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In the near future, 56% of companies plan to move to Unified Communications as a Service (UCaaS). According to a Transparency Market Research report, the global UCaaS market will witness a significant demand for UCaaS solutions in the near future.
UCaaS market to gain a boost
Enterprises and businesses are keen to increase the efficiency of existing processes, the firm insists. As a result, a number of these enterprises are now "switching from traditional business processes to communications-enabled business processes."
There has also been a "substantial increase in the use of social media for businesses," the study states. Therefore, companies are beginning to combine social media with UCaaS solutions to enable "efficient customer relationships" and strengthen marketing.
In 2015, the value of the global UCaaS market was $8.23 billion. However, this could potentially grow at a CAGR of 29.4% from 2016 to 2024 in order to reach $79.3 billion by the end of the forecast period.
Mobility and BYOD rises
As collaboration and mobility increases in the workplace, the demand for agile mobile devices also rises. The future of Unified Communication (UC) is therefore mobile, according to a PGi report.
Transparency Market Research also found that the growth of mobility in the workplace is boosting UCaaS. "Growing liberalisation around the world has compelled large enterprises to enter cross-border markets, thereby driving the need for collaboration tools to allow employees of a company to effectively communicate with each other," the report states.
As bring-your-own-device (BYOD) culture heightens, a surge in mobile devices will also be partly responsible for the expansion of the UCaaS market. "The impact of this driver will be high during the forecast period with businesses likely to expand operations to developing regions such as the MEA and Asia Pacific," the study predicts.
Asia Pacific presents opportunities
North America led the global UCaaS market in 2015 and will continue to lead throughout the forecast. According to the firm, the "presence of a massive tech-savvy workforce and advanced network infrastructure in the region" is causing this growth.
However, the company predicts that Asia Pacific will be the most rapidly growing market for UCaaS. This is due to the rising "inclination of large companies toward UCaaS solutions" and the rise of contact centres.
The region is also a lucrative option due to the "availability of a comparatively cheaper workforce," the report states. The rapid growth in emerging economies such as India and China will also contribute to the increased demand for UC.
What trends should businesses look out for as they adopt a fast-paced communications culture? Listen to our podcast with leading UC expert Irwin Lazar for some valuable insights