Unified Communication As A Service Market Worth $ 30.53 Billion, Globally, by 2028 at 8.20 % CAGR: Verified Market Research™
The increasing adaption of UCaaS from large and small enterprises, growing deployment of artificial intelligence in the communication sector are some of the factors propelling the growth of the market
JERSEY CITY, N.J., April 22, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Unified Communication As A Service Market" by Component (Unified Messaging, Telephony, Conferencing, Collaboration Platforms And Applications), by Vertical (Consumer Goods and Retail, Healthcare, Public Sector and Utilities, Telecom and IT, Others), and by Geography. According to Verified Market Research, the Global Unified Communication As A Service Market was valued at USD 16.24 Billion in 2020 and is projected to reach USD 30.53 Billion by 2028, growing at a CAGR of 8.20% from 2021 to 2028.
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Global Unified Communication As A Service Market Overview
The continued rollout of high-speed 5G data networks bodes well for the growth of the market over the forecast period. The high-speed, low-latency connectivity enabled by 5G networks can significantly enhance video and audio conferencing and meetings and strengthen collaboration. The cloud-specific network function virtualization (NFV) and multi-access edge computing (MEC) capabilities offered by 5G technology for scalable and self-healing networks are particularly encouraging the adoption of UCaaS solutions, platforms, and services. The customizable user interfaces and application functions, which can potentially enhance workplace collaboration, are also expected to contribute to the growth of the market over the forecast period.
In addition, the latest technologies such as Artificial Intelligence (AI) are playing a vital role in helping organizations in achieving their digital transformation goals. AI-enabled solutions can help organizations in effortless transcriptions, intelligently tracking speakers, intuitively recording calls, understanding users' needs, and offering relevant services. AI-enabled UCaaS solutions can also help in sentiment analysis. As such, AI-enabled UCaaS solutions can typically leverage data mining techniques to analyze discussions, reviews, and comments, direct mentions related to brands, products, and services, and help enterprises in strategizing accordingly. Furthermore, the adoption of video conferencing andvideo communication practices gained significant traction in 2020.
The major players in the market are RingCentral, 8×8 , LogMeIn, Mitel, Cisco, Vonage, Fuze, Inc., Microsoft, Google, and Verizon.
Verified Market Research has segmented the Global Unified Communication As A Service Market On the basis of Component, Vertical, and Geography.
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