Why Invest in Unified Communications as a Service Market Reach USD 118.8 Billion by 2031, Growing with 16.3% CAGR
Unified Communications as a Service Market is witnessing significant growth due to the increase in demand for 5G high-speed networks and the trend of bring your own device (BYOD) and mobility. According to a new report by Allied Market Research, the market is expected to reach USD 118.8 billion by 2031, growing at a CAGR of 16.3%.
The rise in migration from legacy systems to cloud-based communication services is also contributing to the growth of the unified communications as a service market. With the integration of advanced technologies in unified communication services, new growth opportunities are emerging in the global market.
The market is segmented based on components, delivery models, organization sizes, industry verticals, and regions. The components include telephony, unified messaging, conferencing, collaboration platforms, and applications. The delivery models consist of managed services and cloud services, while organization sizes are categorized into large enterprises and small & medium-sized enterprises. Industry verticals covered include media and entertainment, BFSI, IT and telecom, healthcare, automotive, and others. Regions analyzed include North America, Europe, Asia-Pacific, and LAMEA.
The conferencing segment holds the largest share of the market, driven by the rise in remote working trends and the need for effective communication and collaboration solutions. The unified messaging segment is expected to witness the fastest growth, fueled by the increasing demand for remote work and collaboration tools.
In terms of deployment models, hosted/cloud services dominate the market, as companies seek to improve collaboration and productivity among employees. Managed services are expected to grow at a faster rate due to the rising demand for managed security services in response to cyber threats.
North America currently leads the market, driven by the demand for connected interfaces, cloud technology growth, and the penetration of BYOD in the U.S. However, Asia-Pacific is expected to show the fastest growth, supported by the digitization of cloud networks and data centers in the region.
Key players in the unified communications as a service market include Avaya, Inc., BroadSoft, Inc, Cisco Systems, Inc., Microsoft Corporation, and Zoom Video Communications, Inc. These players are focusing on product launches, collaborations, partnerships, joint ventures, and acquisitions to expand their presence in the market.
In conclusion, the unified communications as a service market is experiencing significant growth driven by technological advancements and changing work trends. This report provides valuable insights for market players, investors, and stakeholders looking to gain a competitive edge in the industry.