Pune, Oct. 20, 2020 (GLOBE NEWSWIRE) — Global unified communication as a service (UCaaS) market is set to gain traction from the increasing adoption of such platforms by educational institutes and students amid the COVID-19 pandemic. Backed by the closure of schools and colleges, regulatory bodies are promoting the usage of digital learning platforms. Fortune Business Insights™ presented this information in a new report, titled, “Unified Communication as a Service (UCaaS) Market Size, Share & COVID-19 Impact Analysis, By Component (Telephony, Unified Messaging, Collaboration Platforms, Conferencing, Reporting and Analytics), By Delivery Mode (Managed Services, and Hosted/ Cloud Services), By Enterprise Size (Large Enterprises, Small and Medium Sized Enterprises (SME’s)), By Vertical (BFSI, IT and Telecommunication, IT-Enabled Services, Retail and Consumer Goods, Healthcare, Government and Defense, Manufacturing, and others), and Regional Forecast, 2020-2027.” The report further states that the UCaaS market size was USD 22.97 billion in 2019 and is projected to reach USD 59.51 billion by 2027, exhibiting a CAGR of 12.8% during the forecast period.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
COVID-19: Rising Work from Home Practices to Bolster Demand Worldwide
The emergence of the COVID-19 pandemic is compelling companies to adopt remote working platforms for reducing transmission. Also, work from home practices are surging the demand for collaborative and communication platforms featuring novel technologies. It has further increased the usage of web conferencing, mobile telephony, collaborative meetings, and video conferencing. The conventional VPN scenarios are transforming rapidly with the introduction of alternatives to secure cloud connectivity. It would propel the demand for UCaaS solutions. We are delivering research reports aimed at enlightening our clients on the current scenario of the market for UCaaS.
This Report Answers the Following Questions:
- What are the present trends driving the sale of UCaaS solutions?
- What are the innovations and developments done by key companies?
- What are the hindrances, opportunities, drivers, and dynamics for the market?
- Which are the new segments to focus in the near future for prioritizing investments?
Drivers & Restraints-
Rising Implementation of BYOD Policy by Companies to Propel Growth
The ongoing development of network architectures, as well as the rising adoption of mobile devices is set to support the distributed or remote work approaches. It requires an intuitive user interface (UI) equipped with a unified, collaborative, and robust communication ability. Apart from that, several companies are implementing the policy of ‘bring your own device’ (BYOD) for reducing costs, enhancing collaboration, and surging productivity. These factors are expected to drive the UCaaS market growth in the coming years. However, the lack of multiple power sources and remote backups may obstruct the demand for UCaaS solutions.
Telephony Segment to Grow Steadily Stoked by Demand for Hosted IP Telephony
Based on components, the telephony segment generated 14.5% in terms of UCaaS market share in 2019. This growth is attributable to the high demand for hosted internet protocol (IP) telephony backed by the development of the enterprise communication infrastructure. Also, the urgent need for IP voice telephony on account of the adoption work from home amid COVID-19 is set to accelerate growth of this segment.
Higher Popularity of Cloud Communication to Favor Growth in Europe
In 2019, North America earned USD 8.96 billion in terms of revenue and is set to hold the largest share in the near future. This growth is attributable to the rising usage of features, such as web conferencing, mails, chats, and voice calls across businesses in the region. Europe, on the other hand, is set to showcase moderate growth because of the rising popularity of cloud communication. This is further expected to augment the demand for UCaaS solutions.
Key Players Focus on Collaboration Strategy to Enhance Their Product Portfolios
The global market for UCaaS houses multiple companies that are mainly striving to improve their existing product portfolios by adopting the strategy of collaboration. Some of the others are also extending their partnerships with reputed cloud service providers. Below are two latest industry developments:
- June 2020: Genesys and Arvind Ltd. are working together to develop a unified contact-centre-as-a-service (U-CCaaS) solution called Omnipremise.
