Global UCaaS Market Worth USD 36.45 Billion at 10.5% CAGR

The global unified communication as a service (UCaaS) market size is projected to reach USD 36.45 billion by 2026, thereby exhibiting a CAGR of 10.5% during the forecast period. This information is given in a recently published report by Fortune Business Insights™, titled, "Unified Communication as a Service (UCaaS) Market Size, Share & Industry Analysis, By Component (Telephony, Unified Messaging, Collaboration Platforms, Conferencing, and Reporting and Analytics), By Organization Size (SMEs, Large Enterprises), By End-User (Banking, Financial Services, and Insurance (BFSI), IT and Telecommunications, Consumer Goods and Retail, Healthcare, Travel and Transportation, Public Sector and Utilities, and Others) and Regional Forecast, 2019-2026." The report further states that the market was worth USD 16.73 billion in 2018. It is likely to gain momentum from the ability of UCaaS to optimize business processing and upsurge productivity by enhancing communication between teams.

Highlights of the Report

• Elaborate details about the UCaaS market trends, opportunities, challenges, growth drivers, and obstacles.
• List of all the segments present in the market, including the niche ones.
• Geographical analysis to let the entrepreneurs know about suitable areas to invest in.
• In-depth information about the strategies of key players to help the clients in growing their businesses.

Implementation of BYOD Services by Companies to Boost Growth

Nowadays, many companies are putting forward the bring your own devices (BYOD) services for their employees. It is set to aid these companies in improving collaboration, increasing productivity, strengthening communication channels between employees, and cutting costs. The service enables employees to get access to the corporate network via their own devices. Employees can connect their devices, such as smartphones, laptops, PCs, and notebooks into the network of a particular company that they are a part of.

Additionally, several businesses are offering the feature of mobility solutions to enhance consumer satisfaction with faster service and response, as well as to manage business continuity. Besides, mobility solutions help the employees in being in touch with their colleagues, partners, and consumers. Lastly, the increasing adoption of tablets and smartphones, coupled with the persistent development of 5G infrastructure, are expected to propel the UCaaS market growth during the forthcoming period.

North America to Dominate Stoked by Technological Advancements

The market is geographically fragmented into Latin America, Asia Pacific, North America, the Middle East & Africa, and Europe. Out of these, North America had generated USD 6.68 billion UCaaS market revenue in 2018 and is expected to dominate the market in the coming years by reaching USD 13.34 billion. This growth is attributable to the ongoing technological developments and steady growth of the economy. Apart from that, rising expenditure on IT infrastructure would also drive growth. Asia Pacific, on the other hand, is anticipated to exhibit the fastest CAGR backed by the upsurging availability of smartphones and large consumer population. Emerging nations, namely, Japan, China, and India, would also contribute to the growth of the market. But, the growth in this region may be obstructed by the increasing concerns regarding security issues and data privacy.

Verizon Collaborates with Zoom to Expand Product Portfolio

June 2019: Verizon Business Group, a division of Verizon Communications based in New Jersey, announced that it has teamed up Zoom Video Communications, a provider of remote conferencing services, headquartered in the U.S. As per the collaboration, Verizon will be able to provide its large consumer base with the latest, unified communications solution. It would aid in enhancing organizational collaboration. At present, Zoom’s unified communications platform is available to all the consumers of Verizon as a cloud service. The consumers will get access to around 50 countries using either call-me or toll-free/call-in toll numbers. It would help both companies in gaining the maximum unified communication as a service market share during the forecast period.

Fortune Business Insights™ profiles some of the most renowned organizations operating in the unified communication as a service market. They are as follows:

• Google LLC
• Cisco Systems, Inc.
• Avaya, Inc.
• Microsoft Corporation
• AT&T
• Polycom Inc.
• IBM Corporation
• Genesys
• Huawei Technologies Co. Ltd.
• Telefonaktiebolaget LM Ericsson
• Verizon Communications, Inc.
• NICE
• ALE International
• Other key market players

Rahul Gdave Fortune Business Insight Writer