Global $17+ Billion Unified Communication-as-a-Service (UCaaS) Market 2019-2024: Dominated by Microsoft, 8x8, Fuze, Verizon - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 24, 2019--
The “Global Unified Communication-as-a-Service (UCaaS) Market 2019-2024” report has been added to ResearchAndMarkets.com’s offering.
The global unified communication as-a-service market was valued at USD 4,370.19 million in 2018 and is expected to reach a value of USD 17,165.9 million by 2024, at a CAGR of 25.67% during the forecast period, 2019-2024. 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.
Key Market Trends
Manufacturing Sector Expected to Register 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.
Europe Expected to Occupy Significant Market Share
- The United Kingdom’s carriers’ initiatives to discontinue integrated services digital network (ISDN) services are driving carrier and customer migration to Internet protocol (IP) connectivity services. The shift is fueling the adoption of next-generation business communication solutions, such as hosted private branch exchange (PBX) and UCaaS markets.
- In March 2017, the Office for National Statistics announced that retail sales volumes were up by 1.4% when compared to January, and 3.7% higher than in February 2016. Sterling rose on the currency markets after the news of the rise was announced.
- Looking at the potential growth in the retail industry, major players, like 8x8, a US-based company, which is one of the largest UCaaS providers supporting more than 1 million users, expanded significantly in the European market, after the two acquisitions of UK-headquartered enterprises.
- The introduction of new technologies like 5G is expected to drive the UCaaS market in the United Kingdom region. This is due to the UK’s launch of the first 5G industrial trial in February 2019, with a view to creating smart factories that would boost the UCaaS market positively.
The competitive rivalry in the market between the players is high owing to the presence of some major players like Microsoft Corporation, 8x8 inc, Fuze Inc, Verizon and many more. These companies are able to gain a competitive advantage over the other players due to their ability to bring about innovations by investing heavily in research and developments. The companies entering into strategic partnerships and their mergers and acquisitions has allowed them to occupy a substantial share in the market.
- September 2018 - Ring Central reinstated collaboration with a reseller, AT&T, in order to sell the UCaaS product to large enterprises and SMBs. In January 2018, AT&T had informed customers that within a year, it would no longer support Ring Central’s Office@Hand. However, the partnership was reinstated to avoid business risks, which is likely to arise if customers refuse to transition from AT&T to Ring Central.
Key Topics Covered
1.1 Study Deliverables
1.2 Scope of the Study
1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter’s Five Force Analysis
4.3 Introduction to Market Drivers and Restraints
4.4 Market Drivers
4.4.1 Need for Enhanced Communication in an IoT Ecosystem
4.4.2 Increased Demand for Mobility and BYOD
4.5 Market Challenges
4.5.1 Integration of Legacy and Existing System to Cloud due to Limited infrastructure
5 MARKET SEGMENTATION
5.1 End-user Industry
5.1.4 Financial Services
5.2.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 Rest of Asia-Pacific
5.2.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Mitel Networks Corporation
6.1.2 Ring Central Inc.
6.1.3 8X8 Inc.
6.1.4 Verizon Communications Inc.
6.1.5 Comcast Corporation
6.1.6 Vonage Holdins Inc.
6.1.7 West Corporation
6.1.8 Star2Star Communications LLC
6.1.9 DXC Technology
6.1.10 Alcatel Lucent Enterprise International
6.1.11 IBM Corporation
6.1.12 Cisco Systems Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/kpz61u
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Related Topics:Unified Communications
INDUSTRY KEYWORD: COMMUNICATIONS OTHER COMMUNICATIONS
SOURCE: Research and Markets
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PUB: 05/24/2019 02:29 PM/DISC: 05/24/2019 02:29 PM