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The global unified communication as a service (UCaaS) market size is projected to reach USD 59.51 billion by 2027. Implementation of programmable collaboration and communication capabilities into business productivity solutions is set to affect growth positively. Additionally, several companies are investing huge sums in developing a comprehensive portfolio of UCaaS solutions. This information is given by Fortune Business Insights™ in a new study, 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, Small and Medium Sized (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 study further mentions that the market stood at USD 22.97 billion in 2019. But, it is set to exhibit a CAGR of 12.8% during the forecast period between 2020 to 2027.
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Increasing Need to Automate Communication Processes will Accelerate Growth
Several businesses nowadays are embedding features, such as chats, messaging, audio, and video services for automating the communication process. These are further aiding developers to focus on the mission-critical aspects. Besides, the rising demand for application programming interface (API)-driven programmable communication would surge the popularity of UCaaS solutions in the coming years. However,
Key Players Aim to Generate More Sales by Adopting Collaboration Strategy
The market for UCaaS is fragmented with the presence of numerous service providers. They are mainly engaging in collaborations and partnerships to co-develop novel solutions, thereby catering to the high demand from consumers. Also, the COVID-19 pandemic has compelled educational institutes to use digital platforms for teaching purposes. It is opening new opportunities for top cloud service providers.
Fortune Business Insights™ lists out the names of prominent UCaaS solution providers operating in the global market. They are as follows:
A Noteworthy Industry Development-
Further Report Findings-
The global market for UCaaS can be segmented in the following way:
Value (USD billion)
By Delivery Model
By Enterprise Size