Unified Communication as a Service (UCaaS) Market Revenue Projected To Reach US$ 85.7 Billion By 2031

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Oct 12, 2021, 08:30 ET

PALM BEACH, Fla., Oct. 12, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - Unified communications as a service (UCaaS) is a cloud-delivered unified communications model that supports and incorporates all messaging under one umbrella… it provides a connected communication platform which includes AI and automation development. It's one of the hottest new entrants on Wall Street, as Goldman Sachs, for example, just raised $200 Million for Nextiva, a private Unified Connection Company with a $2.7 valuation. Part of what Goldman saw in the company was that Unified Communications has a solution to a very grave problem: "On average, businesses are using between 15 to 25 applications to communicate, manage and collaborate with their customers and teams. The result is more logins, endless tabs, and jumping between multiple apps, resulting in customer data getting 'lost' between the siloes." These are all the problems UCSaaS are designed to alleviate. A report from Future Market Insights projects that the Unified Communication as a Service (UCaaS) market revenue, which totaled US$ 19.6 Billion in 2020, will rise at a CAGR of 14.5% between 2021 and 2031, and that the overall market is expected to reach US$ 85.7 Billion by 2031. Active Companies in the markets today include Digerati Technologies, Inc. (OTCQB: DTGI), Vonage (NASDAQ: VG), 8X8, Inc. (NYSE: EGHT), Sumo Logic (NASDAQ: SUMO), Fastly, Inc. (NYSE: FSLY).

Another report from Grand View Research added: "The outbreak of COVID-19 is compelling enterprises to adopt a hybrid business model. As a result, enterprises are particularly consolidating multiple communication features and enabling cross-functioning to ensure efficient collaboration. The growing number of employees working from home is also prompting companies to implement UCaaS (Unified Communication as a Service) solutions. Companies are also adopting UCaaS platforms and tools as the outbreak of the COVID-19 pandemic prompts them to reevaluate their operational costs and protect their margins amid dwindling revenues. The latest technologies such as Artificial Intelligence (AI) are playing a vital role in helping organizations in achieving their digital transformation goals. AI-enabled solutions can help organizations in effortless transcriptions, intelligently tracking speakers, intuitively recording calls, understanding users' needs, and offering relevant services. AI-enabled UCaaS solutions can also help in sentiment analysis. As such, AI-enabled UCaaS solutions can typically leverage data mining techniques to analyze discussions, reviews, and comments, direct mentions related to brands, products, and services, and help enterprises in strategizing accordingly."

Digerati Technologies, Inc. (OTCQB: DTGI) BREAKING NEWS: Digerati Technologies Proves its Cloud UCaaS Solution is Applicable Across a Wide Range of Industries - Digerati Technologies, Inc. ("Digerati" or the "Company"), a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the small to medium-sized business ("SMB") market, is pleased to highlight three case studies involving clients from the banking, restaurant and health care industries.

Through its operating subsidiaries, Digerati serves over 28,000 business users, focused in Texas and Florida, on its platform while increasing customer adoption in diverse industries. As corporations, businesses, and organizations continue to invest in their IT infrastructure, Digerati expects to continue to prove itself as an economic and disciplined communications solution provider.

Digerati is on the frontline of cloud communications providing telecommunication solutions on its carrier-grade network in a rapidly changing environment. Gartner recently released new projections based on its sales analysis by technology suppliers and predicts an annual increase of almost 9% in global tech spending, estimated to hit $4.2 trillion by the end of 2021. Spending on cloud computing and other tech services like Unified Communications is expected to reach almost $1.2 trillion this year as businesses look to gain the edge over the competition.

In addition, Gartner notes that investment in cloud and other infrastructure could outpace software applications by the end of 2021 for the first time in many years. Banks, for example, are on-track, for investing at least one-tenth of their annual revenues into IT.

