Market Size of UCaaS in Banking Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 18.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Unified Communication-as-a-Service in Banking Market Analysis
The Unified Communication-as-a-Service in Banking Market is anticipated to witness a CAGR of 18.7% over the forecast period 2021-2026. The banking industry relies heavily on customer engagement. Customers have become the driving force behind the banking industry and banks are looking forward to enhancing their customer experiences and service costs reduction at the same time.
- Unified Communications (UC), since its inception, emerged as a cost-effective solution for the banking sector. Banks are now investing in UCaaS to get a bird's-eye view of customer communications across all channels to attain scalability required for large-scale implementation.
- Though functionality may vary on the degree of implementation, it broadly incorporates Interactive Voice Response (IVR), video conferencing, live chat, e-mails, unified messaging, VoIP services, and other client management capabilities.
- This technology helps increase availability and scalability while enhancing collaboration. UCaaS solutions are designed to allow enterprises to focus on the growth of their business rather than the maintenance of it. Businesses need not pay for UC software with features that they will never use, thereby aids in saving money.
- A Boston-based research and advisory firm estimated that global tech spending had reached around USD 261.1 billion in 2018, climbing almost 4.2% from the previous year.
