Global Unified Communication-as-a-Service Market to 2030: Market to Grow by Over $55 Billion - 5G Networks and BYOD Adoption Drive UCaaS Market Expansion
DUBLIN, Jan. 24, 2024 /PRNewswire/ -- The "Global Unified Communication-as-a-Service Market 2030 by Component, Delivery Model, Enterprise Type, Deployment, Vertical, and Region - Partner & Customer Ecosystem Competitive Index & Regional Footprints" report has been added to ResearchAndMarkets.com's offering.
The Unified Communication-as-a-Service (UCaaS) Market size is estimated to grow from USD 28.7 Billion in 2022 to reach USD 84.3 Billion by 2030, growing at a CAGR of 14.6% during the forecast period from 2023 to 2030.
For instance, a single-user mailbox can provide access to multiple communication applications such as email, SMS, video, fax, and audio, resulting in heightened demand for enhanced communication services and consequently fostering the growth of the UCaaS market.
Nonetheless, concerns regarding security and interoperability, along with the initial high costs of adopting unified communications as a service, constrain the market's growth. Conversely, the integration of advanced technologies into UCaaS is expected to present numerous opportunities for expanding the size of the UCaaS market during the forecast period.
The growth in this region is propelled by the adoption of trends such as 'Bring Your Own Device' (BYOD) and telepresence systems, supported by the presence of key industry players including IBM Corporation, Verizon Communication Inc., Google LLC, Avaya Inc., among others.
At the same time, the Asia Pacific region is poised to exhibit the highest Compound Annual Growth Rate (CAGR) during the forecast period. This growth is attributed to the escalating demand for internet-based communication services within small and medium enterprises. Communication tools like Voice over Internet Protocol (VoIP) and audio-video conferencing are widely embraced across countries like India, South Korea, China, Japan, and Oceania. Additionally, the substantial surge in cloud traffic across the region is expected to further drive the demand for Unified Communication as a Service offerings.
Increase in the shift from traditional legacy systems to cloud-based communication services
As business communications continue to expand, enterprises are actively pursuing solutions to manage complexity, reduce costs, and enhance overall productivity. Consequently, the adoption of unified communication as a service, a cloud-based paradigm, has seen a notable uptick. Businesses are revamping their strategies to enhance adaptability, productivity, and agility, aligning with the trend towards flexible and hybrid work models and leveraging cloud-based solutions to accommodate a diverse workforce spanning devices, departments, and time zones.
Moreover, cloud-based unified communication solutions offer cost efficiency, scalability, and the latest features and security, making them an appealing choice. The imperative for robust cloud security has grown in response to high-profile breaches, making it a paramount concern for businesses.
Major Classifications are as follows:
Unified Communication-as-a-Service (UCaaS) Market, By Component
Unified Communication-as-a-Service (UCaaS) Market, By Delivery Model
Unified Communication-as-a-Service (UCaaS) Market, By Enterprise Type
Unified Communication-as-a-Service (UCaaS) Market, By Deployment
Unified Communication-as-a-Service (UCaaS) Market, By Vertical
Unified Communication-as-a-Service (UCaaS) Market, By Geography
For more information about this report visit https://www.researchandmarkets.com/r/a03zg1
Research and Markets
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SOURCE Research and Markets