UCaaS Market size is anticipated to cross USD 150 billion by 2030, according to a new research report by Global Market Insights Inc.
The ongoing proliferation of Bring-Your-Own-Device (BYOD) trends across organizations is a major growth propelling factor driving the demand for UCaaS solutions and services. BYOD solutions help enterprises integrate updated technologies into the workplace while saving significant IT expenditure on software licensing, hardware, and device maintenance. In addition, the increasing number of public and private organizations adopting the trend will fuel the unified communications as a service industry demand.
Remote work environment to boost the demand for UCaaS solutions with advanced meetings features
The meetings segment will exhibit a growth of over 20% through 2030. The emergence of severe health crises such as COVID-19 and the ongoing employee outsourcing trends has influence remote working environments in organizations. The growing emphasis on introducing a number of communication channels comprising instant messaging, video, audio, and web conferencing under one roof to efficiently manage the remote workforce will accelerate the UCaaS market landscape.
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Expanding cloud infrastructure to support the expansion of audio-conferencing meetings
The audio-conferencing segment held above 60% of the market revenue in 2021 and may record significant gains in the forthcoming years. The emerging requirement to strike better coordination among several external and internal customers in the organizations will complement the segmental expansion. Additionally, the increasing number of cloud deployments coupled with the introduction of various fully integrated mobility solutions for tablets, smartphones, desktop, and laptop users will stimulate the UCaaS market outlook.
Browse key industry insights spread across 327 pages with 585 market data tables and 44 figures & charts from the report “Unified Communications as a Service (UCaaS) Market Size By Offering (Telephony, Meetings [Audio Conferencing, Video Conferencing], Messaging [1-1 Communication and Group Communication], Software Clients, Communication API), By Enterprise Size (SMEs and Large Enterprises), By Architecture (Single Tenant and Multi-Tenant), By Application (BFSI, Healthcare, IT & Telecom, Government & Public Sector, Retail, Education, Media & Entertainment), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022–2030” in detail along with the table of contents:
Emergence of personal marketing campaigns to impact the 1-1 communication services outlook
The 1-1 communication segment accounted for about 55% of the market share in 2021 and is likely to observe significant growth between 2022 and 2030. The evolution of brand-to-consumer communication channels and the increasing number of brands transitioning toward personal marketing strategies increase segmental revenue. Furthermore, the convenience, privacy, and informality associated with 1-1 messaging allow for an instant reply, creating new growth prospects for the UCaaS market.
Supportive government policies to push product deployment in SMEs
The SMEs segment emerge as a prominent revenue pocket, depicting an approximately 25% CAGR from 2022 to 2030. UCaaS solutions and cloud deployments allow small businesses to work without any tech implementation hurdle while eliminating the need to invest in IT maintenance and expensive hardware, augmenting product adoption in these settings. Several government initiatives focused on the development and digitalization of SMEs bolster the business outlook.
Increased security and reliability to enhance the adoption of single-tenant architecture
The single-tenant segment captured more than 35% of the UCaaS market share in 2021 and is expected to record an appreciable valuation by 2030. Single-tenant architectures are highly reliable and secure and allow for more flexibility and ease of migration than their multi-tenant counterparts. The rising concerns pertaining to the privacy and security of customer data due to increasing cyber threats can further open new growth avenues.
Rapid surge in mobile and internet services to fuel product deployment in IT and telecom sector
The UCaaS industry crossed USD 3 billion revenue from the IT & telecom sector. The proliferation of mobile and internet services, backed by the increasing number of smartphone users and the penetration of digital and connected devices, is the leading factor pushing the segment growth. Besides, the growing utilization of unified messaging, collaboration, and conferencing techniques owing to emerging globalization will foster the deployment of UCaaS solutions across the IT and telecom industry.
North American market to gain major impetus led by the proliferation of digital technologies
Regionally, the North America unified communications as a service market surpassed USD 10 billion in 2021 and is predicted to grow significantly by the end of 2030. The regional industry is fueled by the increasing number of enterprises deploying UCaaS to increase scalability and gain a competitive advantage. The expansion of digital infrastructure in countries such as the US and Canada on account of the rising investments in the IT and telecom sector will strengthen the regional outlook.
Footprint expansion to emerge as a key growth strategy
Major companies operating in the UCaaS market are Microsoft Corporation, Zoom Video, Cisco, and NEC Corporation. These organizations focus on expanding their global footprints by implementing several strategic moves such as partnerships, collaborations, M&A, new product development, etc.