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Unified Communications as a Service (UCaaS) subscribers will grow by an average annual rate of 27% over the next five years. This is according to recent data from Synergy Research Group, which also found that enterprise customers are driving this growth.
UCaaS is on the rise
According to the data, small and mid-sized businesses account for almost 90% of all UCaaS subscribers. However, the overall enterprise segment is reportedly growing at a rapid pace as more companies recognise the benefits of UC.
Last year, the number of enterprise UCaaS subscribers rose by an incredible 57%. Meanwhile, mid-market and small business segments only grew by 36% and 23% respectively.
There are now well over 8 million UCaaS subscribers, which is double the figure in late 2015. Jeremy Duke, Synergy Research Group’s founder and Chief Analyst commented on the positive growth.
“UCaaS took off in the small and mid-market segments first", but "we are now seeing UCaaS growth rates in small businesses start to tail off a little" Duke said. While growth in the mid-market remains strong, "it is in the nascent enterprise segment where UCaaS growth is really booming.”
What is driving this growth?
Grand View Research predicts that the global UC market will reach $143.49 billion by 2024. According to the data, the growing requirement for real-time and efficient communication systems in the enterprise will augment the UC market.
"Communications have always been and are a centre of every customer-oriented business", as LANtelligence points out. As modern technology evolves, however, companies must learn to adapt to multiple communication channels.
Providing customers with the ability to communicate via chat, voice call, email, or video is key to this digital transformation. LANtelligence highlights that "Unified Communications allow this flexibility within one solution integrated with your business phone system, CRM and other business applications."
Today, complex communication solutions are becoming an increasingly important part of IT. In order to provide the best customer experience, however, enterprises need to implement a seamless UC solution.
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