Virtual PBX market is anticipated to reach at a CAGR of 15.3% during the forecast period from 2018 to 2026.

Virtual PBX Market - Snapshot

The global Virtual PBX market is projected to be driven by the fact that it helps in the reduction of total cost of ownership. A hosted PBX system helps reduce the total cost of ownership by minimizing capital expenditure as the system requires only the yearly phone fee unlike an on-premise PBX solution which requires PBX server, annual maintenance, and in-house IT staff. There are numerous additional benefits apart from the quantifiable benefits of a hosted PBX solution that are hard to quantify, such as freeing up staff time who would have been managing on-premise PBX, increased employee productivity, and improved customer satisfaction. Also, by paying monthly subscription charges, companies could convert their capital expenditure into operational expenditure. Cost savings through reduced phone and fax charges, eliminating PBX hardware requirements, and reduced administration costs is driving the Virtual PBX market.

However, incompatible hardware and equipment is one of the main reasons for interruptions in the Virtual PBX service. Many old routers cannot support Virtual PBX systems and data transfer. Other network hardware such as switches could also run into compatibility issues with Virtual PBX protocols. Any obsolete network that still utilizes old and improper hardware could be a major and continuing issue and these act as restraints of the market. The global Virtual PBX market is anticipated to reach US$ 14,368.4 Mn by 2026 at a CAGR of 15.3% during the forecast period from 2018 to 2026.

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In terms of region, Americas is projected to lead the global Virtual PBX market with most of the contribution from the U.S., during the forecast period. Virtual PBX requires active and flexible IT support, which is provided by the majority of companies in the region, leveraging the IT infrastructure of the region. Americas dominates the global Virtual PBX market primarily due to increase in adoption of cloud solutions. The market in Asia Pacific is anticipated to expand at a rapid pace due to rising use of internet and cloud solutions. Furthermore, the market in Europe, MEA, and South America are expected to witness strong growth during the forecast period.

The research study of the global Virtual PBX market includes profiles of leading companies operating in this market. Key players profiled in the report include 3CX Ltd., Alpha Telecom Services Inc., Mitel Networks Corporation, RingCentral, Inc., BroadSoft, Inc., BCE Inc., TELUS, TeraGo Networks Inc., 8x8, Inc., Digitcom, AllStream, Inc., Voysis IP Solutions Inc., AstraQom, Introtel, Birch Communications, Inc., and Nextiva, Inc.

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