Unified Communication as a Service (UCaaS) Market Worth US$79.3 Bn by 2024

Expansion in Cloud Computing Technology to Propel Market Growth, Says TMR

ALBANY, New York, Feb. 1, 2019 /PRNewswire/ -- The global unified communication as a service market is estimated to grow notably in the coming years. In 2015, the key five players in the market of Unified Communication as a Service (UCaaS) collectively held the share of around 57%. According to a recent report by Transparency Market Research states that the major scope for the five players is in the combining of several business application and process. This is foreseen to increase the popularity of UCaaS solutions all over the world. The demand for UCaaS is likely to surge in the coming years owing to rising investment in industries for example, consumer goods, financial services, and insurance (BFSI), transportation and logistics, retail, and telecom.

The 5 leading companies operating in the global UCaaS market are West Corporation, 8X8 Inc., Microsoft Corporation, Fuze Inc., and Cisco Systems Inc., The other key firms in the market are IBM Corporation, Avaya, Inc., Hewlett-Packard Development Company, Alcatel-Lucent SA (Nokia Networks), Unify, Inc. (Atos SE), and so on.

Get PDF Brochure for Research Insights at: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=4162  

As per the research report by TMR, the global unified communication as a service (UCaaS) market is likely to project a tremendous expansion with 29.4% of CAGR within the forecast period from 2016 to 2024. In 2015, the UCaaS market was valued around a worth of US$8.23 bn. This figure is anticipated to reach around the value of US$79.3 bn by the end 2024.

On the basis of deployment model, in 2015, the segment of hosted UCaaS solutions dominated the market. The segment is estimated to lead in the upcoming years as well, through 2024.majorly sue to increased adoption of IP telephony access all over the world. Moreover, the low overall price of TCO and key upgradation in cloud communication stages are contributing in the growth of the segment in the global unified communication as a service (UCaaS) market. Based on geography, in 2015, North America region led the global UCaaS market, and is expected to keep on leading the global market in forecast period as well as the main revenue contributor. The growth is credited to the emergence of huge tech-savvy employees and improved infrastructure in the mentioned region. Moreover, the demand in UCaaS is expected to surge in the coming years owing to rise in investment.