Rapid Expansion Projected: Unified Communication as a Service (UCaaS) Market Poised to Reach US$ 112.6 Billion by 2033

Unified Communication as a Service (UCaaS) would bring in $ 28.5 billion in revenue by 2023, according to Future Market Insights (FMI) analysis. Between 2023 and 2033, the global market is projected to increase at a CAGR of 14.7%, reaching US$ 112.6 billion.

In 2023, the demand for UCaaS is anticipated to increase by 13% yearly, according to previously released data. The BFSI sector will continue to make up the largest part of all business sectors. However, during the course of the evaluation period, the IT & telecom segment will grow at a CAGR of 18.5%.

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Increasing Remote Work Culture Bolsters Market Growth 

Smartphones and computers, two recent technologies, are quite useful in the office today. In the age of remote work, when offices are spread out throughout the world, they are essential tools. Bring your own devices is becoming the accepted standard across leading sectors.

To reduce the difficulties of internal communication, businesses are progressively implementing modern technologies. all at once. Businesses are attempting to reduce expenses related to data and management systems. UcaaS is the ideal remedy for communication problems in today's workplace because of all these elements. The market has bright prospects as more companies encourage their staff to use their own devices while working.

Affordability & Ease of Maintenance Keys to Market Growth

Compared to related communication solutions, UcaaS has emerged as the more affordable and convenient option. This is primarily due to the low Total Cost of Ownership (TCO). Furthermore, owing to externally hosted software infrastructures, the company incurs little to no cost in maintenance. The enterprises only need to pay a monthly fee for the maintenance of the same.

Cyber Security Concerns Weigh Down Market Growth 

New-age communication management systems are rife with cyber security hassles. Several UCaaS providers are failing to take up standard cybersecurity measures at their data centers. As third-party hosted data centers are emerging as a norm, the cyber security concerns are only worsening. Key players need to focus on tightening cyber security measures to expand their consumer base.

Key Players Embrace Advanced Technologies

New-age technologies such as AI and machine learning have emerged as critical to improving current market growth. Startups are focusing on the development of applications for ease of access for employees even while on the go.

For instance, Illumy is a startup developing advanced cloud communications to amalgamate email, messaging, group chat, voice, video, and phone for a single point cloud-based easy access. This helps clients avoid the hassle of switching between accounts and different application interfaces.

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Key Takeaways:

• The UCaaS market registered an 11.8% CAGR between 2017-2022.
• During the forecast period, the US market is projected to grow at a CAGR of 10.8% to reach a valuation of USD 21.1 by 2033.
• Between 2017 and 2022, the UK market is expected to grow at a CAGR of 17.9%.
• During the forecast period, the large enterprises segment is projected to register a CAGR of 11.1%.
• North America currently leads the global market, with a market share of nearly 74% in 2023.
• The UCaaS demand in South Korea is projected to rise at a CAGR of 14.7% between 2023 and 2033.

Key Market Developments:

• In March 2022, Sangoma Technologies Corporation acquired NetFortris Corporation, which is also an UCaaS, and cloud-based solutions provider. This was to enhance the cloud-based servicing capabilities of Sanhgoma through MSP integration
• In July 2022, Ericsson acquired Vonage Holdings Corp., which is a  UCaaS and CCaaS provider. This was to enhance its existing mobile network capabilities. As a result, Ericsson now has advanced communications solutions such as CPaaS, CCaaS, and UCaaS.
• In March 2022, Microsoft announced the launch of Microsoft Teams Connect shared channels, which integrates Microsoft 365 Business, Enterprise, and Education subscriptions. This enables users to invite someone to a channel without adding them to a team.

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Key Market Players:

• Cisco Systems, Inc.
• Google LLC
• LogMeIn Inc.
• RingCentral, Inc.
• Mitel Networks Corporation
• Fuze Inc.
• Windstream Holdings, Inc.
• ALE International
• DIALPAD, INC.
• Verizon Communications Inc.
• NTT Communications Corporation

UCaaS Outlook by Category

By Solution, UCaaS Solutions are segmented as:

• Software
• Services

By Enterprise Size, UCaaS Outlook is segmented as:

• Small and Medium Enterprises (SMEs)
• Large Enterprises

By Vertical, UCaaS Demand is segmented as:

• BFSI
• IT & Telecom
• Healthcare
• Retail & CPG
• Travel & Hospitality
• Transportation & Logistics
• Military & Defense
• Others

By Region, UCaaS Sales are segmented as:

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