Unified Communications as a Service Market to Reach $118.8 Billion, Globally, by 2031 at 16.3% CAGR: Allied Market Research
The increase in demand for 5G high speed network, the surge in trend of bring your own device (BYOD) and mobility, and the growth in migration from legacy systems to cloud-based communication services drive the global unified communications as a service market
PORTLAND, Ore., March 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Unified Communications as a Service Market by Component (Telephony, Unified Messaging, Conferencing, Collaborative Platform and Application), by Deployment Model (Managed Service, Hosted/Cloud Service), by Organization Size (Large Enterprises, Small and Medium Enterprises), by Industry Vertical (Media and Entertainment, BFSI, IT and Telecom, Healthcare, Automotive and Transportation, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031."According to the report, the global unified communications as a service industry was valued at $27 billion in 2021 and is estimated to generate $118.8 billion by 2031, witnessing a CAGR of 16.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Drivers, Restraints, and Opportunities
The increase in demand for 5G high speed network, the surge in trend of bring your own device (BYOD) and mobility, and the growth in migration from legacy systems to cloud-based communication services drive the unified communications as a service market. However, security concerns and interoperability issues associated with the system and the high initial cost of unified communication as a service are likely to hinder the market growth during the forecast period. On the other hand, the rise in integration of advanced technologies in unified communication as a service will present new growth opportunities for the global market in the coming years.
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The conferencing segment to dominate the market during the forecast period
Based on component, the conferencing segment contributed to the largest share of nearly one-third of the global unified communications as a service market in 2021 and is expected to maintain its dominance during the forecast period. This is owing to the rise in remote working trend that led to an increased demand for UCaaS conferencing solutions, as businesses seek to communicate and collaborate effectively with their remote team solutions. The unified messaging segment, however, is projected to witness the fastest CAGR of 17.9% from 2022 to 2031. This is owing to the increasing demand for remote work and collaboration tools.
The hosted/cloud service segment to grab the lion's share during the forecast period
Based on deployment model, the hosted/cloud service segment grabbed the highest share of three-fifths of the unified communications as a service market in 2021 and is expected to dominate the market in 2031. This is because companies are looking for ways to improve collaboration and productivity among their employees. The managed service segment, however, would witness the fastest CAGR of 17.3% from 2022 to 2031. This is owing to the rise in cyber threats which has led to an increased demand for managed security services, including threat detection and response, data protection, and compliance management.
North America to achieve the largest revenue by 2031
Based on region, the market in North America was the largest in 2021, accounting for more than one-third of the global unified communications as a service market and is likely to maintain its dominance during the forecast timeframe. This is owing to the increase in demand for connected interfaces, growth associated with cloud technology, and penetration of bring your own devices (BYOD) in the U.S. However, the market in Asia-Pacific is likely to show the fastest CAGR of 18.6% during the forecast period. This is owing to the rapidly digitized straining cloud networks and data centers in the region, where the adoption of edge computing is helping to reduce latency, enhance security, and maximize reliability.
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Leading Market Players
The report analyzes these key players of the global unified communications as a service market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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