It's hard to argue with the growth of the UCaaS market lately. As more companies than ever before begin to recognise the need for unified communication strategies to bring dispersed groups and teams together, Unified Communications as a Service has seen an incredible boost in adoption around the globe.
According to data gathered by the Synergy Research Group for Q2, the UCaaS market is seeing an annualised growth rate of about 29%, as significant adoption drives the sector forward. Retail-based services in the UCaaS space currently account for over 80% of the market overall, while the segment for smaller wholesale solutions continues to grow stronger at a level of around 45%.
In total, the UCaaS space is delivering revenues at over $400 million each quarter, and around $2 billion per year. Currently, the market leader is RingCentral, based on subscriber counts and quarterly revenues, followed quickly by 8x8, Mitel, BroadSoft, and Vonage.
The Players Leading the UCaaS Market
According to Synergy, the UCaaS market is defined by communication service providers that develop and host their own Cloud Communications solutions, allowing for integrated UC application stacks and PSTN connectivity. On the other hand, service providers that access third-party strategies for call control such as Cisco HCS or BroadSoft BroadWorks are classified as "Hosted PBX" by Synergy, which means that they're excluded from the UCaaS market analysis.
At present, the UCaaS market is largest within the United States, accounting for about 81% of Q2 2017 revenues overall. However, the UK and Germany follow closely behind, as UCaaS strategies deliver more cost-effective, and convenient communication systems for people around the world.
