The Unified Communications industry continues to increase its penetration in the global market and its growth will remain steady over the next half decade.
Such are the findings of a recent study published by Research and Markets titled “Unified Communication as a Service (UCaaS) Market by Component (Telephony, Unified Messaging, Conferencing), Organization Size (Small, Medium, and Large), Industry (BFSI, Telecom & IT, Consumer Goods & Retail), and Region – Global Forecast to 2021.”
Among other things, the study estimates that the Unified Communications as a Service (UCaaS) market will leap from USD $17.35 billion in 2016 to USD $28.69 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 10.6%. Such growth will be facilitated thanks to the imminent and constant need for communication solutions and infrastructure around the globe.
More importantly, the UCaaS market continues to increase in size alongside the increment in adoption of technological communication trends such as BYOD and Unified Communications features and tools.
The enterprise segment will experience the biggest growth. This is due to the fact that enterprises are the main beneficiaries of the competitive advantages created by UCaaS. The ability to unlock seamless communications across the world, the large number of remote workers, flexible hours and the opportunity to have global presence are key factors facilitating the introduction the technology within the enterprise sector.
Geographically, North America is expected to present the largest UCaaS market share in 2016 and going forward. The transportation, logistics, retail and consumer goods verticals will support the expansion of UCaaS as the United States and Canada continue leading the way in the development and implementation of communication technologies.