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UCaaS Market Size is Projected to USD 24.3 Billion by 2026 – Valuates Reports

Many businesses use UCaaS as it streamlines communication to enhance business processes and thereby improves revenue. The rising demand for UCaaS and its increasing adoption in small and medium-sized enterprises are factors that contribute greatly to the growth of the UCaaS market size. Furthermore, the cost-efficiency of UCaaS and its pay-per-use characteristics drive the demand as well.

The global Unified Communications as a Service (UCaaS) market size was valued at USD 13.8 Billion in 2019 and is anticipated to reach 24.3 Billion at a CAGR of 8.4% from 2020 to 2026.

This report focuses on the global Unified Communications as a Service (UCaaS) status, future forecast, growth opportunity, key market, and key players. Unified Communications as a Service (UCaaS) Market report presents the development in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America. 

TRENDS INFLUENCING THE UCAAS MARKET SIZE

The key factors driving the growth of the UCaaS market size include increasing UCaaS demand from large and medium-sized enterprises and the trends towards mobility and Bring Your Own Device (BYOD).

Factors such as developments in artificial intelligence, machine learning, and other emerging technologies will generate ample opportunities for the growth of UCaaS market size. AI-powered technologies have allowed organizations to record calls intuitively, encourage effortless transcriptions and intelligently monitor speakers to recognize user needs, and provide relevant services. In addition, service providers have begun providing conversational-AI powered solutions for better machine guidance, data interpretation, and faster processing of information.

Nowadays, several businesses are planning to put forward their own devices (BYOD) services for their employees. This initiative by organizations is expected to, in turn, increase the UCaaS market size. 

Rising adoption of the private cloud model to safeguard confidential information by the BFSI sector is expected to increase the UCaaS maker size during the forecast period. In addition, unified communication as a service enables financial firms to exercise scalability that is essential for large-scale implementation, such as account monitoring integration, telephone assistance, chatbot-enabled messaging, and mobile transactions. The introduction of cloud technologies also promotes versatility and reduces total expense and time while improving customer experience.

Increasing tablet and smartphone adoption, combined with the ongoing implementation of 5G technology, is expected to fuel the growth of UCaaS market size during the forecast period. Covid 19 has positively impacted the UCaaS Market

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