The global Unified Communications as a Service (UCaaS) market is expected to grow from USD 15.8 billion in 2019 to USD 24.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.5% during the forecast period. Major factors driving the growth of the unified communications as a service market include increasing demand for UCaaS from both the large enterprises and SMEs, and growing trends of mobility and Bring Your Own Device (BYOD).
Based on components, the collaboration platforms and applications segment to grow at the highest CAGR during the forecast period
The presence of legacy unified communication systems for telephony has made easy for enterprises to move to cloud telephony without many budget investments. Additionally, employees across the world prefer voice as a main form of communication compared to messaging and video conferencing. This has led telephony to have the largest market share compared to other components. However, rising need for security and need to remove dependency on multiple vendors enterprises are deploying collaborations platforms to have a single solution for all their unified communication needs. Thus, collaboration platforms and applications segment is estimated to grow at the highest CAGR during the forecast period.
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The unified communications as a service market comprises major solution providers, such as RingCentral (US), 8x8 (US), LogMeIn (US), Mitel (US), Cisco (US), Vonage (US), Fuze, Inc. (US), Microsoft (US), Google (US), Verizon (US), BT (UK), Orange S.A. (France), DialPad (US), StarBlue (Ireland), Windstream (US), Alcatel-Lucent Enterprise (France), Intrado Corporation (US), NTT Communications Corporation (US), Masergy (US), and Revation Systems (US). The study includes an in-depth competitive analysis of these key players in the UCaaS market with their company profiles, recent developments, and key market strategies. The players in this market have adopted various strategies to expand their global presence and increase their market shares. New product launches and enhancements; and partnerships, acquisitions, and collaborations have been the most dominating strategies adopted by the major players from 2018 to 2019, which helped them strengthen their offerings and broaden their customer base.
RingCentral has a strong foothold in the unified communications as a service market with robust offerings. The company is a major player in UCaaS solutions, such as telephony, conferencing, and unified messaging. The company has focused its growth strategy on new partnerships. For instance, in January 2020, Altura partnered with RingCentral to enhance cloud communications and contact center solutions.
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8x8 is another major vendor in the unified communications as a service market. The company provides UCaaS solutions for enterprises. It offers enterprise Software-as-a-Service (SaaS) communications solutions across voice, video meetings, and chat and contact centers, transforming both employee and customer experiences services. It provides cloud phone systems, conferencing, contact center, and professional services. It provides audio and video conferencing, and meeting rooms under its conferencing segment. The company has focused its growth strategy on organic growth. For instance, in November 2019, 8x8 launched free, unlimited video meetings solution.
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