A new Research and Markets report forecasts the unified communication as a service market to reach a compound annual growth rate of 11.2 percent beginning in 2016 through 2022.
The report indicates that telecommunications, information technology and retail applications currently dominate the market and that banking, financial services and insurance and logistics will drive the future market as business process outsourcing in these sectors rise, Research and Markets said Thursday.
North America accounted for 45 percent of the UCaaS market share in 2015 and Research and Markets predicts the region will continue to dominate the market as various sectors such as BFSI, retail, transportation and telecom increase their UCaaS investments.
The report also sees a growing UCaaS market in the APAC region, buoyed by the developing IT infrastructure, investment from large companies and government focus on international trade.
Research and Markets profiles various companies in the report such as Alcatel-Lucent, Avaya, Cisco, Computer Sciences Corp., Hewlett-Packard, IBM, Microsoft, Polycom, Verizon Communication and Voss.