With the increased use of UCaaS solutions across SMBs to streamline business functionalities, the market is forecasted to touch $24.3 billion by 2026.
The modern business ecosystem sees an extensive adoption of Unified Communications-as-a-Service (UCaaS) – indicating the trend of an innovative era of enterprise communication solutions. A recent study by Valuates Reports reveals that the market is projected to grow to $24.3 billion by 2026.
Earlier in 2019, the UCaaS market was valued at $13.8 billion – indicating a CAGR of 8.4% for the forecasted period. Given the current scenario, more businesses are utilizing UCaaS solutions to streamlines business communication.
This is augmenting daily operations and the overall revenue. The rising demand for UCaaS and its operation is found more among the small and medium-sized companies. In addition, its cost-efficiency and pay-per-use options are driving the demand for these services.
With most organizations operating remotely, there has been increased use of BYOD services globally. As we advance, this trend will increase with more BYOD in operation among their workforce. As a result, it will steer the expansion of the UCaaS and security concerns on personal networks.
Basically, cybersecurity for enterprise mobility is a critical factor. Again, the development in artificial intelligence and machine learning are also generating significantly abundant business opportunities for the UCaaS revenue growth.
The AI-centric technologies have enabled companies to record calls intuitively and encourage simple transcriptions. Moreover, intelligent monitor speakers help to recognize user requirements to offer relevant services.
In fact, mobility and networking service providers have already been putting forward conversational solutions – backed by advanced technologies for improved data interpretation, quicker data processing, and technical guidance.
The rising adoption of the private cloud model by the BFSI sector to secure confidential data is likely to boost the UCaaS market size for the period. It also allows financial organizations to leverage scalability that is crucial for large-scale implementation.
The widespread execution of cloud technologies supports versatility, reducing the total expense and time while advancing the consumer experience. In terms of regions, North America is most likely to hold the largest market share.
This supremacy is credited to the fast-paced adoption of intelligent technology by companies to increase their efficiency and productivity. It also indicates the presence of a huge number of UCaaS vendors.
The study showed that the APAC market is projected to exhibit the fastest growth due to increased smartphone penetration by a large user population. However, this growth may slow down due to the growing data privacy issues.