The Cloud PBX market is growing, and VoIP markets are starting to become bigger than tradition telephone lines. The market for global cloud PBX is driven mainly by the growing coverage of cloud architecture, enabling low-cost and trustworthy telephony systems. The growing need for unified communication in the sector is also likely to be a major driver for the global cloud PBX market.
The market for cloud PBX is expected to reach an outstanding 20.83 billion by the end of the forecast period, 2017 to 2023, a recent report by Market Research Future( MRFR) reveals. The global cloud PBX market is expected to show a strong 13.2% CAGR over the forecast period, due to various sectors demanding enhanced customer relationships.
Transferring a load of managing voice calls and other telephony to the cloud, making it a VoIP, or Voice over Internet Protocol, network, using an Internet-based phone system has threefold benefits for end-users is basically the process of Cloud PBX.
First, the low cost of installing a cloud PBX system in existing enterprise infrastructure as well as its cost benefits of not needing to upgrade the telephone lines constantly. Moreover, there would be an ease in managing the telephone networks with the help of the cloud PBS, as it simplifies and reduces the complexity brought upon by traditional telephone networks.
Cloud PBX also has the capability to host multiple virtual networks without the need for separation or isolation methods. This further helps efficiency and saves more substantial money for the enterprise.
The increasing need to enhance CRM capabilities in certain sectors such as healthcare, government, and BFSI is likely to make the cloud PBX market plummet over the forecast period, the report reveals. Combining cloud telephony with CRM software increase the capability of the latter, and this makes interactions with the customer and the client a breeze. This could be one of the most likely major driver for the cloud PBX market over the forecast period.
Some of the leading players in the global cloud PBX market include Panasonic Corporation,NEC Corporation, MegaPath Inc., Mitel Networks Inc., BullsEye Telecom Inc., Allworx Corporations, D-Link System Inc., Cisco System Inc., Vonage America Inc., Barracuda Networks Inc. (Cudatel), Avaya Inc., RingCentral Inc., Nextiva Inc., and Skype (Microsoft).
In June 2019, Windstream, a provider of voice and data networks and management services, relaunched its virtual PBX for Hospitality. The program is linked with the respective hotels. Making installation and integration of a breeze.
The global Cloud PBX market branches on the basis of services, organization size end-user, and region. Global Cloud PBX market is segmented into managed services, professional services, network services, and IT and cloud services, this is on the basis of service. Over the forecast period, professional services are more likely to dominate the global cloud PBX market.
Based on organization size, the cloud PBX market is classified into small and medium enterprises and large enterprises. The large ones are most likely to dominate the global cloud PBX market over the given period. This is due to more need for cloud calling in a large enterprise. They are expected to exhibit a robust 23.65% CAGR over the forecast period from 2017 to 2023. This unprecedented increase will cause a rising to a valuation of USD 3,699.61 million by 2023.
By the end, the cloud PBX market is divided into BFSI, healthcare, retail, government, real estate, and others. And over the forecast period, the most likely dominant end-user of the cloud PBX services would be healthcare.
The presence of many large companies in the U.S and Canada is likely a major driver of the Cloud PBX in the region; this helps them when it comes to the number of people using its system. North America held a 40.8% share in the market in 2017 and is expected to display the fastest CAGR over the span of the forecast.
The one leading to emerging as a leading regional market for cloud PBX solutions in the Asia Pacific, led by China. The increase in demand for advanced telecommunication technology in economies that are emerging in the region is going to play a crucial role in the improvement of the cloud PBX market in the Asia Pacific over the forecast period.