World News: 07:36 GMT Tuesday 14th January 2020. [Fortune Business Insights via Globe Newswire via SPi World News]
Pune, Jan. 14, 2020 (GLOBE NEWSWIRE) -- The global unified communication as a service (UCaaS) market size is projected to reach , thereby exhibiting a during the forecast period. This information is given in a recently published report bytitled Size, Share & Industry Analysis, By Component (Telephony, Unified Messaging, Collaboration Platforms, Conferencing, and Reporting and Analytics), By Organization Size (SMEs, Large Enterprises), By End-User (Banking, Financial Services, and Insurance (BFSI), IT and Telecommunications, Consumer Goods and Retail, Healthcare, Travel and Transportation, Public Sector and Utilities, and Others) and Regional Forecast, 2019-2026.” The report further states that the market was worth in 2018. It is likely to gain momentum from the ability of UCaaS to optimize business processing and upsurge productivity by enhancing communication between teams.
Nowadays, many companies are putting forward the bring your own devices (BYOD) services for their employees. It is set to aid these companies in improving collaboration, increasing productivity, strengthening communication channels between employees, and cutting costs. The service enables employees to get access to the corporate network via their own devices. Employees can connect their devices, such as smartphones, laptops, PCs, and notebooks into the network of a particular company that they are a part of.
Additionally, several businesses are offering the feature of mobility solutions to enhance consumer satisfaction with faster service and response, as well as to manage business continuity. Besides, mobility solutions help the employees in being in touch with their colleagues, partners, and consumers. Lastly, the increasing adoption of tablets and smartphones, coupled with the persistent development of 5G infrastructure, are expected to propel the UCaaS market growth during the forthcoming period.
The market is geographically fragmented into Latin America, Asia Pacific, North America, the Middle East & Africa, and Europe. Out of these, North America had generated USD 6.68 billion UCaaS market revenue in 2018 and is expected to dominate the market in the coming years by reaching USD 13.34 billion. This growth is attributable to the ongoing technological developments and steady growth of the economy. Apart from that, rising expenditure on IT infrastructure would also drive growth. Asia Pacific, on the other hand, is anticipated to exhibit the fastest CAGR backed by the upsurging availability of smartphones and large consumer population. Emerging nations, namely, Japan, China, and India, would also contribute to the growth of the market. But, the growth in this region may be obstructed by the increasing concerns regarding security issues and data privacy.
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Globe Newswire: 07:36 GMT Tuesday 14th January 2020
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