Unified Communication as a Service Market 2022 | Present Scenario and Growth Prospects 2031

The latest market study published on the Unified Communication as a Service (UCaaS) market by  Future Market Insights (FMI)  includes a global industry analysis from 2016-2020 and an opportunity assessment for 2021-2031 and provides a comprehensive coverage of the most important markets. It provides an evaluation. dynamics. After carrying out a thorough study of historical and current growth parameters, we get an accurate picture of the market’s growth prospects.

According to Future Market Insights (FMI) analysis, the Unified Communication as a Service (UCaaS) market revenue totaled $19.6 billion  in 2020 .  The overall market is projected to reach $85.7 billion by 2031, growing at a CAGR of 14.5% between 2021 and 2031 .

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In 2020, the demand for UCaaS solutions will accelerate  , with the top five providers accounting for approximately 36.5% of the total market.

Newly released data on UCaaS demand forecasts indicate a growth rate of 12.8% in 2021 . Among the sectors, the BFSI sector’s share will remain at the highest level. However, the IT and Telecommunications sector will grow at a CAGR of 18.1% during the evaluation period  .

Analysis of the impact of COVID-19 on the UCaaS market

The outbreak of the coronavirus (COVID-19) has created the need for organizations to adapt to today’s rapidly changing world where business continuity is essential. The outbreak of the COVID-19 pandemic is a rare occasion when business leaders around the world need to enable their employees to work quickly and remotely over extended hours.

These factors are driving organizations to integrate teleworking into their businesses, where communication and teleworking policies are key to meeting management and workforce expectations.

According to Future Market Insights, the COVID-19 pandemic is expected to accelerate the adoption of cloud computing as an operating model as well as technological change as businesses across the globe acknowledge the limitations of the current situation.

Key Implications: UCaaS Market

• By solution segment, integrated UCaaS platforms/suites are expected to hold a major share in the global UCaaS market during the forecast period. This segment is projected to grow at a strong CAGR of 17.3% through 2031.
• Demand for UCaaS in small and medium-sized enterprises (SMEs) is expected to grow at the fastest rate as these organizations continue to adopt UCaaS and cloud-based solutions for better ROI.
• The demand for UCaaS in the IT & telecom and BFSI sectors is expected to grow at an impressive CAGR. Of these, the BFSI industry is expected to hold a major share in the UCaaS market during the forecast period.
• In 2021, North America is expected to lead the market, followed by Europe. South Asia and the Pacific are projected to emerge as the fastest growing regions between 2021 and 2031.
• The Japanese market is projected to grow at a CAGR of over 17% by 2031.
• In the UK, sales are expected to grow at a CAGR of close to 18% over the next decade.

 “The growing adoption of cloud-based communication and collaboration tools such as web conferencing, cloud storage, and unified messaging, especially during lockdowns imposed to contain the COVID-19 outbreak, is creating opportunities for the UCaaS market. “Demand will continue to surge as more organizations implement policies that ensure the safety of their employees,” an FMI analyst said.  

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competitive landscape

Fierce competition and rising customer expectations are creating a storm in the global UCaaS market, a powerful solution for solution providers to innovate and improve customer engagement. As customers move rapidly to cloud communications, they are driving demands for increased user productivity and flexibility and creating opportunities for advanced communications and collaboration tools.

For example, in May 2021, 8×8, Inc. announced Communications as a Service (XCaaS), a cloud communications deployment model that blurs the lines between Unified Communications as a Service (UCaaS) and Contact Center as a Service (CCaaS). . . XCaaS enables organizations to support the communication needs of all employees as they work together to deliver a differentiated customer experience.

The major companies operating in the market are: