A recent market study on the unified communication as a service (UCaaS) market published by Future Market Insights (FMI) contains a global industry analysis for 2016-2020 and an opportunity evaluation for 2021-2031, providing a complete assessment of the most relevant market characteristics. The market’s growth possibilities are calculated with greatest precision after completing extensive study on historical and present growth characteristics.
According to Future Market Insights (FMI), the Unified Communication as a Service (UCaaS) market revenue would reach US$ 19.6 billion in 2020. The whole market is estimated to reach US$ 85.7 billion by 2031, growing at a CAGR of 14.5 percent between 2021 and 2031.
Impact of COVID-19 on the UCaaS Market
The coronavirus (COVID-19) outbreak has prompted enterprises to adjust to today’s fast-paced world, where business continuity is critical. The COVID-19 epidemic has created a rare opportunity for global corporate executives to immediately empower their workforces to work remotely for an extended length of time.
Organizations are implementing remote work into their companies as a result of this issue, and communication and remote work policies are critical to meeting management and employee expectations.
Competitive Environment
Intense competition and rising consumer expectations are driving solution providers to innovate and improve client engagement in the global UCaaS market. Customers’ rapid migration to cloud communication is driving demand for more user productivity and flexibility, as well as prospects for sophisticated communications and collaboration solutions.
The following are some of the market’s leading companies:
- 8×8 Inc.
- Cisco Systems, Inc.
- Google LLC
- Microsoft Corporation
- LogMeIn Inc.
- RingCentral, Inc.
