A recent market study published by Future Market Insights (FMI) on Unified Communication as a Service (UCaaS) market includes a 2016-2020 Global Industry Analysis and 2021-2031 Opportunity Assessment and provides a comprehensive assessment of key market dynamics. After thorough research of the historical and current growth parameters, the growth prospects of the market are determined with the greatest precision.

Total Unified Communication as a Service (UCaaS) market revenue was $19.6 billion in 2020, according to Future Market Insights (FMI) analysis. Rising at a CAGR of 14.5% between 2021 and 2031 the total market is expected to reach $85.7 billion until 2031.

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Demand for UCaaS solutions will accelerate as the top 5 vendors remain in place 36.5% of the overall market in 2020.

Newly released UCaaS Demand Outlook data suggests so 12.8% YoY growth in 2021. Among industry verticals, the share of BFSI sector will remain highest among all. However, the IT & Telecom segment will continue to grow 18.1% CAGR during the assessment period.

COVID-19 Impact Analysis on the UCaaS Market

The outbreak of the coronavirus (COVID-19) has prompted companies to adapt to today’s fast-paced world where business continuity is a must. The outbreak of the COVID-19 pandemic marks a rare opportunity for business leaders worldwide to quickly enable their employees to work remotely for an extended period of time.

Because of this factor, companies are integrating remote work into their organizations where communication and remote work policy is key to meet expectations between management and workforce.

According to Future Market Insights, the COVID-19 pandemic is expected to accelerate the adoption of cloud computing not only as a technological shift but also as an operating model as businesses around the world…