In a recent published report, Kenneth Research has updated the market report for Unified Communication as a Service (UCaaS) Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Unified Communication as a Service (UCaaS) Market products.
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“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Small medium business organizations are constantly looking for solutions that could help improving customer satisfaction, minimize operational cost and enhance the organizational productivity. Unified communication provides a bundle of audio, video and web capabilities that enables the organizations to effectively deal these challenges. Moreover, the availability of Unified communication as a cloud based services enables the utilization of these services in during web conferencing which would provide effective communication with clients.
The report segments the unified communication as a service market on the basis of components, end use applications and by geography. On the basis of service components the market is segmented into telephony, unified messaging, conferencing components, and collaboration platforms and application components. Currently the market is dominated by telephony component with 36.8% market share in 2018 and will continue to dominate due to rising number of hosted telephony solutions. However, over the forecasted period integrated solutions such as collaboration platforms are expected to grow at the highest CAGR of 15.6% during 2018-2028. The rising globalization of business has posed a rapid growth in demand for integrated solutions to enable better communication with their local and global customers.
On the basis of end user application the market in segmented into BFSI, Telecom & IT, Consumer goods and retail, healthcare, public sector and utilities, logistics and transportation, travel and hospitality and others. Applications such as telecom IT, and retail are dominating the market. However, BFSI and logistics are expected to drive the future market. The rising trend of business process outsourcing in these sectors are expected to boost the market growth.
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On the basis of geography the report segments the market into North America, Asia Pacific, Europe, and rest of world. Currently the market is dominated by North America region contributing to 45% of the total market share in 2018 followed by Europe. The major driver for the growth of the UCaaS market in these regions is the rapidly rising demand for the better communication efficiency at reduced cost. Moreover, North America will continue to dominate the UCaaS market to massive investments from various sectors such as BFSI, retail, transportation, and telecom. However, during the forecasted period Asia Pacific UCaaS market is expected to grow at the highest CAGR of 13% (approx.). The major factors contributing to growth of APAC region are the developing IT infrastructure, rising investment from the large enterprises, increasing government focus on international trade and so on.
4. Computer Sciences Corporation (CSC)
9. Verizon Communication
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Key Answers Captured in Report?
- Which geography would have better demand for products/services?
- What are the strategies adopted by big players in the regional market?
- Which country would see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
- What is the current & expected market size in the next five years?
- What is the market feasibility for long term investment?
- What opportunity the country would offer for existing and new players in the market?
- What is the risk involved for suppliers in the geography?
- What factors would drive the demand for the product/service in the near future?
- What is the impact analysis of various factors in market growth?
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