According to a comprehensive research report by Fortune Business Insights, “Unified Communication As a Service Market Research Report: by Component, Technology, Device Type, Vertical -Forecast till 2029”, The reports further predict the market to flourish at a robust CAGR during the assessment timeframe.
The Unified Communication As a Service Market is expected to garner substantial traction in future years. The rising use of AR technology in head-mounted and head-up displays (HUD) substantiates the market growth and asserts that the global Unified Communication As a Service Market is estimated to reach 2029, growing throughout the assessment period (2022-2029).
The global unified communication as a service (UCaaS) market size was USD 25.85 billion in 2020. The market is expected to grow from USD 28.96 billion in 2021 to USD 69.93 billion in 2028 at a CAGR of 13.4% during the 2021-2028 period.
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Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Unified Communication As a Service Market is likely to expand at a CAGR of around during the forecast period (2022-2029).
- The increase in revenue is mostly attributable to the demand for and sales of VR-based hardware in the gaming sector, by component segment.
- Based on Device Segment Analysis Mobile Sector dominate the Unified Communication As a Service Market.
- On the basis of region, North America is anticipated to have a significant share of the industry during the projected period.
- The Covid-19 pandemic favored the growth of the market due to a rise in the shift toward the adoption of technologies since most businesses implemented the work-from-home culture.
- Digital transformation and industry 4.0 had boosted the demand for Unified Communication As a Service Market. Moreover, the players were collectively forced to deploy multiple new and agile approaches to improve the consumer experience.
Companies involved in the global Unified Communication As a Service Market research report are:
- ALE International (Boulogne-Billancourt, France)
- AT&T, Inc. (Texas, United States)
- Avaya, Inc. (California, United States)
- Cisco System, Inc. (California, United States)
- Genesys (California, United States)
- Google LLC (California, United States)
- Huawei Technologies Co., Ltd (Shenzhen, China)
- IBM Corporation (New York, United States)
- IntelePeer Cloud Communications (California, United States)
- Metaswitch Networks Ltd (London Borough of Enfield, United Kingdom)
- Microsoft Corporation (Washington, United States)
- Mitel Networks Corporation (Ottawa, Canada)
- Polycon, Inc. (California , United States)
- Ribbon Communications (Massachusetts, United States)
- RingCentral, Inc (California, United States)
- Sify Technologies, Ltd (Chennai, India)
- Tata Communications, Ltd. (Maharashtra, India)
- Twilio, Inc. (California, United States)
- Verizon Communication, Inc (New York, United States)
- Vonage Holdings Corp (New Jersey, United States)
- Zoom Video Communications, Inc. (California, United States)
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Driver: Rising investments in the market
Over the past few years, investments in the business have grown significantly. The Unified Communication As a Service Market business is receiving significant investment from firms including Facebook Corporation, Intel Corporation, Qualcomm, Inc., Alphabet, Inc., Comcast Ventures, and Samsung Group. Additionally, a number of research organizations are investigating the AR application market for a range of goods and uses. Governments finance certain research institutes, while others are supported by private businesses and venture capitalists. Businesses in the consumer, healthcare, aerospace & military, retail, and marketing sectors all benefit.
- Market Environment: Government Policies, Technological Changes, Market Risks.
- Market Drivers: Growing Demand, Reduction in Cost, Market Opportunities and Challenges.
Unified Communication As a Service Market Forecast:
- Market Size Forecast: Global Overall Size, By Type/Product Category, By Applications/End Users, By Regions/Geography.
- Key Data (Revenue): Market Size, Market Share, Growth Rate, Growth, Product Sales Price.
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