Research: UCaaS market to grow 850% by 2027
From 2017-2027, the global market for cloud communication platforms is estimated to reach a market evaluation of US$12 billion by the end of 2027 from a value of US$1.4 billion in 2017.
This is according to new research from Future Market Insights, published in a report titled “Cloud Communication Platform Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027).”
The report focuses on various market acumen on developments, trends, key players, growth drivers and forecasts across important regions.
Detailed market segmentation is carried out which explores every angle of the global cloud communication platform market.
On the basis of a structured research process and taking into consideration the past and present scenario, forecast projections are discussed in this research report for a period of 10 years, from 2017 to 2027, across each segment and sub-segment of the global market.
Various factors support the growth of the global cloud communication platform market and the influence of these factors is analysed in the impact analysis section, which varies across regions in the globe.
There are a series of occurrences triggering the adoption of cloud communication platforms and boosting the global cloud communication platform market. These include:
- Increase in use of API’s in UCaaS,
- cost-effectiveness of cloud communication platform solutions,
- fast switching of the enterprise infrastructure towards cloud,
- increasing adoption of cloud PBX business services,
- rising awareness regarding safety,
- rising focus on customer experience enhancement, increasing government support by providing high initiatives to increase the growth of unified communication,
- higher traction gained by unified communication as a service, and
- increasing adoption of BYOD in enterprises and growing demand for real-time communication.
However, lack of awareness, inefficiency in network infrastructure, high initial deployment cost and interoperability issues pose challenges to the growth of the global cloud communication platform market.
According to the insightful market survey on cloud communication platforms on a global basis, the global cloud communication platform market is anticipated to expand at a higher pace to register a stellar 21.7% CAGR throughout the period of forecast.
Global cloud communication platform market is segmented by solutions, by services, by verticals, by enterprise size and by region. All the segments and sub-segments are likely to show robust growth rate during the 2017-2027 period, however below insights throw light on the major segments contributing to the growth of the overall market.
- Managed services segment by services is anticipated to lead the global market with respect to high market valuation by the end of 2027. This segment is also projected to grow at a high CAGR of 22.7% throughout the forecast period
- Retail segment by vertical can be considered as a good investment option as it is likely to show a high market valuation, second to telecommunication and ITES segment in this category. Moreover, the retail segment is projected to grow at the highest growth rate to register a CAGR of 31.0% throughout the period of forecast
- The Asia Pacific excluding Japan region is likely to show tremendous progress as it grows at a CAGR of 27.1%.
- The UCaaS segment by solutions is anticipated to be the most lucrative segment with respect to growth rate as well as market value during the 2017-2027 period. This segment is poised to register a high CAGR of 26.3% throughout the forecast period
- By enterprise size, the large enterprise segment is the largest segment as it reflects a huge value of about US$3.9 billion by 2027. The small enterprise segment is poised to grow at the highest CAGR of 26.1% during the assessment period