Report : US Unified Communication as a Service Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Component (Telephony, Unified Messaging, Conferencing, Collaboration Platforms, and Applications), Enterprise Size (Small and Medium Sized Enterprises and Large Enterprises), and End User (BFSI, IT and Telecom, Consumer Goods and Retail, Healthcare, Transportation and Logistics, Travel and Hospitality, Manufacturing, and Others)
According to our latest study on "US Unified Communication as a Service Market Forecast to 2028 – COVID-19 Impact and Country Analysis – by Component, Enterprise Size, and End User," the market is projected to grow from US$ 9,174.74 million in 2022 to US$ 17,424.21 million by 2028; it is estimated to record a CAGR of 11.3% from 2022 to 2028.
Increasing Demand for Unified Communications as a Service (UCaaS) from Large Enterprises and SMEs Fuels Unified Communication as a Service Market Growth
UCaaS provides the communications infrastructure that can handle capacity on demand with integrated voice, SMS, chat, video, real-time analytics, and automation. For smaller organizations, UCaaS is an affordable and attainable solution with limited IT staff and budgets. It integrates communications and collaboration tools with business applications. The integration provides a consistent and reliable communications experience, improves the productivity and engagement of mobile workers, and opens the door for digital transformation initiatives. Thus, the benefits of UCaaS solutions for small and medium-sized businesses (SMBs) propel their adoption by SMBs. UCaaS solutions help large enterprises increase productivity by removing the complexity of communication and collaboration in work from anywhere environment. UCaaS solution assists in voice calls, instant messaging, video conferencing, and other communication forms among employees, regardless of location and device. According to the IDG QuickPulse survey in 2019, 52% of SMEs currently use UCaaS solutions, whereas 56% plan to incorporate UCaaS into their operations over the next few years. Thus, increasing demand for UCaaS from large enterprise and SMEs fuel the growth of the US unified communication as a service market.
The COVID-19 outbreak dramatically impacted the global economy during its peak in 2020, and the crisis hampered business activities in IT and business industries. The outbreak disrupted several industries such as BFSI, IT & telecom, consumer goods & retail, transportation & logistics, travel & hospitality, and manufacturing. As lockdown prevailed in most countries, these industries temporarily halted their operations, forcing them to change the way they work instantly. COVID-19 outbreak positively influenced the US unified communication as a service market, as organizations began transitioning to remote work culture.
Key Findings of Study:
The unified communication as a service market is segmented on the basis of component, enterprise size, end user, and geography. Based on component, the unified communication as a service market is segmented into telephony, messaging, conferencing, collaboration platforms, and applications. Based on enterprise size, the unified communication as a service market is segmented into small and medium sized enterprises and large enterprises. Based on end user, the unified communication as a service market is segmented into BFSI, IT & telecom, consumer goods & retail, healthcare, transportation & logistics, travel & hospitality, manufacturing, and others.
Based on component, the unified communication as a service market is segmented into telephony, messaging, conferencing, and collaboration platforms and applications. The telephony segment led the market in 2021. Businesses use telephony to communicate across long distances. It includes phone calls, fax, text messaging, and video conferencing. With UCaaS, companies can get several benefits of internet telephony and the advantages of a unified system that integrates call, text, and fax functions with main business and collaboration applications. This includes enterprise telephony features, capabilities, emergency calling services with notifications, and public switched telephone network (PSTN) access. With internet-based telephony, all communication and collaboration functionalities rely on the internet, not telephone companies. The telephony technology enables participants to connect through video meetings, conference calls, sales presentations, and training webinars, and count on the same call and video quality. Also, telephony services are used by users with physical IP phones, desktop apps, web apps, and mobile apps. All these factors are propelling the unified communication as a service market growth for the telephony segment.
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