Digerati can validate Gartner's findings through its work in many sectors like financial institutions, the service industry and healthcare. Here are some frontline case studies that demonstrate Digerati's solution-based approach to serving its customers. CONTINUED… Read the full Press Release for Digerati Technologies at: https://www.financialnewsmedia.com/news-dtgi

Other recent developments in the markets include:

Vonage (NASDAQ: VG), a global leader in cloud communications helping businesses accelerate their digital transformation, has recently launched AI Virtual Assistant for its unified communications solution, Vonage Business Communications (VBC). One of the first AI-driven conversational solutions to deliver enhanced self-serving interactions for unified communications, Vonage AI Virtual Assistant creates artificially intelligent conversational experiences using natural language understanding and machine learning that is supported by applications using voice and text to engage every caller in natural language.

AI Virtual Assistant modernizes customer engagement by providing conversational AI to address simple tasks and facilitate voice-enabled self-service for customers. This enables organizations without a contact center to free up employees from answering high volumes of inbound calls and helps to improve the customer experience by providing faster responses to questions, requests and other customer needs.

8X8, Inc. (NYSE: EGHT), a leading integrated cloud communications platform provider, recently announced general availability of 8X8 Frontdesk, a new 8X8 XCaaS (eXperience Communications as a Service) composed experience for high volume call handling. 8x8 Frontdesk transforms the receptionist role by delivering a tailored experience and user interface that uniquely blends traditional unified communications and contavt center capabilities. It provides powerful call queuing and handling features that enhance productivity and personalize engagement for a hybrid work environment, and was recently named a finalist in the overall Best of Enterprise Connect 2021.

Unlike traditional operator consoles or switchboard solutions which require add-on or separate applications, 8x8 Frontdesk leverages the single-vendor, integrated employee communications and customer engagement capabilities of 8x8 XCaaS and is natively enabled within the 8X8 Workapp. This eliminates the need for additional applications to install or support, and also removes any dependency on additional third-party solutions. 8x8 Frontdesk offers organization-wide visibility into the status and availability of the entire workforce with the ability to filter users by site - spanning standard 8x8 extensions and Microsoft Teams users - and connecting incoming callers to employees and call queues. It also enables the receptionist and front desk function to be assigned or delegated to any user, regardless of role, location, or device.

Sumo Logic (NASDAQ: SUMO), a pioneer in continuous intelligence, recently highlighted new innovations to its Continuous Intelligence Platform™ as part of the opening keynote by President and CEO Ramin Sayar during the company's fifth annual Illuminate user conference, taking place virtually Sept. 28-29, 2021. These new solutions and enhancements spanning DevSecOps use cases, enable universal data portability through open source telemetry collection and real-time, advanced analytics to drive faster decision-making and address data security needs from cloud to edge to end user.

"Digital transformation continues to accelerate, giving rise to the number of digital services that companies build, rent, or outsource to drive their customer experiences and revenue growth. In short, digital businesses are becoming digital service brokers," said Ramin Sayar, president and CEO, for Sumo Logic. "This creates additional complexity for companies on top of existing challenges created by digital transformation. Sumo Logic is helping to address this complexity by providing a universal data collection capability, leveraging OpenTelemetry data, for seamless and simple data capture; open frameworks to easily integrate custom integrations with low code; and a continued focus on advanced analytics across observability and security use cases from a single platform to enable better decisions faster."

Fastly, Inc. (NYSE: FSLY), a global edge cloud platform provider, recently announced the availability of its award-winning next-gen web application firewall (WAF) as both a private listing and public offer in the Amazon Web Services (AWS) Marketplace. Fastly's addition to the AWS Marketplace allows businesses to quickly and efficiently access its WAF through a unified billing and procurement process, providing superior and comprehensive protection to fast-evolving tech stacks.

"As the critical role of web applications and APIs in the global business community continues to escalate in an online-first world, companies today are up against an entirely new class of security threats," said Emily Friedberg, group vice president of global channel and partnerships at Fastly. "Fastly's listing in AWS Marketplace brings fast deployment, visibility, and protection so reliable that more than 90% of customers run our WAF in blocking mode, greatly reducing endless rule tuning and false positives that get in the way of legitimate traffic. We're excited to work with even more AWS customers to leverage Fastly's next-gen WAF, a recipient of the Gartner Peer Insights Customer Choice distinction for three years in a row."

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