Unified Communication as a Service (UCaaS) Market: Market for Integrated UCaaS to Gain Precedence over Stand-alone Services by 2024
Unified Communication as a Service (UCaaS) Market: Snapshot
Unified
Communication as a Service (UCaaS) is an emerging technology that has
rapidly garnered a lot of attention from developer communities and
enterprises. The global UCaaS market is poised to witness a significant
rise in demand for UCaaS solutions from enterprises and businesses keen
on increasing the efficiency of existing processes. A number of these
enterprises are now switching from traditional business processes to
communications-enabled business processes.
The
value of the global UCaaS market was pegged at US$8.23 bn in 2015 and
is projected to expand at an impressive CAGR of 29.4% from 2016 to 2024
to reach US$79.3 bn by the end of the forecast period.
Market for Integrated UCaaS to Gain Precedence over Stand-alone Services by 2024
By
deployment model, hosted UCaaS solutions led the market in 2015 and the
segment is expected to retain its lead through 2024. This is mainly
owing to the rising adoption of Internet Protocol (IP) telephony across
the world. The low total cost of ownership (TCO) and major advancements
in cloud communication platforms are also supporting the adoption of
hosted UCaaS solutions across various industry verticals.
Based
on service, telephony services emerged as the key contributor in the
UCaaS market. The segment is expected to continue its lead through 2024
thanks to the growing adoption of hosted telephony as a part of
enterprise UCaaS solutions.
By
delivery model, stand-alone services led the UCaaS market in 2015.
However, by 2024, the revenue generated by the integrated services
segment is expected to surpass that by stand-alone services. The rising
demand for integrated services across various businesses is likely to
bring about this shift.
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Asia Pacific to Present Several Opportunities for UCaaS Providers
Geographically,
North America headed the global UCaaS market in 2015 and the region is
expected to continue to be the leading revenue generator throughout the
forecast period. This growth can be attributed to the presence of a
massive tech-savvy workforce and advanced network infrastructure in the
region. The demand for UCaaS is likely to increase in the coming years
as vendors invest in sectors such as banking, financial services, and
insurance (BFSI), consumer goods, retail, transportation and logistics,
and telecom. This is likely to open up new offerings for UCaaS.
Asia
Pacific is forecast to be the most rapidly growing market for UCaaS
owing to the rising inclination of large companies toward UCaaS
solutions. The region also presents immense opportunities for the
establishment of contact center services due to a growing population
proficient in the English language. Asia Pacific is a lucrative option
for various businesses due to the availability of a comparatively
cheaper workforce and rapid growth in emerging economies such as India
and China. Campaigns such as ‘Make in India’ have led to the
establishment of offices and manufacturing units in India, which is
anticipated to further the need for UCaaS to stay connected with the
headquarters situated at a different location. Moreover, the
introduction of new mobile phones and tablets is going to increase the
demand for unified communication in this region.
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Rising Demand for UCaaS Solutions in Large Enterprises Acts as Growth Booster
Recent
studies have shown a significant rise in the number of mobile workers
across the globe. “Growing liberalization around the world has compelled
large enterprises to enter cross-border markets, thereby driving the
need for collaboration tools to allow employees of a company to
effectively communicate with each other,” the author of the study
comments. UCaaS solutions support this very need and as a result, the
market for the same has been receiving a major boost. “The impact of
this driver will be high during the forecast period with businesses
likely to expand operations to developing regions such as the MEA and
Asia Pacific,” the analyst predicts.
The
growth of the BYOD trend, multiple benefits offered by UCaaS solutions,
and surging penetration of mobile devices are also responsible for the
future expansion of the UCaaS market.
In
contrast, the lack of awareness regarding UCaaS solutions and the
benefits they offer threatens to hamper the adoption rate of UCaaS by
SMEs. However, this impediment is projected to have a minimal impact on
the UCaaS market in the long term.
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