Global Unified Communication as a Service Market to Surpass 262.37 Billion by 2030 Driven by Rising Popularity of Working from Home Culture
SkyQuest projects that the global unified communication as a service market will attain a value of USD 262.37 billion by 2030, with a CAGR of 20.6% during the forecast period (2023-2030). The increasing adoption of remote work arrangements, driven by the growing trend of working from home, has prompted employers to explore and embrace unified communications as a service (UCaaS) solutions in the global unified communication as a service market.
Westford, USA, Jan. 31, 2024 (GLOBE NEWSWIRE) -- According to SkyQuest, the advent of 5G networks and high-speed internet connectivity is poised to significantly impact the global unified communication as a service market's growth during the forecast period. This transformation is particularly pivotal as modern communication tools and practices, such as audio and video conferencing, demand high-speed, low-latency connections for seamless interactions.
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Tables – 68
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The rising trend of the work-from-home model has become a compelling factor driving employers to adopt Unified Communications as a Service (UCaaS) solutions. This shift towards remote work is driven by necessity and its proven benefits for enterprises in the global unified communication as a service market.
Prominent Players in Global Unified Communication as a Service Market
Microsoft Corporation
Cisco Systems, Inc.
RingCentral, Inc.
Zoom Video Communications, Inc.
Mitel Networks Corporation
8x8, Inc.
Avaya Holdings Corp.
Fuze, Inc.
Vonage Holdings Corp.
Google LLC
Fuze, Inc.
BroadSoft (now part of Cisco)
LogMeIn, Inc. (GoToConnect)
Alcatel-Lucent Enterprise
NEC Corporation
Fuze, Inc.
Unify, Inc. (Atos SE)
Verizon Communications Inc.
BT Group plc
AT&T Inc.
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Public Cloud Segment to Dominate Market due to Widespread Adoption of Remote Work Practices
Public cloud segment has emerged as a dominant force in the global unified communication as a service market, capturing the market share of revenue at approximately 73% in 2022.
The market in North America stands out as the dominant force in the global unified communication as a service market, commanding an impressive share of approximately 31% of the total revenue in 2022. This region has solidified its position as the most profitable due to several key drivers. The widespread adoption of remote work practices, driven by the recognition of their effectiveness, has significantly bolstered the demand for UCaaS solutions.
Private Cloud Segment to Witness Significant Growth due to its Expansion in the Level of Customization
Private cloud sector is poised for significant growth throughout the forecast period, driven by its unique advantages in the market. One key factor contributing to its expansion is the level of customization it affords businesses in the global unified communication as a service market.
Regional market in Asia Pacific is anticipated to emerge as the most rapidly developing region during the forecast period in the global unified communication as a service market. The region is experiencing continuous digitization, with an increasingly mobile workforce, emphasizing the demand for flexible communication and collaboration solutions offered by UCaaS.
A comprehensive analysis of the major players in the global unified communication as a service market has been recently conducted in this report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Global Unified Communication as a Service Market
Evolve IP, a prominent international provider of Work Anywhere solutions, recently made an exciting announcement regarding its collaboration with Webex, a significant player in cloud-based communication solutions. Together, they unveiled the "Evolve All Places with Webex," marking the latest addition to Evolve IP's unified communication solutions. This partnership signifies a significant step in enhancing communication and collaboration capabilities for businesses seeking innovative solutions to support remote work and seamless connectivity.
In 2022, 8x8, Inc., a leading provider of unified communication solutions, joined forces with Genesys, a global cloud leader specializing in customer service orchestration, to introduce a powerful integrated solution known as "8x8 Working with Genesys Cloud CX." This integration empowers businesses to swiftly align their agents and subject-matter experts, fostering seamless collaboration to deliver superior customer experiences.
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Key Questions Answered in the Global Unified Communication as a Service Market Report
What specific growth drivers are projected to impact the market during the forecast period?
List the top companies in the market and explain how they have achieved their positions of influence.
In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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