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Unified Communication As A Service Market Growth & Trends
The global unified communication as a service market size is anticipated to reach USD 169.63 billion by 2027, exhibiting a CAGR of 23.5% over the forecast period, according to a new report by Grand View Research, Inc. Technological growth in the communications industry is expected to offer significant growth opportunities for market players. Capabilities offered by Machine Learning (ML) and Artificial Intelligence (AI) technologies are expected to change the workforce dynamics owing to the replacement of legacy enterprise voice calls by bots and intelligent virtual assistants. The integration of AI and ML algorithms with the existing communication infrastructure enables service providers to offer personalized customer relationships.
The increasing adoption of AI-based communication solutions is promoting the acceptance of an increasingly connected future. These services and solutions aid professionals to streamline the workflow process by allowing data interpretation, information analysis, and better decision-making via machines. For instance, Chime, a cloud-based unified communication solution, was launched by Amazon, Inc. for video conferencing, business calls, and meetings. The rising need to improve business productivity by enhancing communication processes is expected to promote the wide-scale adoption of Unified Communications as a Service (UCaaS) solution.
The incremental adoption of hybrid cloud solutions among companies to rank and segregate company data has encouraged service providers to offer hybrid cloud solutions to their clients. Hybrid cloud enables companies to utilize the benefits of both on-premise and cloud infrastructure, thus allowing seamless migration to cloud platforms. Additionally, it also helps organizations leverage the existing infrastructure to meet their data storage and processing requirements, thus providing cost-saving opportunities. Hybrid cloud communications also enable organizations to maximize the efficiency of on-premise equipment, thus enabling them to generate higher profit margins.
The increasing awareness of the benefits of UCaaS solutions in enterprises has led to the integration of these solutions with various social media platforms. This enables companies to develop better consumer relationships to gain a better understanding of a customer’s needs. The integration of social media bots with UCaaS solutions offers the capability to receive responses and address customer queries quickly. Unified communication as a service can also be used with social media’s real-time features to ensure efficient and more straightforward engagement, collaboration, and employee connectivity in remote locations.
Healthcare is expected to be one of the promising industries presenting new growth avenues in terms of transformation and growth. Digital transformation in the healthcare sector is expected to improve patient care and experience by offering a strategic approach in adopting UCaaS solutions. Clinical teams need to quickly access data from multiple locations to improve operational performance and patient safety, which is expected to encourage healthcare providers to adopt UCaaS solutions over the next few years. Different specialists are required to treat patients with multiple ailments, thus helping healthcare providers to ensure better coordination and collaboration.
Unified Communication As A Service Market Report Highlights
- The private cloud is expected to emerge as the fastest-growing segment over the forecast period. The growth can be attributed to greater reliability, security, and control offered by private cloud over a data center
- The healthcare segment is expected to register the highest CAGR over the forecast period owing to the growing preference of patients and staff for a modern and effective communication system
- The Asia Pacific region is expected to dominate the market for unified communication as a service over the forecast period. The introduction of 5G, which facilitates faster data processing and communication, has expanded revenue opportunities in the region