UCaaS market will grow 29.4% annually through 2024

Unified Communications as a Service or UCaaS are an emerging technology that has quickly captured the attention of the business world. In fact, global demand for UCaaS solutions will experience a significant increase over the next 8 years, mainly by those companies that are interested in improving the efficiency of their processes.

The latest report by Transparency Market Research under the title “Unified Communication as a Service (UCaaS) Market – Latest Research Report Announced (2016-2024)” estimates that the global value of UCaaS market, set at 8,230 billion dollars in 2015 will maintain an annual growth of 29.4% over the next 8 years, reaching an approximate figure of 79,300 billion dollars at the end of 2024.

Integrated services will prevail over independent services

The adoption of UCaaS solutions already led the market in 2015, and is expected to continue to do so until 2024. The main reason is the increasing adoption of IP telephony worldwide. Along with this, cost reduction and continued advances in cloud-based communication platforms, are key factors for the prevalence of UCaaS over independent services. Regarding delivery models, although independent services led the UCaaS market in 2015, it is expected that by 2024 the revenue generated by integrated services overcome them, basically due to the growing demand for integrated services by companies.

United States will continue to lead UCaaS market, but the Asia-Pacific region will grow faster

As in 2015, the region of North America will continue to lead the global UCaaS market revenues during the period 2016-2024. In fact, demand is likely to increase in the coming years, since suppliers are investing in key sectors such as consumer goods, banking, financial services and insurance, telecommunications, transportation, among others. However, it will be the Asia-Pacific region the one experiencing a faster growth. One of the key reasons is the increase of the English speaking population, which stimulates the installation of contact centers.

Along with this, factors such as an increase of smartphones and tablets; more abundant and cheaper labor; and the rapid growth of Indian and Chinese economies, which will promote the establishment of multinationals, will increase the need for UCaaS to stay connected with the headquarters.