Unified Communication as a Service Market to Grow at a CAGR of 23.6% by 2028

Unified Communication As A Service Industry Overview

The global unified communication as a service market size is expected to reach USD 210.07 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 23.6% from 2021 to 2028. The growing preference for combining unified communication and IoT is expected to open new growth opportunities for the market. The ability of cloud-based unified communication solutions, along with IoT devices and solutions, to enable real-time connectivity and contribute to process automation is particularly expected to encourage enterprises to shift from conventional communication to UCaaS solutions. UCaaS (Unified Communication as a Service) can also help in convenient employee collaboration as employers can flexibly hire resources from a more comprehensive geographical range and onboard them through personalized self-guided walkthroughs and training material.

UCaaS solutions can allow enterprises to leverage cloud platforms to roll out effective communication without investing in dedicated IT infrastructure. Hence, SMEs are particularly adopting UCaaS solutions to facilitate unified communication at affordable prices. As such, these solutions can typically contribute to organizations’ digital transformation goals while saving costs. SMEs are also adopting these solutions as part of the rollout of a hybrid working model in the wake of the outbreak of the COVID-19 pandemic. Benefits such as affordable prices and operational flexibility are expected to drive the market over the forecast period.

Unified Communication As A Service Market Segmentation

Grand View Research has segmented the global unified communication as a service market on the basis of deployment, industry vertical, and region:

Based on the Deployment Insights, the market is segmented into Public Cloud and Private Cloud

• The public cloud segment accounted for the largest revenue share of over 73.0% in 2020. Public cloud technology helps in reducing lead times in testing and deploying new products.
• The private cloud deployment model is expected to offer significant growth opportunities for the market over the forecast period.

Based on the Industry Vertical Insights, the market is segmented into Automotive, Education, Healthcare, BFSI, Hospitality, Real Estate, Legal, IT & Telecom, and Others

• The IT and telecom segment dominated the market with a revenue share of 19.9% in 2020.
• The growing need for data security and privacy protection is driving the adoption of UCaaS solutions by IT and telecom companies.
• The healthcare industry gained a significant revenue share in 2020 as patients remain keen on striking efficient communication with healthcare officials and caregivers to obtain better care.

Unified Communication As A Service Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

Service providers are putting a strong emphasis on innovation and new product launches to open new revenue generation channels. They have also started offering a Communication Platform as a Service (CPaaS) to their customers, thereby helping companies in connecting people with services, processes, and applications.

Some prominent players in the global Unified Communication As A Service market include:

• 8x8 Inc.
• Amazon, Inc.
• Avaya Inc.
• CenturyLink, Inc.
• Cisco Systems, Inc.
• Fuze, Inc.

Order a free sample PDF of the Unified Communication As A Service Market Intelligence Study, published by Grand View Research.