Westford, USA, Dec. 09, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the global unified communication as a service market size will reach a value of USD 315.44 Billion by 2031, with a CAGR of 20.6% during the forecast period (2024-2031). Numerous development prospects for the unified communication as a service market have been generated by the integration of multiple communication channels, including audio, video, and messaging, onto a single platform to increase productivity and simplify collaboration across enterprises. The global unified communication as a service market growth is further supported by the introduction of 5G technology and high-speed internet, driven by the fact that video and audio conferencing need to relate to fast and low-latency communication which 5g networks can provide easily.
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Browse in-depth TOC on the ” Unified Communication as a Service Market”
- Pages – 157
- Tables – 68
- Figures – 75
Unified Communication as a Service Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 70.49 Billion |
| Estimated Value by 2031 | USD 315.44 Billion |
| Growth Rate | Poised to grow at a CAGR of 20.6% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Organization Size, Vertical, Component, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa |
| Report Highlights | Integration with Collaboration Tools |
| Key Market Opportunities | Embracing cloud-based models for communication and reduced infrastructure costs |
| Key Market Drivers | Remote Work and Collaboration |
Public Cloud Deployment to Hold Significant Growth due to its Quick Adapting to Dynamic Communication Needs
Public cloud deployment dominates the global unified communication as a service market due to its cost-effectiveness, scalability, and rapid deployment capabilities, which support organizations in quickly adapting to dynamic communication needs. These benefits facilitate the absorption and use of sophisticated communication techniques by a large number of users. Global unified communication as a service market trend has led to businesses embracing UCaaS, as it provides the flexibility and efficiency that will help in promoting teamwork and productivity enhancement.
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Healthcare Sector to Lead due to Need for Seamless, Secure Communication Across Diverse Teams
The healthcare sector leads in the global unified communication as a service market due to its need for seamless, secure communication across diverse teams and locations, enhancing patient care and operational efficiency. The need for healthcare personnel to collaborate in real-time, on top of the UCaaS capability of integrating with the electronic health records has contributed to the global unified communication as a service market growth, which in turn better service coordination and patient care.
North America to Dominate Market due to High Cloud Adoption and Advanced IT Infrastructure
North America dominates the global unified communication as a service industry due to high cloud adoption, advanced IT infrastructure, and a strong focus on remote work solutions, which drive demand for unified communication tools. These factors enable rapid UCaaS deployment and integration, meeting the region’s needs for efficient, scalable communication solutions that support productivity and collaboration across diverse industries.
Unified Communication as a Service Market Insight
Drivers:
- Supports Communication for Dispersed Teams
- Real-Time Connectivity Improves Operational Efficiency
- Reduces On-Premises Infrastructure Costs
Restraints:
- Cloud Communication Tools are Vulnerable to Data Breaches
- Premium Features can be Cost-Prohibitive
- Lack of Standardization can Limit Compatibility
Prominent Players in Unified Communication as a Service Market
The following are the Top Unified Communication as a Service Companies
- Microsoft Corporation (USA)
- Cisco Systems, Inc. (USA)
- RingCentral, Inc. (USA)
- Zoom Video Communications, Inc. (USA)
- Mitel Networks Corporation (Canada)
- 8×8, Inc. (USA)
- Avaya Holdings Corp. (USA)
- Vonage Holdings Corp. (USA)
- Google LLC (Google Meet) (USA)
- BroadSoft (now part of Cisco) (USA)
Key Questions Answered in Global Unified Communication as a Service Market Report
- What is the projected market size for the market by 2031?
- How does the integration of multiple communication channels on a single platform contribute to the growth of the UCaaS market?
- What factors in this region drive demand for unified communication tools?
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This report provides the following insights:
- Analysis of key drivers (Faster internet connectivity enhances communication performance, enterprises are moving away from outdated systems, businesses aim for better customer communication), restraints (Staying compliant with varied regulations, dependence on cloud servers), opportunities (Rising demand for unified communication in education, enhanced analytics capabilities).
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the unified communication as a service market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the unified communication as a service market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia-Pacific.
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