Unified Communication-as-a-Service (UCaaS) Market to Reach US$ 161.67 Bn by 2031: TMR Study

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Aug 23, 2022, 09:30 ET

Various SMEs and major businesses make use of UCaaS solutions owing to their affordability and cloud-based architecture
The global market for unified communication as a service is expected to grow due to lower total cost of ownership

WILMINGTON, Del., Aug. 23, 2022 /PRNewswire/ -- In 2021, the value of global Unified Communication-as-a-Service (UCaaS) market stood at US$ 44.88 Bn. The global market is anticipated to progress at a CAGR of 15.3% during the forecast period, from 2022 to 2031. The unified communications as a service market size is estimated to touch the value of US$ 161.67 Bn by 2031. Proliferation of inexpensive smartphones, growing internet coverage, as well as rising usage of digital platforms offering remote work are likely to work in favour of the global unified communication-as-a-service (UCaaS) market.

Smartphones can use mobile client software from IP-PBX providers to access unified communication as well as collaboration features. UCaaS market leaders provide customers with the freedom to join from any location around the world. This is likely to boost output and fosters better teamwork among workers. The global unified communication-as-a-service (UCaaS) market is also being pushed by the growing relevance of API-based programmable communication capabilities.

In order to improve their services, businesses in the public sector are implementing these technologies and this trend in expected to emerge as UCaaS industry trends. UCaaS solutions lower a company's overall cost of ownership since the pricing strategy used by providers fits end-user needs within the current IT infrastructure.

Due to the rising popularity of internet-based communication services amongst the regional SMEs, analysts predict that the Unified Communication-as-a-Service (UCaaS) market in Asia Pacific will expand at a rapid pace. Use of UCaaS and cloud technologies like voice and video conferencing and VoIP unified communications are amongst the regional UCaaS market trends.

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Key Findings of Market Report

The global unified communication-as-a-service (UCaaS) market is driven by decreased total cost of ownership or TCO. Due to the emergence of cloud-based UCaaS, which give employees the ability to engage from anywhere at any time, businesses now install unified communications at a lower cost in comparison with on-premises PBX systems. The total cost of ownership is cut by UCaaS systems, which employ software coming from external hosted setup and levy a monthly fee. These benefits of unified communications save travel costs whilst increasing operational efficiency, cooperation, and job satisfaction.
In order to improve diverse public services, law enforcement and government institutions must embrace cutting-edge technologies. Such public sector organizations spend money on unified communications consultancy to speed up information exchange, strengthen departmental collaboration, and also to raise productivity. Governmental enterprises can more easily adjust to unforeseen circumstances now due to use of UCaaS services.
The amount of money that businesses in the hotel industry are investing in UCaaS solutions is rising. Customers that make use of UCaaS solutions is expected to benefit from a convenient and productive travel experience. Additionally, it enhances workers' efficiency, production, and sense of cooperation. Multiple workers can manage client inquiries in a UCaaS environment by accessing softphones via their portable gadgets from any location.

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Global Unified Communication-as-a-Service [UCaaS] Market: Growth Drivers

In terms of component, the category of unified messaging is likely to command the market owing to improvements in workplace communication software and the numerous advantages linked to it. File sharing, instant messaging, and a variety of communication channels, including smartphones, voicemail, and email are all elements of unified messaging.
The largest UCaaS market share is anticipated to come from North America. The rise in telepresence system usage, BYOD, and use of sophisticated business solutions in the region can be attributed to the market's expansion. Regional businesses are all making using of cutting-edge unified communication solutions including business conferencing, telephone, and unified messaging.

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Global Unified Communication-as-a-Service [UCaaS] Market: Key Players

Some of the key market players are

Cisco Systems, Inc.
Sangoma Technologies Corporation
Google LLC.
Zoom Video Communications, Inc.
8x8, Inc.
Dialpad, Inc.

Global Unified Communication-as-a-Service [UCaaS] Market: Segmentation

Component

Telephony
Unified Messaging
Conferencing
Collaboration Platforms & Applications

Enterprise Size

Large Enterprises
Small & Medium Enterprises (SMEs)

End User

BFSI
IT & Telecom
Retail & Consumer Goods
Healthcare
Government
Logistics & Transportation
Others

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