Hosted Private Branch Exchange Market Growth Opportunities and Top Key Players: AT&T, Cisco Systems, BT Group, 3CX, Telesystem, TPX Communications, Digium, Oneconnect, Comcast Business, Mitel Networks, Avaya, 8x8
The protocol management services are projected to grow at the fastest rate over the forecast timespan as they provide the necessary parameters required for securely managing the protocols and establishing communication between IP phones and traditional phones with the highest voice quality. The service also reduces latency and delays thereby managing the information along with quality maintenance.
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Hosted PBX Market is set to see healthy CAGR to 2024 led by increase in the adoption of cloud and Unified Communication (UC), increasing requirements for enterprise mobility, and reduced Total Cost of Ownership (TCO). A hosted PBX is a cloud-based system accessible through an IP network. It allows organizations to use enhanced quality telephone systems without any additional investment costs. The entire telephone platform is managed by the service provider and for enabling the calling service, the subscriber connects through an IP to the provider. These systems provide businesses with an enhanced ability to manage their phone systems through a user-friendly control panel and are hence are becoming increasingly popular amongst SMEs.
The hosted PBX systems deliver cost-efficiency, eliminating additional set-up and maintenance costs, reducing complexity, and enhancing flexibility & scalability, accelerating their adoption in the market. Organizations with a higher employee size, mainly the large enterprises require huge communication networks with robust communication tools set up to operate efficiently. Hence, the demand for hosted PBX systems has increased owing to an ease of setting up the new equipment for business communications.
The hosted PBX market systems are adopted in various application verticals including BFSI, IT & telecom, healthcare, manufacturing, government & public sectors, educational, and professional services. The healthcare industry is the major end-user of the hosted PBX systems as it delivers enhanced communication capabilities required for proper patient care. It provides features such as real-time communication, and instant messaging, allowing doctors to constantly stay connected with their patients at any time of the day, thus driving their market demand.
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North America dominates the hosted PBX market as the region is the largest purchaser of hosted PBX. These systems deliver efficient functioning capabilities such as enhanced web connectivity and efficient use of the office space and budgets expanding the adoption rate. Furthermore, a rise in the adoption of cloud services, IoT, and UC in the U.S. and the growth of the telecommunication sector also drives the hosted PBX market demand.
APAC is anticipated to grow at a high rate in the hosted PBX market as the region is witnessing a rapid transformation of its IT infrastructure with rapid digitalization. The trend of enterprise mobility in this region is also a major contributor to the market growth. APAC holds around 60% of the market share for enterprise mobility followed by the UK and the U.S, making it important for the region to upgrade its traditional systems to the hosted PBX system.
The hosted PBX market is fragmented with the existence of a substantial number of players. Some of the major players present in the market are AT&T, Cisco Systems, BT Group, 3CX, Telesystem, TPX Communications, Digium, Oneconnect, Comcast Business, Mitel Networks, Avaya, and 8x8. These players are investing considerably in R&D activities and entering into strategic business partnerships to expand their presence in the competitive market.
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