LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global unified communication as a service market 2017-2021 is expected to grow at a CAGR of more than 25% during the forecast period.
This research report titled ‘Global Unified Communications as a Service (UcaaS) Market’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global UCaaS market into three major application segments. They are:
- Enterprise collaboration
- Enterprise telephony
- Contact center
The enterprise collaboration segment in the global UCaaS market is expected to post a CAGR of close to 26% during the forecast period. Organizations are increasingly leveraging enterprise and consumer technology, such as UC solutions, to communicate effectively with customers. These solutions enhance the collaboration among employees, suppliers, and clients. They are also less expensive, simple to deploy, and more powerful. Technologies, such as e-mail, unified messaging, calendaring, instant messaging, mobile UC, and voice mail, have become easier and quicker to use.
“The popularity of communications-enabled business processes has prompted organizations to consider UCaaS as an option to improve existing business processes. Cloud-based services for UC systems are gaining more popularity than on-premises enterprise collaboration and communication systems,” says Amrita Choudhury, a lead analyst at Technavio for enterprise application research.
Enterprises in several industry verticals have started to show an active interest in enterprise telephony solutions to reduce the total cost of ownership (TCO) and telecommunication costs. SMBs generally have low IT budgets, which restrict them from implementing advanced UC systems. The emergence of UCaaS providers has enabled SMBs to implement advanced UC systems through the pay-as-you-go pricing model.
Enterprise telephony vendors face challenges such as uncertainty in decision-making, budget constraints, and long sales cycle. They have introduced many lucrative financial schemes to accelerate the adoption of IP telephony systems.
Contact center service providers and in-house contact centers in organizations need to automate customer assistant services to provide high-quality services. The emergence of artificial intelligence (AI) and robotics technology has helped contact centers automate the contact center process. Software robots have automated customer services in contact centers. The rise of machine learning technology, cognitive computing, and behavioral analytics, has changed the technology landscape in the contact center segment.
Many enterprises are integrating CCaaS with UCaaS to enable real and non-real types of communication to optimize business processes. Real-time communication includes online chatting, instant messaging, video conferencing, telephony, speech recognition, and call control. Non-real-time communication includes integrated voice mail, e-mail, unified messaging, SMS, and fax.
“Integrating UCaaS with CCaaS provides value-added services for customer relationship management, as it helps in transferring critical information and messages within and outside the organization to support the decision-making process,” says Amrita.
The top vendors highlighted by Technavio’s ICT market research analysts in this report are:
- Verizon Enterprise Solutions
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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