According to the new market research report " Unified Communication as a Service (UCaaS) Market by Component (Telephony, Unified Messaging, Conferencing, and Collaboration Platforms and Applications), Organization Size (SMEs and Large Enterprises), Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the UCaaS market size is expected to grow from USD 15.8 billion in 2019 to USD 24.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.5% during the forecast period. The key factors driving the growth of the UCaaS market include increasing demand for UCaaS from both large enterprises and SMEs and growing trends toward mobility and Bring Your Own Device (BYOD).
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Based on components, the collaboration platforms and applications segment to grow at the highest CAGR during the forecast period
The presence of legacy unified communication systems for telephony has made easy for enterprises to move to cloud telephony without many budget investments. Additionally, employees across the world prefer voice as a main form of communication compared to messaging and video conferencing. This has led telephony to have the largest market share compared to other components. However, rising need for security and need to remove dependency on multiple vendors enterprises are deploying collaborations platforms to have a single solution for all their unified communication needs. Thus, collaboration platforms and applications segment is estimated to grow at the highest CAGR during the forecast period.
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Based on regions, North America to account for the largest market size during the forecast period
North America is estimated to dominate global UCaaS due to the presence of a large number of UCaaS vendors and high adoption of BYOD and enterprise mobility trends across the region. However, Asia Pacific (APAC) is estimated to grow at the highest CAGR during forecast period among other regions.
The UCaaS market comprises major solution providers, such as RingCentral (US), 8x8 (US), LogMeIn (US), Mitel (US), Cisco (US), Vonage (US), Fuze, Inc. (US), Microsoft (US), Google (US), Verizon (US), BT (UK), Orange S.A. (France), DialPad (US), StarBlue (Ireland), Windstream (US), Alcatel-Lucent Enterprise (France), Intrado Corporation (US), NTT Communications Corporation (US), Masergy (US), and Revation Systems (US). The study includes the in-depth competitive analysis of these key players in the UCaaS market with their company profiles, recent developments, and key market strategies.
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