Unified Communication-as-a-Service (UCaaS) Market – Growth, Trends And Forecast (2020 – 2024)
Unified communications-as-a-Service refers to a service model where the provider delivers different telecom or communications applications, software products and processes generally over the web. The unified communication unifies or integrates all the communication methods used by a business into a single platform or multiple communication tools. This report segments the market by End-user Industry (Healthcare, Retail, Manufacturing, Financial services, and other End-user Industries) and Geography.
The global unified communication as-a-service market was valued at USD 4370.19 million in 2018 and is expected to reach a value of USD 17165.9 million by 2024, at a CAGR of 25.67 %, during the forecast period 2019 – 2024.
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Top Companies in the Global Unified Communication-as-a-Service (UCaaS) Market:
Mitel Networks Corporation, Ring Central Inc., 8X8 Inc., Verizon Communications Inc., Comcast Corporation, Vonage Holdins Inc., West Corporation, Star2Star Communications LLC, DXC technology, Alcatel Lucent Enterprise International, IBM Corporation, Cisco Systems Inc. among others.
Unified Communications (UC), since its inception, emerged as a cost-effective solution for businesses across industries, such as healthcare, BFSI, and retail.
– The need for easy-to-maintain network systems that enable effective communication possible across the end-user industries, including retail, healthcare, and manufacturing, among others, is evident, considering the old/obsolete contact centers.
– Ease of adopting cloud technology has further boosted the adoption of video conferencing, which is driving the adoption of cloud services for various business needs. The availability of cloud-based systems is easing the adoption of UCaaS by healthcare providers.
– For instance, in 2018, The British Medical Journal (BMJ) deployed RingCentral’s UCaaS to make its comms infrastructure fit for the cloud era. This has helped BMJ to improve on its support processes.
– The growing adoption of BYOD and other mobility solutions has been aiding the adoption of UCaaS solutions. With respect to the consumer, mobile-first solutions, and IP applications, communication is enabled through chat/audio/video call through the same device, which addresses all customer queries. These solutions are aimed at enhancing customer service assistance, self-service, and merchandise inquiries. Employees benefit from deploying virtual training and merchandise management tools.
– Companies are also introducing new products or services into leverage the growing demand for UCaaS. Maintel launched ICON Now, which is a UCaaS offering aimed at companies with 100 to 1,000 employees.
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Key Market Trends:
Manufacturing Sector is Expected to Register a Significant Growth
– Unified Communications as-a-Service can help in managing the assets of a factory. This is possible just by scanning the QR code placed on the machine equipment that holds the data like warranties, maintenance logs, manufacturing dates and more by using a UCaaS app on a smartphone that instantly updates the information on the equipment. This allows the companies to better track their assets allowing them to order a repair or replacement if needed.
– Computer-Aided Design is a software that is used for the creation, modification, analysis or optimization of a design that is used by the companies to improve the productivity of the designers, quality of the designs and improve the communications by creating a database for the manufactures. This software coupled with the services offered by the UCaaS can be helpful for the personnel to gain greater control over their designs by allowing them to communicate with other designers operating in the same company.
– With the adoption of Industry 4.0 and Smart factory initiatives by the manufacturing firms, are set to revamp the manufacturing industry which would result in a boost in the contribution to the country’s GDP. This boost would also influence the UCaaS market in a positive way.
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Influence Of The Unified Communication-as-a-Service (UCaaS) Market Report:
-Comprehensive assessment of all opportunities and risk in the Unified Communication-as-a-Service (UCaaS) market.
-Unified Communication-as-a-Service (UCaaS) market recent innovations and major events.
-Detailed study of business strategies for growth of the Unified Communication-as-a-Service (UCaaS) market-leading players.
-Conclusive study about the growth plot of Unified Communication-as-a-Service (UCaaS) market for forthcoming years.
-In-depth understanding of Unified Communication-as-a-Service (UCaaS) market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital market latest trends striking the Unified Communication-as-a-Service (UCaaS) market.
Finally, Unified Communication-as-a-Service (UCaaS) Market report is the believable source for gaining the market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request and market development rate and figure and so on. Unified Communication-as-a-Service (UCaaS) industry report additionally Present new task SWOT examination, speculation attainability investigation, and venture return investigation.
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