Despite the many global macroeconomic challenges that have cropped up over the past few years, the UCaaS market is still going strong. Recent reports estimate spending on UCaaS will reach $1.74 billion by 2028, so it’s clear that the unified communication and collaboration space will only continue to grow.
Thanks to its rising popularity, a lot is happening in the world of UCaaS right now. Here are four UCaaS trends shaping business communications this year:
1. Leaving Legacy Solutions Behind
It took some time, but more traditional-minded business leaders have finally come around to the cloud. Many who previously said unified communications weren’t for them or were set on sticking with their on-premise systems have turned a corner due to the cloud’s adaptability. According to Gartner, over $1.3 trillion in enterprise IT spending went toward cloud investments last year, and that number is expected to reach $1.8 trillion by 2025.
2. Fewer Mergers and Acquisitions
Mergers and acquisitions (M&A) in the communications space spiked during the pandemic, but they’ve gradually slowed down since then. Only a few major M&A deals went down in 2022, including 8×8’s acquisition of Fuze, an enterprise VoIP provider. Ericsson also entered the UCaaS marketplace after buying Vonage, and HP strengthened its position in the space by acquiring Poly.
What do these deals mean for UCaaS? It means industry heavy hitters are grabbing even more of the market, leaving fewer options for shoppers.
3. Better Hybrid Work Connectivity
The push for more remote and hybrid work flexibility is only getting stronger, and UCaaS providers have responded with better connectivity options to support work-from-anywhere teams. We’ll see this trend continue in 2023 as more service providers offer UCaaS solutions that harness the power of 5G technologies.
5G networks offer ultra-fast speeds and low latency, enabling businesses to move to the cloud while reducing costs, improving agility, and increasing efficiency. Vonage, Verizon, and T-Mobile are among the many providers already offering 5G-enabled UCaaS solutions, and more are sure to follow.
4. Improving Processes With AI
Artificial intelligence (AI) is taking more space in the UCaaS landscape as businesses increasingly realize the need for greater efficiency. AI eliminates many time-consuming or tedious tasks by offering features like real-time transcription and translation during video conferences and intelligent noise-cancellation. And with more UCaaS platforms now offering self-service options and voice assistants, it seems that AI will continue to simplify work in 2023.
Upgrade Your Communications in 2023 With eXemplify
UCaaS trends are constantly evolving, driven by the need for better communication tools to support remote and hybrid workplaces. But while the right UCaaS solution can modernize your communications, finding a platform that offers everything your teams need to stay connected can be challenging.
At eXemplify, we can help you find the best UCaaS solution to streamline your communications and keep your business competitive. We’ll work through our six-step process to determine the best approach to future-proof your communications, then connect you with powerful UCaaS platforms from top providers. If you’re ready to see what UCaaS can do for your business, contact eXemplify today.