Global Impact of the Coronavirus on Unified Communication-as-a-Service (UCaaS) Market
Global Unified Communication-as-a-Service (UCaaS) Market: Overview
According to a new market report pertaining to the global unified communication-as-a-service (UCaaS) market published by Transparency Market Research the global unified communication-as-a-service market is projected to reach a value of ~US$ 235 Bn by 2027. The unified communication-as-a-service market is projected to expand at a CAGR of ~36% from 2019 to 2027.
UCaaS solutions provide high level of scalability and flexibility for core business processes. Thus, UCaaS effectively enhances collaborative capabilities and enhances the business decision-making ability for end users, worldwide. North America is anticipated to lead the global UCaaS market, followed by Asia Pacific, during the forecast period.
Increasing Demand for Enterprise Mobility and Mobile Workforce
The unified communication-as-a-service market is being fueled by the increasing demand for enterprise mobility and mobile workforce. Studies conducted on a global level have shown a stupendous rise in the number of mobile workers. With increasing liberalization across the world, larger enterprises are looking to enter cross-border markets, thereby increasing the need for collaboration tools, which would enable effective communication among the employees of a company.
UCaaS solutions support mobility, provide flexibility, and increase productivity across businesses. Organizations can hold online meetings using video conferencing and audio conferencing with the support of unified communication-as-a-service solutions. The impact of this driver is expected to be high during the forecast period, as businesses are expected to expand their operations across developing regions such as Asia Pacific and the Middle East & Africa
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In terms of region, the global unified communication-as-a-service market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America led the global unified communication-as-a-service market, accounting for a substantial share in 2018, with the U.S and Canada being the major markets in the region. North America is followed by Asia Pacific, which is expected to show continuous growth at ~44% during the forecast period. The Asia Pacific unified communication-as-a-service market is expected to expand at a high rate too during the forecast, due to the introduction of low-cost mobile phones and tablets, which is set to increase the demand for unified communication in this region. The unified communication-as-a-service markets in the Middle East & Africa and South America are expected to expand moderately during the forecast period.
The report provides in-depth segment analysis of the global unified communication-as-a-service market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries that hold growth opportunities or account for significant shares has also been included as part of the geographic analysis of the unified communication-as-a-service market.
