Market Trends of UCaaS In Energy Industry
Proliferation of Cloud Based Ecosystem to Drive the Market Growth
- Companies are increasingly making essential files and data accessible through the cloud, which in turn has led to the proliferation of the BYOD trend. The energy companies are also following suit, and given the globalized nature of their business, remote access to data becomes an important feature for this industry. With the increasing cuts on Oil prices by OPEC and falling revenues, enterprises are searching for ways that cut down on expenses and have the potential to generate internal revenues.
- Encouraging employees to use their own devices is an efficient way of adding capacity to your IT infrastructure. Bring your own device (BYOD) enables employees to work away from the office while still being able to access the system over the Internet by accessing the data and files they need. For example, Team Sites, which comes with Office 365, allows employees to improve collaboration while in different locations, editing documents simultaneously and taking part in online conferences.
- A new report from iPass, a commercial Wi-Fi network service provider, indicates that 70 percent of mobile workers adopt their companies' bring your own device (BYOD) policies. For some, BYOD is a must. This trend will also be increasingly reflected in the energy industry as the lines between office and private spaces get blurred.
- Also, in recent years, remote work and hybrid work models have gained prominence across industries, including energy. The ability to communicate effectively and collaborate remotely has become essential. UCaaS empowers energy professionals to work from anywhere without sacrificing communication quality. Video conferencing, virtual meeting rooms, and mobile applications ensure that remote employees remain seamlessly integrated into the company's communication ecosystem.
- Moreover, the increasing demand for cloud-based UCaaS in the energy sector can be attributed to its ability to bridge geographical gaps, enhance collaboration, ensure security, offer scalability, support remote work, align with sustainability goals, and harness the power of IoT-generated data. As the energy industry continues to evolve, UCaaS emerges as a transformative technology that not only improves communication but also contributes to the overall efficiency and sustainability of energy operations. Embracing UCaaS is no longer a luxury but a strategic imperative for energy companies looking to stay competitive in a rapidly changing landscape.
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North America to Remain the Largest Market
- North America region will lead the global UCaaS market during the forecast period and remain the major revenue contributor due to the emergence of huge tech-savvy employees and improved infrastructure in the region. The demand for UCaaS is expected to surge in the coming years owing to growth in investment by enterprises in this region.
- The United States has one of the fastest-growing energy markets in the world, with many of the major companies of the world headquartered there. These companies are cash-rich and tech-savvy and hence will lead to adopting any new technology in the unified communications segment.
- The US Energy Information Administration Data released in January 2023 states that US crude oil production reached a record 12.4 million barrels per day and is expected to reach 12.8 million barrels per day in 2024. Also, in 2022, US crude oil production averaged an estimated 11.9 million barrels per day.
- The growing oil production in the US is leading to an increased demand for unified communications as a service (UCaaS) due to the need for efficient communication and collaboration tools within the industry. It also helps streamline communication among various stakeholders involved in oil production, such as remote workers, field teams, and headquarters, enhancing overall operational efficiency.
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