The global unified communication as-a-service in retail market was valued at USD 20.33 million in 2017, and is expected to reach a value of USD 44.86 million by 2023, at a CAGR of 14.11 %, during the forecast period (2018-2023). The scope of the report is limited to products offered by major players, which include providers of unified communication as-a-service in retail market segment. While the various countries that provide the service have been analyzed.
The retail market has transformed dramatically over the past few years, laying new demands on stores of all sizes. Offering a wide range of products at lower costs is no longer considered as a unique advantage for vendors in the retail sector. To design a multi-dimensional and satisfied shopping experience for the customer, corporate executives, field managers, and store employees need access to a broad range of products and organizational information.
It has become crucial to ensure effective communication between headquarters and associates, which is quite challenging for retailers at present. Further, disseminating corporate messages within a specific timeframe plays a major role in optimizing store operations. Retailers are heavily investing in store-level communication technologies to ensure there is a smooth flow of information. However, they are limited to store infrastructures that often consist of older, proprietary and disparate systems. This results in limited access to information and a heavy reliance on manual processes, leading to stores becoming less flexible and resilient.
Demand for Small and Medium Scale Business is Expected to Drive the Growth for this Market
The dependency of small and medium-sized businesses (SMBs) on the cloud is proliferating, and is expected to increase in future. UCaaS has emerged an ideal solution for SMBs, mainly when delivered in a cloud-based model. These solutions combine real-time, integrated voice and collaboration capabilities, along with a flexible and scalable delivery model, making them well suited for SMBs. The major benefit of UCaaS for SMBs is more about reducing costs than having an impact on business. These businesses regard cost savings, increased security, and simplified management as the major benefits of deploying UCaaS. A recent study by ATT confirmed that two-third (67%) of small businesses (with fewer than 100 employees) use VoIP today. SMBs interested in hosted IP telephony and VoIP access service are likely to increase, and more than 70% of SMBs are expected to purchase new communication technologies in the next two years.
High Growth of Retail Industry in US Demands the Need for Ucaas Systems
The US has well-established distribution channels for all forms of retail sales. The retail industry provides an openly competitive environment that promotes strong business operations, and spurs innovations that increase efficiency and reliability. The retail segment in the country employs around 29 million people, and provides more than 42 million jobs. Sales in the sector are expected to increase by 3.4% year-on-year, with e-commerce retail sales expected to grow by 7-10%.
Retailers in the country are scrambling to meet the expectations and demands of an increasingly digital customer base, asking for better co-operation and communication between the staff to provide seamless services to the customers. Further, Amazon USA has released Chime, a cloud-based UCaaS, hosted in Amazon Web Service’s cloud. It provides video conferencing service to enterprises, and works on both desktop & mobile phones. It was deployed in retailer Brooks Brothers’ stores as a pilot project. Other retailers are expected to incorporate Chime in their stores, as the demand for UCaas in retail is expected to rise dramatically.
In addition to this, Walmart has decided to invest USD 11 billion in 2017, in capital expenditures, much of which has been poured into enhancing the online presence and optimizing the workflow. Moreover, it further expects US e-commerce business to grow sales by roughly 40% in fiscal 2019, further driving the demand for UCaaS in e-commerce.
Key Developments In The Market
- February 2018 - Many UCaaS providers have been trying to expand globally, as much cloud providing companies have continued market up growth, and expanding SMB organizations. Some of the companies involved in such trends are Fuze and Nextiva, which have expanded operation in their respective scale
- October 2017 - Verizon and Ericsson reached another milestone in 4G LTE Advanced Technologies that is expected to serve as a stepping-stone to 5G technology, by completing their first deployment of Frequency Division Duplexing (FDD) Massive MIMO (Multiple Input – Multiple Output) on Verizon’s wireless network in Irvine, CA. This deployment is expected to improve both spectral and energy efficiencies, increasing network capacity for current devices in the market, which eases the deployment of UCaaS technologies
- October 2017 - Cisco has acquired publicly-held Broad Soft Inc., headquartered in Gaithersburg. Cisco, and Broad Soft are expected to deliver a robust suite of collaboration capabilities across every market segment expanding the existing product portfolio
Major Players: Microsoft Corporation, Tieto, Avaya, IBM Corporation, Ring Central, Cisco Systems Inc., Alcatel-Lucent, Verizon Communications, Voss, DXC Technology, Nec, 8×8 Inc., Mitel, Call Tower, Dimension Data, and Getronics, among others.
Reasons to Purchase this Report
- Growing number of SMBs act as a driver to the global UCaaS market scenario
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- Analyzing and estimating the fastest growing regions during the forecast period
- Identifying the latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet in excel
Customization of the Report
- This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs
1.1 Key study deliverables
1.2 Market definition
1.3 Study Assumptions
2. Research methodology
3. Executive summary
4. Market Insights
4.1 Market overview
4.2 Indusrty attractiveness- Porter's Five Forces Analysis
4.2.1 Threat of new entrants
4.2.2 Bargaining power of suppliers
4.2.3 Bargaining power of consumers
4.2.4 Threat of substitute products
4.2.5 Intensity of Competitive Rivalry
5. Market dynamics
5.1 Market drivers
5.1.1 Demand Small and Medium Sized Businesses
5.1.2 The Increased Demand for Mobility and BYOD
5.2 Market Restraints
5.2.1 Integration Existing System to Cloud
6. Technological Trends
7. Global Unified communication as-a-Service in Retail Market Segmentation
7.1 By Geography
7.1.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
7.1.4 Rest of the World
8. Key Vendor Profiles
8.1 Microsoft Corporation
8.4 IBM Corporation
8.5 Ring central
8.6 Cisco Systems, Inc
8.8 Verizon Communications
8.10 DXC technology
8.12 8×8, Inc.
8.14 Call Tower
8.15 Dimension Data
*List not Exhaustive
9. Investment analysis
9.1 Recent mergers and acquisitions
9.2 Investment scenario and opportunities
10. Future of UCaaS in Retail Market