BYOD, Mobile Workers Spur 1,000% Growth Forecast For UCaaS Market

A rapidly growing bring-your-own-device and mobile worker movement in enterprises across the globe has led to an incredible Unified Communication as a Service (UCaaS) forecast over the next eight years.

According to a study released by Transparency Market Research, the UCaaS market is expected to see a jaw-dropping 29.4% CAGR between 2016 and 2024. What’s more impressive is the market’s worth in 2015 was $8.23 billion, with a prediction of nearly 1,000% growth and reaching a worth of $79.3 billion by 2024.

"There has been a substantial increase in the use of social media for businesses, and combining social media with UCaaS solutions enables efficient customer relationships and strengthens marketing," the study states. As a result, UCaaS vendors are looking to build ecosystems that can make social business integration compelling for enterprises.

The study also indicated businesses in this market would be expanding in the Middle-East Africa (MEA) region, as well as the Asia-Pacific market.