A new MarketsandMarkets report predicts that the market for unified-communications-as-a-service will grow at a 10.5-percent compound annual growth rate to reach a market value of $24.88 billion in 2020.
The company said Monday the market is currently worth $15.12 billion, driven by the increasing use of communications solutions that integrate desktop, video, voice and messaging applications.
According to MarketsandMarkets, UCaaS works to simplify business communications and streamline connectivity in the workplace across both mobile and fixed devices.
UCaaS also supports network security, remote access via Wi-Fi, desktop integration and other functionality that help small and midsize businesses manage operational costs and boost productivity, the report stated.
MarketsandMarkets also identified Avaya, Cisco, Hewlett-Packard, IBM and Microsoft as some of the companies that offer UCaaS products.