Unified Communication as a Service Market to be at Forefront from kranti's blog

Market Overview

The unified communication as a service (UCaaS) market will develop at a 10.5% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.

 Drivers 

Continued Rollout of 5G Data Network to Boost Market Growth 

The continued rollout of high-speed 5G data network will boost market growth over the forecast period. The low-latency and high-speed connectivity enabled by 5G networks can significantly improve audio and video conferencing and meetings as well as strengthen collaboration. 

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Opportunities 

Incorporation of AI to offer Robust Opportunities 

The incorporation of cutting-edge technology like AI is crucial to assist organizations to attain their digital transformation goals. This may offer robust opportunities for the market in the forecast period. Solutions that are AI-enabled can help businesses to automate transcriptions, track speakers intelligently, record calls intuitively, understand users’ needs, and offer relevant services. UCaaS solutions that are AI-powered can also help with sentiment analysis. Thus they can typically use data mining methods for analyzing discussions, comments, and reviews and also direct mentions of services, brands, and products and help enterprises to strategize accordingly. 

 Restraints and Challenges

Lack of Awareness to act as Market Restraint 

The lack of awareness regarding unified communication as a service offerings & company policies around security issues of these integrated platforms may act as a market restraint over the forecast period. 

COVID-19 Analysis 

The COVID-19 outbreak has compelled enterprises in adopting a hybrid business model thus enterprises are specially consolidating multiple communication features and also allowing cross-functioning for efficient collaboration. The increase in work from home employees is also prompting companies in implementing UCaaS solutions. Organizations are also adopting UCaaS tools and platforms as the outbreak prompts them in reevaluating their operational costs and protecting their margins amid dwindling revenues

Market Segmentation 

The unified communication as a service market is bifurcated based on deployment mode, service, organization size, delivery model, and vertical. 

 By deployment mode, the unified communication as a service market is segmented into hosted and managed. The hosted segment is again segmented into UC laaS, UC PaaS, and UC SaaS. 

 By service, the unified communication as a service market is segmented into collaboration services, UC application services, contact center services, and telephony services. 

By organization size, the unified communication as a service market is segmented into small and medium enterprises and large enterprises. 

 By delivery model, the unified communication as a service market is segmented into integrated services and standalone services. 

 By vertical, the unified communication as a service market is segmented into travel and hospitality, logistics and transportation, healthcare, retail, public sector, IT and telecom, BFSI, and others. 

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Regional Analysis 

North America to Steer Unified Communication as a Service Market 

North America will steer the market over the forecast period. Increased adoption of BYOD trends, increasing demand for efficient collaboration and communication to ensure adequate care and diagnosis in the US during the COVID-19 outbreak, the presence of a large number of UCaaS vendors, and increasing technology adoption for increasing productivity are adding to the growth of global unified communication as a service market in this region. 

 Key Players 

Eminent players profiled in the global unified communication as a service market report include IBM Corporation, Cisco Systems, Inc., BT Group, 8x8, Inc., Microsoft Corporation, Verizon Communications, Inc., Avanade, Inc., Fuze, Inc., Voss Solutions, Polycom, Inc., ATOS SE, and West Corporation.

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