The UCaaS Market Will Reach 96,000 Million Dollars in 2023

According to a report prepared by Global Market Insights, Inc., the growing demand in the business sector is expected to boost the UCaaS market until 2023. This growth can be attributed to the ability of technology to offer real-time communication services for business operations.

It is predicted that this trend will boost the size of the unified communications market due to the growing need to improve operational efficiency and reduce costs. Thus, the unified communications market will reach 96,000 million dollars in 2023.

What factors drive the growth of the UCaaS market?

1.- Advantages of UCaaS technology

The UCaaS technology provides scalability and flexibility to companies, as well as associated advantages such as profitability, payment for use and cost reduction. On the other hand, the ability to accommodate multiple functionalities of the communication system in a single platform makes telephony an essential tool in the business environment, since it facilitates business communication in real time internally and externally in all business areas.

2.- Growing demand for IP and VoIP telephony

It is expected that telephone technology for companies will increase the size of the unified communications market due to its compatibility with the automatic transfer of fax, voice or other information. In addition, the growing demands for IP and VoIP telephony in the telecommunications and IT industries, banking and financial services, insurance, travel and hospitality, and logistics and transportation, serves as an important driver for the size of the UCaaS market.

3.- Increase of the BYOD trend

According to this report, the need to rationalize corporate communication functions and the growing popularity of the BYOD trend will support the growth of the UCaaS market until 2023. As companies are rapidly expanding their presence to newer geographic markets, the effectiveness of the communications plays a vital role to ensure the positive outcome of business processes.

Therefore, companies adopt unified communications solutions to modernize their communication infrastructure under a unified framework. As BYOD has shown promising results in terms of increased employee productivity and significant savings in IT costs for companies, these solutions further enhance their value proposition in terms of seamless connectivity with mobile resources.

4.- Adoption of cloud technology

In addition, the growing popularity and adoption of cloud technology is also helping the growth of the unified communications and collaboration market, with organizations that prefer cloud-based solutions to migrate their communication processes through cloud platforms in an affordable manner.

The Global Market Insights, Inc. report concludes that information and telecommunications technologies will dominate the UCaaS market in 2024 with a market share of more than 33% due to the rapid adoption of technology to transparently connect locations Global sales to allow effective collaboration between teams and offer a better customer experience. More and more SMBs operating in the IT sector are taking advantage of the technology to save considerable costs in IT infrastructure and maintenance by adopting unified frameworks for the management of different communication functions.