2020 has been a crazy year for everyone. It’s also been crazy for the UCaaS industry. With businesses and organizations switching over to UCaaS and VoIP at an all time high, the industry itself has seen a lot of growth. From the price reductions, to the convenience of easily working from home while staying connected, UCaaS and VoIP have been popular additions for the year of remote working. More and more businesses are relying on VoIP service providers like CallHarbor for their main business communications today. The industry has already seen a lot of growth in the past 10-20 years, and the last year has ramped it up even more. But what’s next for UCaaS and VoIP? Get ready to look ahead at some facts and figures.
UCaaS Will Keep Growing
It’s become a known fact that the future of modern business communication is cloud-based. With the easy accessibility of the internet, cloud-based phone systems are a more cost-effective option for businesses. The UCaaS market is predicted to hit $24.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.5% during the forecast period (BusinessWire).
By utilizing UCaaS, businesses can focus on their own critical business functions and have quick access to their data, audio, and video communication through any internet-ready device. Cloud-based platforms are more scalable, which means they grow with the business. Because everything is stored on the cloud, disaster recovery and business continuity are much easier. Check out our blog article on disaster preparedness and disaster recovery, and how UCaaS can help.
Mobility in UCaaS Trends
Mobility has truly changed the way people go about their lives – from work, to school, to doctor appointments. Phones are not just for simple inbound and outbound calling anymore, they’re a necessary part of a businessperson’s day, and vital to stay afloat in today’s society.
From a business perspective, the ability to utilize this mobility opens up a more efficient and productive work environment. Teams can stay in touch multiple ways, from wherever they are. Employees can work wherever they are most comfortable and most productive. Clients can get questions answer whenever they need them.
More and more businesses and organizations see this mobility as a factor in succeeding in their industries. Its becoming a fact that to stay competitive, you need to have a flexible business phone system that moves with you. The recent T-Mobile Mobility Trends Report showed that 7 in 10 enterprises cite mobility as a priority, as it can help them gain competitive advantage. The same study revealed that global spending on mobility solutions is predicted to hit a whopping $1.8 trillion in 2022 (Mobility Trends).
Video Chat Services & VoIP
Experts predict that video chat PaaS will hit $1.7 billion by 2020. This can definitely be attributed to the increase in video chat usage of younger generations, and by the increase in video calls throughout the pandemic. Moreover, many businesses are also increasing their use of these platforms to do both internal and external meetings.
More VoIP solutions are now capable of supporting multiple communication channels. Many include video platforms within their own services, so you no longer have to rely on different platforms for different business communications.
- Up to 75% increase in close rates
- 70% reduction in call handle time
- 2/3 increase in CSAT
- 80% increase in NPS Score
Increased Popularity of VoIP in School Environments
The functionality of a VoIP system goes beyond office and business purposes. More schools are seeing the value of VoIP in recent years. It helps in managing unified communications within a school structure, and with both their students and parents. Highlighted even more in 2020, many institutions use a VoIP system to enhance online learning. It can serve as a platform for class collaboration. Schools use VoIP as a supplementary tool to learn remotely.
Experts predict that the education VoIP market will grow over 18% with the extensive use of IP phones and softphone applications. This trend will most likely be more prevalent in the future as demand for mobility rises (yes, this not only applies to corporate employees but for teachers and students as well).
Internet accessibility has many perks. It gives you on-demand access to a ton of information, and helps you get in touch with anyone from across the globe whenever you wish. Though it comes with some disadvantages, especially now when data is almost as important and sacred as currency. A specific disadvantage that concerns people is cyberattack risks.
Information integrity is a challenge, as 40% of industrial computers have become targets for cyberattacks. According to Statista, some of the most common types of cyberattacks include phishing (37%), network intrusion (30%), and inadvertent disclosure (12%). There are also those who said these attacks included system misconfigurations and lost records.
VoIP systems, being internet-enabled, are vulnerable to these kinds of issues. They are not common when you have a safe and secure system. One of the specific VoIP future trends is how companies prepare themselves before they roll out VoIP for their communication. The best way to do so would be to find top cybersecurity vendors that can provide you with the kind of protection you require. In addition, it is also important to read up on data security best practices. This way, you can reap the benefits of VoIP while minimizing its risks. Going with a company that keeps your information secure is important, and will put your business in a guarded position with your phone system.