Unified Communication as a Service (UCaaS) Market to Expand at a remarkable CAGR of 29.4% by 2024

The top five companies in the Unified Communication as a Service (UCaaS) market together accounted for a share of just under 57% in 2015. Transparency Market Research observes that the key opportunity for these players – 8X8 Inc., West Corporation, Cisco Systems Inc., Microsoft Corporation, and Fuze Inc. – lies in the integration of business processes and applications. This is expected to further the adoption of UCaaS solutions across the globe. "There has been a substantial increase in the use of social media for businesses, and combining social media with UCaaS solutions enables efficient customer relationships and strengthens marketing," the author of the study states. UCaaS vendors are, therefore, looking to build ecosystems that can make social business integration compelling for enterprises.

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.

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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.

The opportunity in the global UCaaS market was pegged at US$8.23 bn in 2015 and is projected to be worth US$79.3 bn by 2024. The market is likely to expand at a remarkable CAGR of 29.4% during the forecast period. By deployment, hosted UCaaS accounted for a larger share in terms of both revenue and volume. Revenue-wise the segment is anticipated to witness a 33.1% CAGR from 2016 to 2024 to reach US$69.9 bn by 2024. Volume-wise, the hosted UCaaS segment is expected to register a 32.0% CAGR. Within the hosted UCaaS segment, UC SaaS emerged as the leading segment by revenue in 2015, with UC PaaS as the most rapidly expanding sub-segment.

By service, the global UCaaS market was led by telephony services while contact center services are likely to register the fastest growth by revenue during the forecast period. On the basis of end users, large enterprises form the key revenue generators in 2015. Small and medium enterprises (SMEs), on the other hand, are projected to develop at the highest pace from 2016 to 2024. Based on delivery model, although stand-alone services held the larger share in terms of revenue in 2015, integrated services are likely to emerge as the leading as well as fastest growing segment by 2024. Geographically, North America is the leading revenue generator while Asia Pacific is forecast to exhibit the highest growth by 2024.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materia