Traditional communications solutions were heavily reliant on on-premises hardware deployments and the capital expenditure it entailed. But in today's environment, the expenditure has migrated to operations as the growing trend of mobility and Unified Communication as a Service (UCaaS) becomes the norm. The new Research and Markets report has revealed just as much as it foresees the market growing to $28.69 billion by 2021 from the $17.35 billion of 2016, a compound annual growth rate (CAGR) of 10.6 percent.
The global forecast looks at the UCaaS market by component, organization size, industry and region until 2021.
According to Research and Markets, the enterprise segment will experience the highest CAGR growth. This is because the solutions UCaaS provides are best suited for large organizations with a lot of assets that are geographically dispersed. With UCaaS, they will be able to bring together all of these resources and communicate seamlessly across many different touch points and platforms to improve the productivity of their workforce, as well as being able to stay in touch with their customers, partners, vendors and other assets.
The region with the highest potential during the forecast period is going to be North America. As of 2016, this region will account for the largest market share in the world, and as unified services, consumer goods and retail, along with logistics and transportation verticals in the USA and Canada, continue to grow, UCaaS is also poised to grow at a faster pace. Another driver for the growth in this region is the digitization of businesses and adoption of cloud services by enterprises of all sizes.
Some of the key unified communication service providers mentioned in the report are, Cisco (News - Alert) Systems, 8x8, Inc., Microsoft Corporation, Verizon Communication, Polycom, Inc. and others.
The market size was determined after conducting interviews with key industry personnel in Tier- 1, 2 and 3 companies and C-level, directors and others from these organizations in North America (40 percent), APAC (25 percent), Europe (20 percent) and Rest of the World (15 percent).
This report will give stakeholders the closest approximation in the UCaaS market during the forecast period so they can make informed decisions for the overall market and sub-segments across different services and regions by highlighting the drivers, restraints, challenges and opportunities. Research and Markets also includes a competitive landscape section to show the players in the ecosystem the type of new product developments, partnerships and mergers and acquisitions that are likely to take place.
Edited by Alicia Young