The global unified communication as a service market is estimated to grow notably in the coming years. In 2015, the key five players in the market of Unified Communication as a Service (UCaaS) collectively held the share of around 57%. According to a recent report by Transparency Market Research states that the major scope for the five players is in the combining of several business application and process. This is foreseen to increase the popularity of UCaaS solutions all over the world. The demand for UCaaS is likely to surge in the coming years owing to rising investment in industries for example, consumer goods, financial services, and insurance (BFSI), transportation and logistics, retail, and telecom.
The 5 leading companies operating in the global UCaaS market are West Corporation, 8X8 Inc., Microsoft Corporation, Fuze Inc., and Cisco Systems Inc., The other key firms in the market are IBM Corporation, Avaya, Inc., Hewlett-Packard Development Company, Alcatel-Lucent SA (Nokia Networks), Unify, Inc. (Atos SE), and so on.
As per the research report by TMR, the global unified communication as a service (UCaaS) market is likely to project a tremendous expansion with 29.4% of CAGR within the forecast period from 2016 to 2024. In 2015, the UCaaS market was valued around a worth of US$8.23 bn. This figure is anticipated to reach around the value of US$79.3 bn by the end 2024.
On the basis of deployment model, in 2015, the segment of hosted UCaaS solutions dominated the market. The segment is estimated to lead in the upcoming years as well, through 2024.majorly sue to increased adoption of IP telephony access all over the world. Moreover, the low overall price of TCO and key upgradation in cloud communication stages are contributing in the growth of the segment in the global unified communication as a service (UCaaS) market. Based on geography, in 2015, North America region led the global UCaaS market, and is expected to keep on leading the global market in forecast period as well as the main revenue contributor. The growth is credited to the emergence of huge tech-savvy employees and improved infrastructure in the mentioned region. Moreover, the demand in UCaaS is expected to surge in the coming years owing to rise in investment.
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Increased Liberalization to Bolster AMkret Demand for UCaaS
“Developing liberalization across the globe has constrained large firms to get into cross-fringe markets, in this way fueling the demand for collaboration software to allow workers of a firm to adequately communicate among themselves,” the author of the investigation remarks. UCaaS solutions bolster this need and accordingly, the market has been getting a major lift. “The effect of this factor will be on rise in the span of forthcoming years with organizations prone to expand operations in developing economies, for example, Asia Pacific and the MEA,” the analyst states.
The inclination towards the popularity of the bring your own device (BYOD), different advantages provided by UCaaS solutions, along with flooding penetration of cell phones are also in charge of upcoming growth of the UCaaS market.
Lack of Awareness to Hinder Market Growth in Coming Years
However, the less awareness about UCaaS and the advantages they offer threatens to hamper the adoption rate of UCaaS by SMEs. Nevertheless, this hindrance is anticipated to witness a minimal impact on the UCaaS market in the future.