Unified Communication as a Service (UCaaS) Market: Increasing Utilization of Mobile Devices Globally to Bolster Market Growth
Unified Communication as a Service (UCaaS) is amongst one of the top developing technologies and is gaining the interest of various developer communities and enterprises. UCaaS refers to a permanently updated, pre-integrated, ready-to-go, and standardized service, which improves productivity as it drives business processes and decision making along with reducing costs.
Transparency Market Research (TMR), a business intelligence company, throws light on the prime forces driving and inhibiting the development of the global UCaaS market. In addition, it elaborates upon the top services, delivery models, and lucrative regions driving the growth of the market and their predicted state in the coming years.
Q. What forces are fuelling and restraining the growth of the global UCaaS market?
The global UCaaS market stood at US$8.23 bn in 2015 and is anticipated to touch US$79.3 bn by 2024 end, rising at a whopping 29.4% CAGR during the forecast period. The low cost of ownership in comparison with other communications tools and the consistent service support presented by UCaaS solutions are amongst the top factors providing impetus to the development of this market. In addition, the rising utilization of mobile devices will also positively impact the development of this market.
A number of studies have also presented that there is noticeable rise in the count of mobile workers globally. The increasing liberalization globally has resulted in the penetration for large enterprises in cross-border markets, hence raising the requirement for collaboration tools to permit a company’s employees to communicate effectively with one another. This particular need is also being supported by UCaaS solutions, thus fuelling the growth of the global Unified Communication as a Service market. On the other hand, the absence of awareness about the benefits related to UCaaS solutions in some nations may impede the implementation of UCaaS by small and medium enterprises (SMEs), hence impeding market growth.
Q. Which deployment model and service type are predicted to lead the market all through 2024 and why?
In terms of deployment model, hosted UCaaS solutions dominated the market in 2015 and are predicted to maintain their superiority all through 2024. This is due to the increasing implementation of Internet Protocol (IP) telephony globally. The demand for hosted UCaaS solutions is also backed by numerous developments in cloud communication platforms and the low total cost of ownership (TCO) globally. In terms of service, telephony services is a top segment in the global UCaaS market. This segment is predicted to maintain its dominance all through 2024 owing to the increasing penetration rate of hosted telephony in enterprise UCaaS solutions.
Q. Which region is predicted to hold most lucrative opportunities in the global UCaaS market?
Region wise, Asia Pacific is predicted to be the most swiftly developing market in UCaaS market due to the increasing demand for UCaaS solutions from large Asia Pacific companies. On the other hand, the North America UCaaS market led in 2015 and is predicted to lead all through 2024, in terms of revenue. This region is on the top position due to the penetration of humongous tech-savvy workforce and the developed network infrastructure of this region.
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For instance, on October 14, 2016 in Dallas, Texas, Masergy Communications Inc., proclaimed that its Global UCaaS offering is named as a winner in the INTERNET TELEPHONY Hosted VoIP Excellence Award winner for 2016. This UCaaS solution presented by the company is leading the hosted VoIP market and has cutting-edge features including WebRTC technology, integration with Skype for Business, UCaaS Analyst, and user-customizable dashboards.