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The global Unified Communications as a Service (UCaaS) market is poised for huge growth and will reach a value of $ 37.85 billion in 2022, according to a report by Transparency Market Research.
Thus, the market will expand at a compound annual growth rate (CAGR) of 23.4% over the next year. The report, titled ‘Unified Communication Market as a Service: Global Industry Analysis, Size, Share, Growth, Trends and Forecast’ indicates that much of the growth in the worldwide UCaaS market will stem from the BYOD (Bring Your Own Device) trend and the culture of business mobility (teleworking).
What Factors Will Influence the Growth of the UCaaS Market in 2022?
More and more people are joining the mobile workforce, increasing dependence on smartphones and tablets. Although large organizations are familiar with the benefits that UCaaS offers, there is still a gap in the SMB space.
Given its status as a high-potential emerging technology, the global UCaaS market has piqued the interest of businesses and developer communities alike. The report states that UCaaS, by virtue of being pre-integrated and standardized, makes it a ready-to-use solution that many companies can implement in a short period of time.
UCaaS solutions hosted in the cloud are increasingly being implemented in healthcare institutions, government organizations and financial entities where data integrity, confidentiality and security is paramount.
Business telephony services are projected to continue to be the largest revenue contributor to the global UCaaS market. Thus, integrated services will report appreciable growth, as they are expected to register a growth rate of 27.3% during the forecast period.
North America, UCaaS Market Leader
When evaluated geographically, North America ranked as the largest UCaaS market in 2013, contributing an impressive 48.80% of global market revenue. In 2022, it will remain in the top position thanks to massive investments from UCaaS in sectors such as BFSI (banking, financial and insurance services), retail, transportation and telecommunications.
While in North America it is SMEs that contribute a large part of the revenue, in Asia Pacific it comes from large organizations that are increasingly switching to UCaaS.
Network Security
However, despite the many positive forces that prevail, the growth of the global UCaaS market will be affected by concerns related to network security and price sensitivity. Even so, experts predict that 2022 will be a great year for this sector.
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