A recent market study published by Future Market Insights (FMI) on the unified communication as a service (UCaaS) market includes a global industry analysis for 2016-2020 and opportunity assessment for 2021-2031, and delivers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical as well as current growth parameters, growth prospects of the market are obtained with maximum precision.
The Unified Communication as a Service (UCaaS) market revenue totalled US$ 19.6 Bn in 2020, according to Future Market Insights (FMI) analysis. Rising at a CAGR of 14.5% between 2021 and 2031, the overall market is expected to reach US$ 85.7 Bn by 2031.
The demand for UCaaS solutions will accelerate with top 5 providers holding around 36.5% of total market in 2020.
Newly released data on the UCaaS demand outlook indicates 12.8% y-o-y growth in 2021. Among industry vertical, share held by BFSI sector will remain highest among all. However, the IT & telecom segment will grow at 18.1% CAGR through the assessment period.
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COVID-19 Impact Analysis on UCaaS Market
The outbreak of coronavirus (COVID-19) has created the need for organizations to adapt today’s fast-paced world where the business continuity is a must. The outbreak of COVID-19 pandemic is marking a rare occasion where business leaders globally have to quickly enable their workforces to work remotely for an extensive period of time.
Owing to this factor, organizations are incorporating remote work into their businesses where the communication and remote work policy holds the key to meet the expectation between management and workforce.
According to Future Market Insights, the COVID-19 pandemic is expected to accelerate the adoption of cloud computing not just as a technological shift, but also as an operating model as enterprises across the globe acknowledge limitations of their current situation.
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Key Takeaways: UCaaS Market
- By solution segment, the integrated UCaaS platform/suite is anticipated to account for the leading share in the global UCaaS market during the forecast period. The segment estimated to grow at a robust CAGR of 17.3% through 2031.
- The demand for UCaaS in small and medium enterprises (SMEs) is expected to rise at maximum pace as these organizations continue adopting UCaaS and cloud based solutions for better ROI.
- Demand for UCaaS in IT & Telecom and BFSI sector is estimated to grow at an impressive CAGR. Of these, BFSI industry is expected to account for leading share in UCaaS market during the forecast period.
- North America is expected to lead the market followed by Europe in 2021. South Asia & Pacific is anticipated to emerge as the fastest growing region between 2021 & 2031.
- The market in Japan is expected to progress at a CAGR of more than 17% through 2031.
- In the U.K., sales are expected to increase at a CAGR of close to 18% over the next ten years.
“Increasing adoption of cloud-based communication and collaboration tools such as web conferencing, cloud storage, unified messaging and others, especially during lockdown imposed to contain the COVID-19 outbreak is creating opportunities for the UCaaS market. The demand will continue surging as more organizations roll out work from policies to ensure employee safety,” says FMI analyst.
Intense competition and growing customer expectations are creating a storm in the global UCaaS market which is compelling solution providers to innovate and improve customer engagement. The accelerated shift by the customers to cloud communication is creating a demand for enhanced user productivity and flexibility and is creating the opportunities for advanced communications and collaboration tools.
For instance, in May 2021, 8×8, Inc. announced Experience Communications as a Service (XCaaS), a cloud communications deployment model that erases the boundary between Unified Communications as a Service (UCaaS) and Contact Center as a Service (CCaaS). With XCaaS, organizations can support the communications requirements of all employees as they work together to deliver differentiated customer experiences.
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Some of the leading companies operating in the market are:
- 8×8 Inc.
- Cisco Systems, Inc.
- Google LLC
- Microsoft Corporation
- LogMeIn Inc.
- RingCentral, Inc.
- Mitel Networks Corporation
- Fuze Inc.
- Windstream Holdings, Inc.
- ALE International
- DIALPAD, INC.
- Verizon Communications Inc.
- NTT Communications Corporation
- Masergy Communications, Inc.
- Avaya Inc.
Key Questions Answered
- Which region is expected to showcase growth in UCaaS solutions?
South Asia & Pacific is projected to register strong growth in the global UCaaS market at a CAGR of above 19% during the forecast period. However, North America currently leads the global market, with market share of nearly 33% in 2021.
- Which is the most attractive standalone solution in the UCaaS software?
Hosted IP Telephony/VoIP is currently the most attractive in the market, accounting for over 40% of revenue generated in 2020. However, collaboration platforms is expected to witness robust CAGR of over 17% throughout the forecast period.
- Which are some of the leading companies offering UCaaS solutions?
Some of the leading companies in this landscape are Cisco Systems, Inc., Microsoft Corporation, Google LLC, Vonage, RingCentral, Inc., and Verizon Communications Inc. among others. As per FMI, nearly 60% of the market share is currently covered by the top 15 players.
- Who are the leading industries of UCaaS?
BFSI sector is expected to dominate the market over the forecast period, generating revenue of US$ 23.8 Bn by 2031. However, IT & telecom sector is estimated to boost majorly with a CAGR of 18.1% over the forecast period.
- How much is the global UCaaS demand worth?
The UCaaS industry was valued at ~US$ 19.6 Bn in 2020, and is estimated to grow at an exceptional pace with a CAGR of 14.5% to reach US$ 85.7 Bn in 2031.
- What will be the demand outlook/ sales forecast for UCaaS?
The UCaaS sales is expected to be valued at ~US$ 22.2 Bn by the end of 2021, and is likely to reach ~US$ 85.7 Bn by 2031.
- What was the last 5 year market CAGR?
The market in last 5 years (2016 – 2020) grew by a CAGR of 10.7%.
- What are the key trends of UCaaS industry?
Key trends in the market includes:
Focus on Training and Offering Advanced Solutions
Growing Popularity of Three-Dimensional Video Conferencing
Rising Demand for Remote Solutions to Boost Market Growth
- What is driving demand of UCaaS?
The rising demand for cloud based communication, increase in mobile workers, and transformation and adoption of technologies such as AI, IoT, and analytics are the key factors driving the market growth.
- Which countries are key providers of UCaaS market?
Countries involved in providing UCaaS solutions include the U.S., Canada, France, and Japan.
- At what rate will the UCaaS adoption rise between 2020 and 2021?
The global UCaaS market is expected to register growth at 12.8% CAGR between 2020 and 2021.
- What are the top 5 countries driving UCaaS demand?
Top 5 countries driving demand for UCaaS include the U.S., China, Germany, U.K., and ASEAN countries.
- What is the North America UCaaS Market Outlook?
North America is predicted to remain one of the most attractive markets during the forecast period, according to Future Market Insights. According to the study, the U.S. is expected to account for more than 83% of the North America market through 2031.
- How will the UCaaS Market Growth unfold in Europe?
The UCaaS industry in Europe is estimated to expand at a CAGR of 13.6% over the forecast period.
- What is the key UCaaS market statistics in South Korea and Japan?
The UCaaS demand in Japan and South Korea was valued at US$ 1,197.0 Mn and US$ 754.8 Mn in 2020, respectively and is projected to register CAGR of 17.3% and 15.0% respectively between 2021 and 2031.