8x8 Inc., ALE International, Avaya Inc., Cisco Systems, Fuze, Inc., Genesys, LogMeIn, Masergy Communications, Inc, Metaswitch Networks Ltd, Microsoft Corporation, Mitel Networks Corporation, NTT Communications Corporation, Ringcentral Inc, Sify Technologies, Ltd, Tata Communications Ltd, Verizon Communication, Inc, Vonage, Alcatel-Lucent Enterprise, Amazon.com, AT & T Inc., CenturyLink, Dial are major companies in United Communications as a Service market.
The global United Communications as a Service market is expected to grow from $30.25 billion in 2021 to $35.29 billion in 2022 at a compound annual growth rate (CAGR) of 16.67%. The change in growth trend is mainly due to companies’ stabilising their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $65.22 billion in 2026 at a CAGR of 16.611%.
The unified communication as a service market consists of sales of unified communication as a service by entities (organizations, sole traders, and partnerships), which are cloud-based service delivery models that offer all the necessary infrastructure, applications, and resources. It enables businesses to centralise their entire communication architecture and provide access to a variety of turnkey applications and services without the need to invest in bulky IT hardware or specialised support teams.
The main components of the unified communication as a service market are telephony, unified messaging, collaboration platforms, conferencing, and other components.Telephony involves the development, application, and deployment of telecommunication services.
The various unified communication as a service solutions include software and services for different organizations, including small and medium-sized enterprises (SMEs) and large enterprises. The different unified communication as a service verticals include banking, financial services and insurance, IT and telecommunications, IT-enabled services, education, retail and consumer goods, government and defense, healthcare and other verticals.
North America was the largest region in the unified communication as a service market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The rising demand for BYOD and mobility is expected to propel the growth of the unified communication as a service market.BYOD (bring your own device) means being allowed to use one’s personally owned device, rather than being required to use an officially provided device by an organization, offering greater productivity gains.
Certain studies have shown that BYOD can increase productivity, employee satisfaction, and cost savings for the company.According to TechJury, a business software solutions company, as of October 2021, 67% of employees use their own personal devices at the workplace and 59% of organisations have adopted BYOD.
Therefore, the increase in demand for BYOD and mobility is driving the growth of unified communications as a service market.
Artificial intelligence (AI)-induced automated transcription is a key trend gaining popularity in the unified communication as a service market.AI transcription refers to the speech-to-text technology that replaces the requirement of a manual process.
It saves time and increases the capabilities of industry professionals.Automated transcriptions are supported by the principle of automatic speech recognition.
For instance, in 2020, Verbit, a USA-based company that uses smart AI technology to provide captions and transcription with speed and automation, launched its AI-powered transcription service, used by students, working professionals, and media outlets. Verbit’s AI-induced automated transcription software delivers 99% accuracy rates in real-time.
In June 2021, Unisys, a USA-based information technology company, acquired Unify Square for a deal amount of $152.5 million. The acquisition will allow Unisys to leverage the Unified Communications as a Service (UCaaS) offerings from Unify Square to assist its experience-focused digital workplace services and will also allow Unisys’ digital workplace business to drive increased revenue growth and improved profitability. Unify Square is a US-based company that provides unified communications as a service, purpose-built software, cloud-managed services, and consulting.
The countries covered in the Unified Communication as a Service (UCaaS) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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94 pages •
By Transparency Market Research
• Jun 2022
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