Unified Communication as a Service Market Sizeand Forecast
UnifiedCommunication As A Service Market was valued at USD 16.24 Billion in 2020 andis projected to reach USD 30.53 Billion by 2028, growing at a CAGR of 8.20% from 2021 to2028.

The increasing adaption of UCaaS from large and small enterprises is a factorpropelling the growth of the market. Moreover, the growing deployment ofartificial intelligence in the communication sector in response to theadvancement in technologies is imposing a positive impact on market growth. TheGlobal Unified Communication As A Service Market report provides a holisticevaluation of the market. The report offers a comprehensive analysis of keysegments, trends, drivers, restraints, competitive landscape, and factors thatare playing a substantial role in the market.

GlobalUnified Communication as a Service Market Definition
Unifiedcommunications-as-a-service in healthcare is a model of delivery wherein avariety of collaboration and communication services and applications areoutsourced to a third-party provider and delivered over a network across thehealthcare sector. UCaaS technologies include presence technology andenterprise messaging, video conferencing and telephony. Also, the increasingdeployment of Artificial Intelligence has greatly aided organizations to cater tothe digital transformation goal. AI-powered tools have allowed organizations tointuitively record calls, facilitate effortless transcriptions, andintelligently track speakers to understand the needs of users and offerrelevant services. UCaaS is used by a large number of enterprises as itimproves business processes by streamlining communication, and thus increasesrevenue. Currently, organizations tend to use cloud-based unified communicationas it can be used by a wide range of end-users from verticals such as BFSI, IT,telecom, and healthcare. Some of the key players in this market are Cisco,Avaya, Alcatel-Lucent, Microsoft, IBM, HP, CSC, Voss, Verizon Communication,and Polycom.

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GlobalUnified Communication as a Service Market Overview
Thecontinued rollout of high-speed 5G data networks bodes well for the growth ofthe market over the forecast period. The high-speed, low-latency connectivityenabled by 5G networks can significantly enhance video and audio conferencingand meetings and strengthen collaboration. The cloud-specific network functionvirtualization (NFV) and multi-access edge computing (MEC) capabilities offeredby 5G technology for scalable and self-healing networks are particularlyencouraging the adoption of UCaaS solutions, platforms, and services. Thecustomizable user interfaces and application functions, which can potentiallyenhance workplace collaboration, are also expected to contribute to the growthof the market over the forecast period.

Inaddition, the latest technologies such as Artificial Intelligence (AI) areplaying a vital role in helping organizations in achieving their digitaltransformation goals. AI-enabled solutions can help organizations in effortlesstranscriptions, intelligently tracking speakers, intuitively recording calls, understandingusers’ needs, and offering relevant services. AI-enabled UCaaS solutions canalso help in sentiment analysis. As such, AI-enabled UCaaS solutions cantypically leverage data mining techniques to analyze discussions, reviews, andcomments, direct mentions related to brands, products, and services, and helpenterprises in strategizing accordingly.

Furthermore,the adoption of video conferencing and video communication practices gainedsignificant traction in 2020. The trend was particularly highlighted by therapid adoption of video conferencing and communication services offered byMicrosoft Corporation; Cisco Systems, Inc.; and Zoom Video Communications,Inc.; among other vendors. For instance, Zoom Video Communications, Inc.registered a growth of 88% in 2020, thereby illustrating the growing preferencefor video conferencing solutions among enterprises. Video conferencing enablesusers to foster healthy interpersonal relationships and facilitates moreefficient decision-making during meetings and conferences.

However,the issue related to the security associated with the cloud-based deployment ishampering the growth of the market. Also, the lack of remote backups andmultiple power sources may impact the business risk and compliance regulationharshly.

GlobalUnified Communication As A Service Market: Segmentation Analysis
TheGlobal Unified Communication As A Service Market is segmented based onComponent, Vertical, and Geography.

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UnifiedCommunication As A Service Market by Component
•Unified Messaging
• Telephony
• Conferencing
• Collaboration Platforms and Applications

Basedon Component, the market is bifurcated into Unified Messaging, Telephony,Conferencing, and Collaboration Platforms and Applications. The telephony andconferencing segment are the most demanded UCaaS solutions among othercomponents in 2019. However, the collaboration platforms and applicationssegment is estimated to have higher demand during the forecast period due toits inherent benefits, such as security and low dependence on multiple vendorsfor UCaaS deployment. Vendors across the globe are offering telephony andconferencing as the main product due to an increasing demand among small andmedium enterprises (SMEs) as these solutions help them in streamlining theirenterprise communication and increase productivity.

UnifiedCommunication As A Service Market by Vertical
•Consumer Goods and Retail
• Healthcare
• Public Sector and Utilities
• Telecom and IT
• Others

Basedon Vertical, the market is bifurcated into Consumer Goods and Retail,Healthcare, Public Sector and Utilities, Telecom and IT, and Others. The IT andtelecom segment dominated the market with a revenue share of 19.9% in 2020. Thestrong emphasis of several IT and telecom companies to roll out more efficientcollaboration among their globally distributed teams is driving the need todeploy UCaaS solutions. Incumbents of the IT and telecom industry often have towork with high-profile clients, such as government departments and federalorganizations, which calls for secure and efficient exchange of information.The growing need for data security and privacy protection is driving theadoption of UCaaS solutions by IT and telecom companies.

UnifiedCommunication As A Service Market by Geography
•North America
• Europe
• Asia Pacific
• Rest of the world

Onthe basis of regional analysis, the Global Unified Communication As A ServiceMarket is classified into North America, Europe, Asia Pacific, and Rest of theworld. North America dominated the global market in 2020 with a revenue shareof over 31.0%. Given that the U.S. has been among the worst-affected countriesby the outbreak of the COVID-19 pandemic, government bodies, healthcare providers,and offline and online distribution channels in the U.S. are looking forward toefficient communication and collaboration to ensure adequate care anddiagnosis. This is driving the adoption of UCaaS solutions in the U.S.

KeyPlayers In Unified Communication as a Service Market
The“Global Unified Communication as a Service Market” study report will provide avaluable insight with an emphasis on the global market including some of themajor players such as RingCentral,8×8, LogMeIn, Mitel, Cisco, Vonage, Fuze, Inc., Microsoft, Google, and Verizon.

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