their services or to upgrade their features. These factors eventually propel the growth prospects of the unified communication-as-a-service market. One of the recent instances of collaboration is the partnership of Ooma Enterprises with Appsmart to offer business phone and unified communications services. These factors help in the overall development of the unified communication-as-a-service market.
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Growing Use of Mobile Devices to Invite Exponential Growth for Unified Communication-as-a-Service Market
A number of IP PBX vendors have connected voice into the unified communication portfolios to extend enterprise UCC functionality as smartphones and tablets support audio and video conferencing. Therefore, these factors will assure an increase in the growth prospects of the unified communication-as-a-service market.
Some well-entrenched players in the unified communication-as-a-service market are Avanade, Inc., Polycom, Inc., Alcatel-Lucent SA (Nokia), Cisco Systems, Inc., and IBM Corporation.
UCaaS Market: Segmentation
The global unified communication-as-a-service market has been segmented based on deployment model, service, end-user, delivery model, and region.
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