Albany, NY, April 9, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Unified Communication as a Service Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022," the Global Unified Communication as a Service (UCaaS) Market was valued at US$ 5.68 Bn in 2013, growing at a CAGR of 23.4% from 2014 to 2022.
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Increasing demand for enterprise mobility and mobile workforce coupled with multiple benefits offered by UCaaS solutions are encouraging the higher adoption of UCaaS solutions. In addition, rising penetration of mobile devices is bolstering the global demand for UCaaS solutions. The global UCaaS market is expected to grow at a CAGR of 23.4% during the forecast period from 2014 to 2022, reaching a market size of US$ 37.85 Bn by 2022. However, lack of awareness leads to low adoption rate of UCaaS solutions by small and medium enterprises/businesses (SMEs/SMBs).
UCaaS is an emerging technology that is attracting the interest of developer communities and enterprises. UCaaS is a pre-integrated, standardized, and ready-to-go solution, which results in improved productivity as it accelerates decision-making and business processes while optimizing costs. In addition, transformation of IT services from on-premise architecture to cloud-based infrastructure is expected to witness significant growth within the global UCaaS market. Furthermore, UCaaS solutions also offer multiple beneficial features such as agility, flexibility, and scalability. Rising mobility and Bring Your Own Device (BYOD) trends in the corporate sector are further creating demand for UCaaS solutions. Therefore, UCaaS vendors are aiming to offer continuous service support with the use of powerful collaboration tools to help end-users install and use UC infrastructure. Pay-per-use characteristic and low cost of ownership of UCaaS solutions are the other prominent factors bolstering the demand for UCaaS worldwide.
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In addition, healthcare organizations and government agencies worldwide are aiming to deploy hosted/on-premise UCaaS solutions in their premises in order to ensure reliable and efficient communication during any natural disaster or emergencies. Similarly, financial firms are opting to maintain UC system's in-house owing to the strict regulatory requirements that govern the protection and storage of sensitive customer information. Thus, the global UCaaS market; with expected demand rise for both the hosted and on-premise deployed solutions, is expected to grow at a CAGR of 23.4% during the forecast period from 2014 to 2022.
Furthermore, in 2013, telephony services led the market with 35.33% global revenue share and it is expected to dominate the market in 2022 owing to significant adoption of hosted telephony as a part of enterprise UCaaS solutions in the near future. Integrated services are expected to have a significant growth rate of 27.3% during the forecast period owing to rising number of different modern communication channels across businesses. With the collaboration of UCaaS platform and traditional UC systems, more new users would be introduced in the cloud, thereby creating a hybrid of traditional and service-based models.
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North America led the UCaaS market in 2013, accounting for 48.80% of the global market revenue share and it is expected to continue its dominance throughout the forecast period. This is owing to high investments in sectors such as BFSI, consumer goods, retail, transportation and logistics, and telecom, thereby opening the range of UCaaS offerings in these sectors. A major part of the North America market revenue is comes from the SMBs, where Managed Service Providers (MSPs), interconnect, and channel partners are able to play to their strengths and provide UCaaS solutions effectively and efficiently. Asia Pacific is expected to be the fastest growing region for the market due to transition of large enterprises towards UCaaS solutions. Moreover, the introduction of new mobile phones and tablets is going to increase the demand for unified communication in this region. However, network security concerns and price sensitivity are currently hindering the UCaaS market growth in the region. Furthermore, offering a sustainable and feasible business model and meeting various telecommunication regulatory barriers in some of the developing nations of Asia Pacific region acts as a key restraint for the market.
Other Reports By Transparency Market Research:
- Unified Communications Market: http://www.transparencymarketresearch.com/unified-communications-market.html
- Software As A Service Market: http://www.transparencymarketresearch.com/software-service-market.html
Competitive positioning of leading vendors of UCaaS solutions mentioned in the report provides a detailed understanding of the key players in the market. The report further provides key competitive strategies adopted by UCaaS vendors on a global scale. Furthermore, the report analyzes the current and future market potential of the UCaaS solutions by segmenting the global UCaaS market as below:
Global Unified Communication as a Service (UCaaS) Market, By Deployment Model
Global Hosted Unified Communication as a Service (UCaaS) Market, By Deployment Model
- UC Software as a Service (SaaS)
- UC Platform as a Service (PaaS)
- UC Infrastructure as a Service (IaaS)
Global Unified Communication as a Service (UCaaS) Market, By Services
- Telephony Services
- Contact Center Services
- UC Application Services
- Collaboration Services
Global Unified Communication as a Service (UCaaS) Market, By Delivery Model
- Stand-alone Services
- Integrated Services
Global Unified Communication as a Service (UCaaS) Market, By End-users
- Large Enterprise
- Small and Medium Enterprises (SMEs)
- Public Sector
Global Unified Communication as a Service (UCaaS) Market, By Geography
- North America
- Asia Pacific
- Rest of the World (RoW)
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Source:Transparency Market Research