BFSI Segment is Expected to Dominate the Global IP Telephony & Ucaas Market
Digital
Transformation and E-Remote Work and Mobility are the factors propelling the
market growth.
According
to TechSci Research report, “Global IP Telephony & Ucaas Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global IP Telephony &
Ucaas is anticipated to project robust growth in the forecast period with a
CAGR of 1.06% through 2028, the IP telephony market cumulative revenue
contribution by vendors declined. The sharp decline in sales volume for IP
phones coupled with a hiccup in initial quarters to provide seamless hosted
VoIP service due to unprecedented pandemic affected the market negatively.
While cloud based UCaaS demand increased as employees resorted to remote work
and used online mediums for official interactions. Unified
communications-as-a-service (UCaaS) refers to a service model where the
provider delivers different telecom or communications applications, software
products, and processes generally over the web. Moreover, IP telephony refers
to any phone system that uses an internet connection to send and receive voice
data.
Recently,
IP technology has used a variety of protocols to exchange voice, fax, and other
forms over the public switched telephone network. The internet protocol became
the transport for all data communication. The business telephone system is now
able to deliver much more to enterprises. The IP technology has provided a
complete communication package over a single network.
Based
on End User Vertical, BFSI Segment will dominate the market, Unified
Communications as a Service (UCaaS) emerged as a cost-effective solution for
the BFSI sector. Banks and financial sectors primarily invest in UCaaS to
better understand customer communications across all channels to attain the
scalability required for large-scale implementation.
UCaaS
services help increase availability and scalability while enhancing
collaboration. UCaaS solutions allow enterprises to focus on the growth of
their business rather than their maintenance. Businesses need not pay for UC
software with features that they will never use, thereby saving money. UCaaS
services broadly incorporate interactive voice response (IVR), video
conferencing, live chat, e-mails, unified messaging, VoIP services, and other
client management capabilities.
Moreover,
BFSI companies require extensive collaboration across a range of departments.
For this, wealth and finance managers need to speak to analysts while customer
support staff collaborate across time zones. This effective collaboration
requires software solutions that eliminate friction.
For
instance, UCaaS allows diverse teams to coordinate and collaborate seamlessly.
However, UCaaS operates in the cloud, and team members can access information
on any device at any location. Call center supervisors can monitor progress on
a smartphone in real-time. Financial research analysts can analyze data without
ever being in the same room. UCaaS helps financial services companies get the
most out of their human capital.
Browse
over xx market data Figures spread through 188 Pages and an in-depth TOC on " Global IP Telephony & Ucaas Market.”
Based
on Region, North America wil dominate the market. The country's supremacy may
be ascribed to the recent surge in mobility and explosion of 5G connection due
to the consumerization of IT, which has aided enterprises in adopting IP
telephony and UCaaS to allow remote employees to simulate in-office work experiences.
In
the US, end-users such as retail, banking and finance, healthcare, information
technology, and telecommunications seek a more direct and seamless experience
for all oftheir communications—audio, video, and chat—no matter where they are.
To fulfill this need, enterprises are looking for a unified deployment and
management solution from a single vendor they can rely on to handle their UCC
requirements. They'll be able to integrate remote connectivity tools on a
single UCaaS platform with the advent of 5G.
5G
will be advantageous to consumers, but it will also be beneficial and precious
to enterprises that rely on Unified Communications. The internet's speed will
alter as a result of 5G. The current average pace of 1GB per second will be
increased to approximately 20GB per second. The VoIP industry will develop as
bandwidth capacity and speed rise. The combination of 5G and VoIP will provide
consumers with the equivalent of a fiber-optic broadband connection.
This
will ensure that VoIP can be used on a massive scale. Companies with worldwide
operations will benefit from VoIP combined with 5G since communication costs
would be reduced.
Key
market players in the Global IP Telephony & Ucaas Market are following: -
- Vodafone
- Telia
Company
- Telefónica
- KPN
- Cisco Systems
- Orange
Business Solutions
- Verizon
Communications Inc.
- 8X8
Inc.
- Mitel
Networks Corporation
- Gamma
Telecom
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“Key
drivers of the global IP Telephony and Unified Communications as a Service
(UCaaS) market include the rapid adoption of cloud-based solutions, enabling
flexibility and scalability. Additionally, the demand for remote work and
mobility drives the need for flexible communication tools. Cost savings, advanced
features, security, and the integration of collaboration tools are also vital
drivers. With evolving technologies, globalization, and a focus on
environmental sustainability, IP Telephony and UCaaS solutions continue to
transform the modern communication and collaboration landscape, making them
essential for businesses worldwide.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.=
IP Telephony
& Ucaas Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Size of
Enterprise (Small and Medium Business (up to 500 employees), Large Enterprises
(more than 500 employees)), End User Vertical (BFSI, Retail, Healthcare,
Government & Public Sector, IT & Telecom), By Region, By Competition
2018-2028 has
evaluated the future growth potential of Global IP Telephony & Ucaas Market
and provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global IP
Telephony & Ucaas Market.
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