- June 2020: HERE Technologies and FlyNex collaborated to map airspace in Germany in 3D. The project is named DaViLus and it relies on location data from HERE.
List of all the UCaaS solutions & services providers operating in the market:
- ALE International (Boulogne-Billancourt, France)
- AT&T, Inc. (Texas, United States)
- Avaya, Inc. (California, United States)
- Cisco System, Inc. (California, United States)
- Genesys (California, United States)
- Google LLC (California, United States)
- Huawei Technologies Co., Ltd (Shenzhen, China)
- IBM Corporation (New York, United States)
- IntelePeer Cloud Communications (California, United States)
- Metaswitch Networks Ltd (London Borough of Enfield, United Kingdom)
- Microsoft Corporation (Washington, United States)
- Mitel Networks Corporation (Ottawa, Canada)
- Polycon, Inc. (California , United States)
- Ribbon Communications (Massachusetts, United States)
- RingCentral, Inc (California, United States)
- Sify Technologies, Ltd (Chennai, India)
- Tata Communications, Ltd. (Maharashtra, India)
- Twilio, Inc. (California, United States)
- Verizon Communication, Inc (New York, United States)
- Vonage Holdings Corp (New Jersey, United States)
- Zoom Video Communications, Inc. (California, United States)
Quick Buy – Unified Communication as a Service (UCaaS) Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101934
Table of Content:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Unified Communication As-a-Service (UCaaS) Key Players Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Unified Communication As-a-Service (UCaaS) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Unified Messaging
- Collaboration Platforms
- Reporting & Analytics
- By Delivery Model (Value)
- Managed Services
- Hosted/Cloud Services
- By Enterprise Size(Value)
- Large Enterprises
- Small and Medium Sized Enterprises
- By Vertical (Value)
- Banking, Financial Services and Insurance (BFSI)
- IT and Telecommunications
- IT-enabled Services (ITeS)
- Retail and Consumer Goods
- Government and Defense
- Others (Media and Entertainment, Construction, etc.)
- By Region (Value)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/unified-communication-as-a-service-ucaas-market-101934
Have a Look at Related Research Insights:
Unified Communication Market Size, Share and Global By Application (Video, Telephony, Conferencing and others), By Deployment (On-premise & Cloud-Based/Hosted), By Industry Vertical (Retail, Healthcare, Manufacturing and others) and Geography Forecast till 2025
Everything-as-a-Service (XaaS) Market Size, Share & Industry Analysis, By Type (Security as a Service, Unified Communications as a Service, Storage as a Service, Network as a Service, Database as a Service, Backend as a Service), By Organization (Small and Medium Enterprises, Large Enterprises),By Industry (Retail, Banking, Financial Services, and Insurance (BFSI), Healthcare, Telecom and IT) Others and Regional Forecast, 2019-2026
Team Collaboration Software Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, Services), By Deployment (Cloud, On-Premises), By Enterprise Size (SMEs, Large Enterprises), By End-User (Banking, Financial Services and Insurance (BFSI), IT and Telecommunications, Manufacturing, Retail and Consumer Goods, Healthcare, Transportation and Logistics, Education, Others), and Regional Forecast, 2020-2027
Digital Signage Market Size, Share & Industry Analysis, By Component (Hardware, Software, Content, and Services), By Deployment (On-Premise, Cloud), By Location (Indoor, Outdoor), By Product Type (Video Walls, Digital Posters, Kiosks, Billboards, and Others), By Industry Vertical (Retail, Corporate, Hospitality, Transportation, Education, Healthcare, Sports and Entertainment,and Others) and Regional Forecast, 2019-2026
Smart Home Market Size, Share & Industry Analysis, By Product (Home Monitoring/Security, Smart Lighting, Entertainment, Smart Appliances, and Others (Thermostat, etc.)), and Regional Forecast, 2019-2026
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Fortune Business Insights™
LinkedIn | Twitter | Blogs