According to newly released data on the Unified Communication as a Service (UCaaS) market by Future Market Insights (FMI), the demand registered will increase at a CAGR of 14.5% from 2021-2031.

The report also forecasts the market to surpass a valuation of ~US$ 22.2 Bn by the end of 2021. As FMI, rapid technological advancements in the IT & telecom industry have created prospects for UCaaS implementation. These technologies have become essential in improving economic competitiveness, thereby propelling the market growth.

Continuous innovation in cloud communication is resulting in greater choice, flexibility, and cost-saving solutions for conferencing in enterprises. In the past few years, the continuous development of cloud communication and investments in digitizing workspaces has increased the demand for remote solutions in enterprises which further is propelling the growth of UCaaS market.

Moreover, the changing IT consumption trends and increasing adoption of cloud computing solutions are creating growth opportunities for UCaaS market. Today’s enterprises are functioning out of multiple locations which further is increasing the number of remote workers. Due to this factor, organizations are adopting UCaaS solutions that can help their employees to maintain communication in an efficient manner.

UCaaS Demand Outlook 2016-2020 Compared to 2021-2031 ForecastIncreasing demand for UCaaS from large as well as small and medium enterprises (SMEs) can be attributed to proliferation of mobility and Bring Your Own Device (BYOD) trends. The UCaaS demand is estimated to rise at 14.5% CAGR between 2021 and 2031 in comparison above 10.7% CAGR registered during 2016-2020.

The implementation of hosted solutions by enterprises to reduce costs and improve productivity is creating growth opportunities for the UCaaS market. Also, advantages of UCaaS over Unified Communication in terms of ROI, business continuity, speed, and flexibility are the factors increasing the popularity of UCaaS solutions.

Since its inception, unified communications (UC), has emerged as a cost-effective solution for various industries, such as healthcare, retail & CPG, and BFSI among others. Advent of cloud based unified communication solutions such as RingCentral and Mitel Networks Corporation, is shaping the way organizations manage their communication networks.?

For savvy IT and business leaders, present-day communications are already in the cloud. With the rise of 100% remote workforces, virtual teams need to be totally integrated, so they can connect and collaborate with all the tools necessary to do their jobs.

Unified Communications as a Service (UCaaS) delivers on that vision with resilient, cloud-based solutions that can be deployed more quickly—and for less—than an on-premises solution.

The global UCaaS growth scenario is anticipated to witness an increase in revenue from ~US$ 22.2 Bn in 2021 to ~US$ 85.7 Bn by 2031.

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Key Takeaways: UCaaS Market

  • By solution segment, the integrated UCaaS platform/suite is anticipated to account for the leading share in the global UCaaS market during the forecast period. The segment estimated to grow at a robust CAGR of 17.3% through 2031.
  • The demand for UCaaS in small and medium enterprises (SMEs) is expected to rise at maximum pace as these organizations continue adopting UCaaS and cloud based solutions for better ROI.
  • Demand for UCaaS in IT & Telecom and BFSI sector is estimated to grow at an impressive CAGR. Of these, BFSI industry is expected to account for leading share in UCaaS market during the forecast period.
  • North America is expected to lead the market followed by Europe in 2021. South Asia & Pacific is anticipated to emerge as the fastest growing region between 2021 & 2031.
  • The market in Japan is expected to progress at a CAGR of more than 17% through 2031.
  • In the U.K., sales are expected to increase at a CAGR of close to 18% over the next ten years.

COVID-19 Impact Analysis on UCaaS MarketThe outbreak of coronavirus (COVID-19) has created the need for organizations to adapt today’s fast-paced world where the business continuity is a must. The outbreak of COVID-19 pandemic is marking a rare occasion where business leaders globally have to quickly enable their workforces to work remotely for an extensive period of time.

Owing to this factor, organizations are incorporating remote work into their businesses where the communication and remote work policy holds the key to meet the expectation between management and workforce.

According to Future Market Insights, the COVID-19 pandemic is expected to accelerate the adoption of cloud computing not just as a technological shift, but also as an operating model as enterprises across the globe acknowledge limitations of their current situation.

In response to the COVID-19 pandemic, UCaaS solution providers are taking special measures to meet the customer demand for cloud usage, due to sudden shift to a remote-first workforce.

According to FMI, almost 70% CIOs agrees “cloud services” would become a priority in 2021, and they expect to reduce on-premises workloads to 35% beyond 2021, as compared to almost 60% in 2020. Moreover, the UCaaS market is expected to grow by 1.1X during 2019-2020 and is expected to witness a surge in demand amid the COVID-19 outbreak, as remote working becomes the new norm.

Thus, the UCaaS market is estimated to grow around 10.3% to 12.8% Y-o-Y from 2019 to 2021.

Service Extensions & Migrating to Digital WorkspaceSeveral platforms are taking on the role of collaboration platforms and digital workspaces, as UCaaS features continue to evolve and become more sophisticated. From real-time document commenting to file sharing, applying these features to traditional UCaaS solutions, encourages companies to develop a centralized digital workspace.

Although UCaaS is predominantly a technology as a service platform, another trend to be witnessed is the rise of additional service solutions. From security solutions and managed services style monitoring to integrating a UCaaS call center with a talent management solution, providers of unified communications are finding innovative ways to enhance their product value.

UCaaS Outlook by CategoryBy Solution, UCaaS Solutions are segmented as:

  • Software
    • Integrated UCaaS Platform/Suite
    • Standalone Solutions
      • Audio & Video Conferencing
      • Hosted IP Telephony/VoIP
      • Collaboration Platform
      • Unified Messaging
  • Services
    • Professional Services
      • Integration & Deployment Service
      • Consulting Services
      • Support & Maintenance
    • Managed Services

By Enterprise Size, UCaaS Outlook is segmented as:

  • Small and Medium Enterprises (SMEs)
  • Large Enterprises

By Vertical, UCaaS Demand is segmented as:

  • BFSI
  • IT & Telecom
  • Healthcare
  • Retail & CPG
  • Travel & Hospitality
  • Transportation & Logistics
  • Military & Defense
  • Others

By Region, UCaaS Sales is segmented as:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

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