The Global UCaaS Market Will Reach an Annual Growth Rate of 25.65% Between 2022 and 2027

The global unified communications as a service (UCaaS) market is expected to reach a compound annual growth rate (CAGR) of 25.65% between 2022 and 2027, according to a study by Mordor Intelligence.

The COVID-19 pandemic has caused a large part of the population to work remotely, forcing companies to implement various solutions to help their employees work how and where they want. In this sense, UCaaS allows companies to manage unified collaboration between their employees, anywhere and anytime, through the cloud.

Unified Communications (UC) has become a cost-effective solution for organizations in various industries such as BFSI (Banking, Financial Services, and Insurance), Healthcare, and eRetail, among others.

The advent of cost-effective cloud-based solutions has also facilitated greater adoption by healthcare providers. In this sector, the call centers deal without problems with the multiple queries and requests from customers.

On the other hand, the rapid increase in the adoption of BYOD (Bring Your Own Device) trend and other mobility solutions further drives the implementation of UCaaS solutions. BYOD has emerged as a major trend in this new era of flexibility and network accessibility for employees working across the globe for various organizations, making the workplace more productive. For example, according to Cisco, companies with a BYOD policy save on average about $350 a year per employee.

What Is The Scope of the Report?

The Unified Communications as a Service (UCaaS) market analyzed by Mordor Intelligence is segmented by company size (SMBs and large organizations), and end-user verticals (BFSI, eRetail, healthcare, public sector, IT, and telecommunications).

To understand this scope, we must consider that Unified Communications as a Service (UcaaS) refers to a service model in which the provider offers different telecommunications or communications applications, software products and processes, generally through the web. The UC system unifies or integrates all communication methods used by a company in a single platform or multiple communication tools.

Key Market Trends

1) The Healthcare Segment Will Register a High Growth Rate of the Market

In healthcare, UCaaS has been shown to be a highly effective model, as it includes face-to-face technology, video conferencing, business messaging, and telephony.

2) The Increasing Deployment of Artificial Intelligence (AI) Will Greatly Help Organizations Meet the Goal of Digital Transformation

AI-powered tools have enabled organizations to intuitively record calls, facilitate effortless transcriptions, and intelligently track agents to understand user needs and deliver relevant services.

North America Will Have a Significant Market Share

The supremacy of the United States in the studied market can be attributed to the increase in mobility and the explosion of the 5G connections due to the consumerization of IT (that is, the mix of use of both personal and commercial technological devices and applications), which has helped companies adopt IP telephony and UCaaS.

In the US, end users, such as eRetail, banking and finance, healthcare, information technology and telecommunications, are looking for a more direct and seamless experience for all their communications (audio, video and chat), without matter where they are. To meet this need, companies are looking for a unified deployment and management solution from a single vendor they can trust to handle their UCC requirements. Additionally, organizations will integrate remote connectivity tools into a single UCaaS platform with the arrival of 5G.