SANTA CLARA, California, Feb. 21, 2019
CSPs are responding to this demand by integrating hosted IP telephony and UCaaS with mission-critical business software, finds Frost & Sullivan
SANTA CLARA, California, Feb. 21, 2019 /PRNewswire/ -- With demand for cloud communications rapidly increasing, there has been a surge in collaboration among platform and device vendors, technology developers, services providers, and others to launch feature-rich, reliable and secure hosted internet protocol (IP) telephony and Unified Communications-as-a-Service (UCaaS) offerings. These synergies are opening up opportunities for innovative communications service providers (CSPs) to target larger organizations that have complex IT and communications requirements, and potentially enabling the market to achieve a revenue compound annual growth rate (CAGR) of 20 percent between 2017 and 2024, and an installed base CAGR of 23 percent, with an anticipated revenue of over $17 billion by 2024.
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"As businesses adapt to an ever-changing competitive environment, they require a trusted partner that can effectively assist them in their business transformation and cloud migration journeys. CSPs are responding to this market demand by integrating hosted IP telephony and Unified Communications-as-a-Service with customer care solutions and business workflows," said Elka Popova, Digital Transformation Vice President at Frost & Sullivan. "By 2030, programmable communications will dramatically change the industry paradigm by transforming communications and collaboration services into core components of critical business solutions."
Frost & Sullivan's recent analysis, Growth Opportunities in the North American Hosted IP Telephony and UCaaS Market, Forecast to 2024, identifies market drivers and restraints, offers strategic recommendations, and forecasts installed base and service provider revenue projections until 2024. Unit estimates and forecasts are presented in terms of installed users, which are equivalent to software licenses and end points/stations. The study covers multi-tenant and multi-instance hosted IP telephony as well as UCaaS solutions.
"The net new annual users of hosted IP telephony and UCaaS are expected to increase from 5.7 million in 2018 to 11.3 million in 2024 as programmable communications help providers tap unexplored customer segments and cross/up-sell to existing customers," noted Popova. "Cloud is poised to become the preferred technology consumption model within the next decade, but premises-based systems will co-exist with it for decades."
For further success, CSPs must attempt to make the most of the revenue opportunities by:
Growth Opportunities in the North American Hosted IP Telephony and UCaaS Market, Forecast to 2024 is part of Frost & Sullivan's global Connected Workplace Growth Partnership Service program.
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Growth Opportunities in the North American Hosted IP Telephony and UCaaS Market, Forecast to 2024
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