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.
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“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.
Rising Demand for UCaaS Solutions in Large Enterprises Acts as
Growth Booster
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.
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.
Significant Growth in Store for UCaaS Market by Revenue and Volume
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.
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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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