The global cloud PBX market valued at US$ 5.07 Bn in 2018 and is expected to grow at a CAGR of 15.5% during the forecast period 2019 – 2027, to account to US$ 18.23 Bn by 2027.
The increasing demand for cloud technology, enhanced communication, UCaaS, and low-cost infrastructure maintenance are creating a significant demand for cloud PBX market. In a recent scenario, 5G is playing a major role in transforming the entire PBX ecosystem driven by more internet-connected devices directly impacting global cloud PBX market. The continuous development in infrastructure and improvement in cloud technology is expected to drive the Cloud PBX Market significantly.
• To provide detailed information regarding the major factors (drivers, restraints, opportunities, challenges, and trends) influencing the growth of the global Cloud PBX Market
• To forecast the size of the market segments with respect to four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World (Latin America and the Middle East & Africa)
The cloud PBX has reformed and revolutionized the communication process in the business organizations by enabling access to various forms of communication (audio, video, text messaging) through an IP network. This communication technology offers myriad benefits over tradition PBX, but the cost-effectiveness provided by the cloud PBX over on-premise PBX is the primary factor, that has driven its demand in the past years and is expected to influence the cloud PBX market growth in the coming years.
Tier 1 and Tier 2 companies have prominent market share in the global Cloud PBX market. The service partners are also influencing the current market players operating in the Cloud PBX market to offer customized cloud PBX services with advanced features; thus Cloud PBX market players are increasingly focusing on partnerships and developments to expand its footprints.
The global cloud PBX market by enterprise size was led by SMEs. SMEs are considered as an ideal customer of cloud PBX systems for several reasons. One of the key reason is the deployment of enterprise-grade phone system features at a lower cost. Cloud PBX is budget friendly for SMEs as the companies are only required to pay a monthly fee, which includes phone service, phone system applications, as well as equipment, instead of owning and maintaining own PBX system. Further, cloud PBX also offers online PBX management tools that enable the company to make changes to the phone system without having to call the provider.
The Cloud PBX market is segmented based on Healthcare, Manufacturing, IT & Telecom, BFSI, Retail, and others. The IT & telecom industry is expected to dominate the market in 2018. However, it is expected to lose its dominance to BFSI by 2027.
Cloud PBX delivers several benefits to the BFSI sector, which includes managing multiple office locations with virtual extensions, and enhancement of call quality with features such as call recording and monitoring. It also enables financial institutions to re-examine conversations with call recording to avoid confusion, misunderstanding, as well as noncompliance risks. Such benefits are expected to drive cloud PBX market by the BFSI sector.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Media, Healthcare and Telecommunication industries.