Global Unified Communication-as-a-Service (UCaaS) Market Size Expands at Steady CAGR of 6.89% to Reach USD 36.43 Billion by 2029

Published | 18 December 2023

Global Unified Communication-as-a-Service (UCaaS) Market is gaining traction because of the growing shift from legacy systems to cloud-based communication services and increasing adoption of bring your own device (BYOD) and mobility trends.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Unified Communication-as-a-Service (UCaaS) Market size at USD 24.43 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Global Unified Communication-as-a-Service (UCaaS) Market size to grow at a CAGR of 6.89% reaching a value of USD 36.43 billion by 2029. The expanding number of smartphones and the increasing usage of digital platforms that enable remote working are major growth factors for the Global Unified Communication-as-a-Service (UCaaS) Market. Furthermore, the growing use of new technologies, such as artificial intelligence and machine learning is expected to provide attractive opportunities for the expansion of Global Unified Communication-as-a-Service (UCaaS) Market during the period in analysis.

Opportunity: Higher Cost-Efficiency with UCaaS

Due to the emergence of cloud-based unified communications, which allows employees to connect from any location and at any time, enterprises are implementing unified communications at a cheaper cost than on-premises PBX systems. UCaaS options charge a monthly fee and employ software from externally hosted infrastructure, minimizing the total cost of ownership. These features boost collaboration among workers, productivity, and work satisfaction while decreasing the cost of travel. UCaaS systems require VoIP-ready telephone handsets and specialized routing equipment on-premises, rather than expensive telecom infrastructure. As a result of the reduced total cost of ownership, the Global Unified Communication-as-a-Service (UCaaS) Market is expected to grow at a significant rate during the period in analysis.

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Global Unified Communication-as-a-Service (UCaaS) Market – By Component

Based on component, the Global Unified Communication-as-a-Service (UCaaS) Market is segmented into telephony, unified messaging, conferencing, and collaborative platform and applications. The telephony segment accounts for the highest share of the market. However, due to intrinsic features, such as security and reduced dependency on numerous providers for UCaaS adoption, the collaborative platforms and apps sector will likely have higher demand over the projection period. Because of an increasing demand from small and medium-sized organizations (SMEs), suppliers worldwide are selling telephony and conferencing as the primary products. These technologies help SMEs improve corporate communication and efficiency.

Impact of Escalating Geopolitical Tensions on Global Unified Communication-as-a-Service (UCaaS) Market

The escalating geopolitical tensions disrupted the growth of the Global Unified Communication-as-a-Service (UCaaS) Market. For instance, the Israel-Palestine conflict negatively affected the entire tech industry in both countries. UCaaS is a cloud-based delivery model that relies on data centers to deliver. Israel has about 17 data centers that support the operations of various SMEs. However, post the outbreak of war, the technology-providing resources declined due to a lack of financial resources as well as a spike in the frequency of cyberattacks. The tech startups were among the worst-hit contenders due to the Israel war with Hamas, which directly impacted the growth of the Global Unified Communication-as-a-Service (UCaaS) Market.

Competitive Landscape

Major players operating in the Global Unified Communication-as-a-Service (UCaaS) Market include Genesys, Mitel Networks Corp., NEC Corporation, Google LLC, RingCentral, Inc., Cisco Systems Inc., Microsoft Corporation, 8x8, Inc., Zoom Video Communications, Inc., Avaya Inc., GoTo, Orange S.A., DialPad, and Verizon Communications Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Global Unified Communication-as-a-Service (UCaaS) Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Unified Communication-as-a-Service (UCaaS) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Unified Communication-as-a-Service (UCaaS) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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