The UCaaS demand in South Korea is projected to rise at a CAGR of 14.7% between 2023 and 2033.
The Unified Communication as a Service (UCaaS) market is expected to grow at a CAGR of 14.7% from USD 28.5 Billion in 2023 to reach USD 112.6 Billion by 2033.
Increasing Remote Work Culture Bolsters Market Growth
New-age technologies such as smartphones and laptops are finding wide utility in the modern workplace. These are indispensable tools in an era of remote working where the workplace is dispersed throughout the globe. ‘Bring your own devices’ is emerging as a popular norm across top industries.
Companies are increasingly adopting new-age technologies to ease internal communication hassles. At the same time. Companies are trying to cut costs incurred on data and management systems. All these factors make UcaaS the perfect solution for modern workplace communication woes. With more and more enterprises encouraging employees to utilize their own devices at the workplace, the market shows promising outlooks.
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Affordability & Ease of Maintenance Keys to Market Growth
Comapred to related communication solutions, UcaaS has emerged as the more affordable and convenient option. This is primarily due to the low Total Cost of Ownership (TCO). Furthermore, owing to externally hosted software infrastructures, the company incurs little to no cost in maintenance. The enterprises only need to pay a monthly fee for the maintenance of the same.
Cyber Security Concerns Weigh Down Market Growth
New-age communication management systems are rife with cyber security hassles. Several UCaaS providers are failing to take up standard cybersecurity measures at their data centers. As third-party hosted data centers are emerging as a norm, the cyber security concerns are only worsening. Key players need to focus on tightening cyber security measures to expand their consumer base.
Key Players Embrace Advanced Technologies
New-age technologies such as AI and machine learning have emerged as critical to improving current market growth. Startups are focusing on the development of applications for ease of access for employees even while on the go.
For instance, Illumy is a startup developing advanced cloud communications to amalgamate email, messaging, group chat, voice, video, and phone for a single point cloud-based easy access. This helps clients avoid the hassle of switching between accounts and different application interfaces.
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Key Takeaways :
Key Market Developments:
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UCaaS Outlook by Category
By Solution, UCaaS Solutions are segmented as:
By Enterprise Size, UCaaS Outlook is segmented as:
By Vertical, UCaaS Demand is segmented as:
By Region, UCaaS Sales are segmented as:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Mar 09, 2023