Unified Communication as a Service (UCaaS) Market by Components, Organization Size and Geography
Unified Communication as a Service is a highly advanced tool which supports integration of all types of communication components. It can be delivered on any network and easily deployed on-premises and over cloud. Enterprise and SMB’s are increasingly turning towards the cloud-based UC services, where they can have off-site data storage centers. UC service over cloud offers various benefits such as low cost of installation, which eliminates the need to pay in advance as it is pay per usage model. Cloud-based UC is highly flexible and scalable with advanced mobility techniques to authorize remote workers to communicate with coworkers and customers.
UCaaS companies are introducing new cloud-based UC solutions for small & medium size businesses and are targeting to cover mid-to-large enterprises, which are more interested toward cloud-based unified communication deployment rather than on-premise delivery model. UCaaS market is lucrative as it offers accessibility from remote places on various devices and also reduces the workload of IT department and users.
North America is expected to have the largest market share, followed by Europe. Organizations in countries of NA and EU are looking for the better communication connectivity across the world with their partners and customers, and hence are opting for various ways to improve their communication efficiency and productivity at decreased cost.
MarketsandMarkets estimates that enterprises will invest in the unified communication as a service market in a much encouraging rate in coming years. Sectors such as consumer goods & retail, BFSI, transportation & logistics, and telecom & IT have shown positive growth outlook in this market. These sectors account for a major share of the overall UCaaS market. This is not only ensuring the overall growth of UCaaS market, but also encouraging new users by highlighting instances of successful deployments, thus leading to new implementations across other verticals.
The UCaaS market is segmented on the basis of components: telephony, unified messaging, conferencing, collaboration platforms, and applications; on the basis organization size: small businesses (0-99), medium businesses (100-999), enterprises (1000-9999), and large enterprises (1000 +); on the basis of industry/verticals: banking, financial services, and insurance (BFSI), telecom & IT (IT), consumer goods & retail, healthcare, public sector & utilities, logistics & transportation, travel & hospitality, and others (including education, media & entertainment, manufacturing); and by region: North America (NA), Asia-Pacific (APAC), Europe (EU), Middle East & Africa (MEA), and Latin America (LA).
MarketsandMarkets forecasts the unified communication as a service market to grow from USD 15.12 Billion in 2015 to USD 24.88 Billion by 2020. This represents a Compound Annual Growth Rate (CAGR) of 10.5% from 2015 to 2019. The table given below highlights the overall market growth, in terms of absolute dollar value and Year-over-Year (Y-o-Y) growth.