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Unified Communication as a Service (UCaaS) Market to Exhibit a CAGR of 14.5% between 2024-2032; Empowering Seamless Communication Integration Drives Product Demand

June 14, 2023 | Information & Technology

The global Unified Communication as a Service (UCaaS) market size was valued at USD 32.01 billion in 2023. The market is projected to grow from USD 36.33 billion in 2024 to USD 107.51 billion by 2032, exhibiting a CAGR of 14.5% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Unified Communication as a Service (UCaaS) Market Size, Share & COVID-19 Impact Analysis, By Component (Telephony, Unified Messaging, Collaboration Platforms, Conferencing, and Others), By Delivery Model (Managed Services and Hosted/Cloud Services), By Enterprise Type (Large Enterprises and Small and Medium-sized Enterprises (SMEs)), By Vertical (BFSI, IT and Telecommunications, IT-enabled Services (ITeS), Education, Retail and Consumer Goods, Government and Defense, Healthcare, and Others), and Regional Forecast, 2024-2032”.


The Unified Communication as a Service (UCaaS) portfolio is being expanded with cutting-edge features, functions, and services. Furthermore, prominent industry players have embarked on integrating programmable communication and collaboration capabilities into their existing UCaaS offerings.



Stringent Pandemic Laws Augmented Growth for the UCaaS Market


In response to the COVID-19 pandemic, organizations globally transitioned to remote working platforms as a precautionary measure to ensure employee safety. This shift was accompanied by a surge in the adoption of remote learning and work-from-home guidelines. For instance, the unforeseen closure of schools affected approximately 1.20 billion students in more than 186 countries since April 2020, as per a blog published by the World Economic Forum.


ZOHO’s Trident to Enhance Consumer’s Communication Experience


An innovative unified communications platform named Trident was launched by ZOHO Corporation in February 2023. This platform aims to enhance communication ease by integrating audio/video calls, calendar, messages, mail, and various other channels. The ultimate goal is to provide customers with a comprehensive and seamless communication experience.


Increasing API-Driven Programmable Communication in the Business Application Market Drives Growth


Business applications now incorporate functions such as programmable video, messaging, and audio to automate communication processes. By offering these integrated features, developers can prioritize the core aspects of their applications. Consequently, the market is poised to experience substantial growth due to the rising importance of API-driven programmable communication capabilities. Notably, industry leaders such as Avaya, Inc. and IntelePeer Cloud Communications are actively engaged in the development of advanced API-based programmable solutions are aimed at streamlining communication and simplifying intricate business processes.


However, security concerns in reselling third-party data center services may act as a barrier for the Unified Communication as a Service market growth.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/unified-communication-as-a-service-ucaas-market-101934


Competitive Landscape


Businesses Concentrate on Developing Cloud Infrastructure to Improve Services


Enterprises globally are embracing UCaaS platforms to capitalize on the benefits offered by services such as audio and video conferencing, messaging, and various collaboration tools. The surge in demand for unified communication services can be largely attributed to the advancements in cloud infrastructure. Additionally, the growing acceptance of Communications Platform as a Service (CPaaS) and Application Program Interfaces (APIs) is projected to propel the expansion of the market.


Notable Industry Development: 



  • September 2022 – Ring Central partnered with Oxilio to deliver the entire UCaaS and CCaaS solution suite across the North America market to fulfill the customer's demand.


List of Key Players Profiled in the Report:



  • RingCentral, Inc. (U.S.)

  • ALE International (France)

  • Sify Technologies, Ltd. (India)

  • Tata Communications, Ltd. (India)

  • Verizon Communication, Inc. (U.S.)

  • Metaswitch Networks Ltd. (U.K.)

  • Mitel Networks Corporation (Canada)

  • 8x8, Inc. (U.S.)

  • Zoom Video Communications, Inc. (U.S.)

  • Vonage Holdings Corp. (U.S.)


Further Report Findings:



  • North America dominates the Unified Communication as a Service market share. Due to the adoption of business communication services by end-use industries, the region leads the market.

  • Europe is anticipated to witness considerable growth due to the popularity of cloud-based services in the region.


Table of Segmentation






























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Unit



Value (USD billion)



Growth Rate



CAGR of 15.1% from 2023 to 2030



Segmentation



By Component, Delivery Model, Enterprise Type, Vertical, and Region



By Component




  • Telephony

  • Unified Messaging

  • Collaboration Platforms

  • Conferencing

  • Others (Reporting and Analytics)



By Delivery Model




  • Managed Services

  • Hosted/Cloud Services



By Enterprise Type




  • Small & Medium-sized Enterprises (SMEs)

  • Large Enterprises



By Vertical




  • BFSI

  • IT and Telecommunications

  • IT-enabled Services (ITeS)

  • Education

  • Retail and Consumer Goods

  • Government and Defense

  • Healthcare

  • Others (Media and Entertainment, Manufacturing)



By Region




  • North America (Component, Delivery Model, Enterprise Type, Vertical, and Country)


    • U.S. (By Vertical)

    • Canada (By Vertical)


  • Europe (Component, Delivery Model, Enterprise Type, Vertical, and Country)


    • U.K. (By Vertical)

    • Germany (By Vertical)

    • France (By Vertical)

    • Italy (By Vertical)

    • Spain (By Vertical)

    • Rest of Europe


  • Asia Pacific (Component, Delivery Model, Enterprise Type, Vertical, and Country)


    • China (By Vertical)

    • Japan (By Vertical)

    • India (By Vertical)

    • Australia (By Vertical)

    • Southeast Asia (By Vertical)

    • Rest of Asia Pacific


  • Middle East & Africa (Component, Delivery Model, Enterprise Type, Vertical, and Country)





    • GCC (By Vertical)

    • South Africa (By Vertical)

    • Rest of the Middle East & Africa





  • Latin America (Component, Delivery Model, Enterprise Type, Vertical, and Country)


    • Brazil (By Vertical)

    • Mexico (By Vertical)

    • Argentina (By Vertical)

    • Rest of Latin America



Unified Communication As A Service (Ucaas) Market
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  • 2019-2022
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