The Future of UCaaS Market by 2026
According to a report published by Valuates Reports in April 2020, the market size of the Global Unified Communications as a Service (UCaaS) is expected to grow up to USD 24.3 billion by 2026, from the 2019’s USD 13.8 billion. The report also projects that the market will expand at a Compound Annual Growth Rate (CAGR) of 8.4% between 2020 and 2026.
This tremendous growth is significantly attributed to the rate at which businesses are adopting the technology since COVID-19 struck.
So, what are the technologies behind this UCaaS growth?
Artificial Intelligence (AI) and Machine Learning
As AI continues to power even more intelligent bots, the future of Unified Communication (UC) users is expected to be smarter with most of the work being dedicated to bots. Facial recognition technology is expanding incredibly, with bots developed to draft minutes during meetings being integrated into the UCaaS technology every day to facilitate smoother operations.
Also, enterprises are deploying AI into their websites to improve customer experience. The technology supports features such as pre-populating forms, making customized suggestions on what to purchase, and welcoming repeat clients with a personalized message.
Bring Your Own Device (BYOD)
In response to government regulations to adopt Work From Home (WFH) strategies, companies and organizations are implementing the BYOD technologies to allow their employees to run their duties from wherever they are. Employees can use personal laptops, tablets, and smartphones to carry out office tasks as well as their activities. That’s why every enterprise is striving to switch to UCaaS to save the cost of purchasing unnecessary office equipment.
Private Cloud Model
Even though public cloud UCaaS has implemented amazing features, switching to private cloud UCaaS makes the experience even more astounding. One of the key benefits that users are enjoying is increased security during their online engagements. The environment is highly encrypted with end-to-end systems to lock out unauthorized persons and potential intruders.
Adoption of smartphones and tablets with 5G technologies
Every business in this age is going for technologies that promise high bandwidth and speeds, right? Now, that is exactly what smartphones and tablets guarantee. The devices are designed with high-speed processors to support speedy operations. What’s even more amazing is that 5G technology is 20-times faster than the current 4G!
Bring Unified Communications as a Service to your Business
Based on the rate at which UCaaS technologies are accelerating, shouldn't you and your executive team be reviewing a UCaaS strategy to see how it will work for your businesses? Most enterprises have already switched, or are deploying strategies to do so. In a recent study, the Harvard Business Review found that up to a third of value-added workplace collaborations only comes from only 3% to 5% of employees.
Imagine increasing that 3% to 10%, 20% or 50% of employees by better enabling their communications. Cost-efficient and effective communications is critical for any enterprise. The challenge is posed to IT and the CIO to adapt to these changes, and prepare for a more dynamic and collaborative infrastructure.
Here's the Point
Based on the rate at which these technologies are accelerating, it is definite that the projected figures will be hit according to the report. Also, because most enterprises have already switched, or are deploying strategies to do so, you can be sure that UCaaS will be the norm of teleconfrerencing come 2026.
