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Cloud PBX Market Provides in-depth analysis of the Industry, with Current Trends and Future Estimations to Elucidate the Investment Pockets

01-18-2023 03:24 PM CET | IT, New Media & Software

Press release from: Analytics Market Research

Cloud PBX Market

Cloud PBX Market

The Cloud PBX market size is estimated at USD 20.19 billion in 2022 and is expected to reach USD 85.14 billion by 2031, growing at a CAGR of 17.3% from 2022 to 2031. The IP-based PBX solution known as cloud PBX, often referred to as hosted PBX or virtual PBX, is entirely accessible and offered over the internet. Cloud PBX hosts all software and data in the cloud as opposed to digital systems, which host software on a server. An internet phone system called cloud PBX entails the provider being in charge of both hosting the PBX hardware and offering phone services. Customer desk phone connects to a network, and all calls, signals, and features are handled by a server on the provider's premises. Cloud PBX manages all phone system's communication functions, including call waiting and voicemail, and is in charge of routing incoming calls, facilitating call transfers to other extensions, and routing calls to other extensions. For large teams that require features like call forwarding, auto attendants, and sophisticated voicemail, a cloud PBX is a smart option. Many reasons are contributing to the market's growth, including the increasing usage of unified communications (UC) solutions such as cloud PBX by businesses from a variety of end-use sectors, including BFSI, healthcare, retail, government and real estate.

The cost advantage in overall upfront cost is a factor in the expansion of the cloud PBX market. While removing the expense of hardware, software and phone lines changes, the main cost element for cloud-based systems is the service fees. The biggest cost savings for a cloud-based phone system over an on-site PBX are found in the operations and administration sector. The inexpensive cost of a cloud PBX system is its main advantage. Customers don't need to buy any physical equipment because a cloud PBX system is offered as a service; the only gadgets customers would require VoIP-capable desktop phones. The average cost of per seat/user cloud PBX system is around US$ 25 per month. For instance, RingCentral, one of the major providers of cloud PBX, offers four subscription tiers that range from US$29.99 to US$59.99 per user per month. Therefore, low cost of cloud PBX is estimated to propel the market over the forecast period.

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Cloud PBX Systems have many advantages in terms of features and flexibility. Cloud PBX has various additional features such as online management, Voicemail-to-email, Call queue, Unlimited calling, Video/web conferencing, Instant messaging, Conference calling, Auto-attendant, etc. Being reachable anywhere and at any time has emerged as a major business objective as the globe swings more and more toward flexible and unconventional working settings. If end-user have an internet connection, a hosted solution enables end-user to make business calls using smartphone or computer. For instance, in November 2021, Liquid Intelligent Technologies has introduced OneVoice for Cloud PBX. This is a collaboration and unified communications tool that enables enterprises and their employees to remain connected even when working remotely. As a result, Cloud PBX could become an attractive alternative system for communication while an end-user wants to operate in remote working infrastructure, thus projected to fuel the market over the forecast period.

However, security and privacy concern is one of the major factor is anticipated to hinder the market growth during the forecast period. Additionally, growing adoption of Telco cloud and advent of Webrtc is anticipated to provide lucrative growth opportunity to the market during the upcoming years.

Service Insights

Based on services, the market is segmented into managed services, professional services, network services and IT & cloud services. In 2022, the managed services segment was dominant and held the largest market share of ~51%. This primarily because cloud PBX system requires a managed service that runs in the cloud to link employees to a telephone network. Furthermore, IT & Cloud Services segment is anticipated to expand a higher CAGR during the forecast period.

Enterprise Size Insights

In terms of enterprise size, small & medium sized enterprises held the dominant market share of around 75% in the year 2021 and the segment is projected to expand at a CAGR of 17.7% over the forecast period from 2022 to 2031; this is mainly due to low cost of the cloud PBX as compare to other unified communication solutions. Hence, small and medium sized organisations has made huge investment in cloud PBX globally. Growing adoption of internet & increasing adoption of digital platforms in small and medium sized to provide unified visibility and availability of enterprise inventory across networks of channels enables SMEs to gain a competitive advantage with efficient order fulfilment from the optimal location at minimum operations costs is expected to drive the growth of the market.

End User Insights

On the basis of end user, BFSI segment held the dominant market share of the digital experience platform market in the year 2021 and the segment is projected to expand at a CAGR of 18.4% over the forecast period from 2022 to 2031; this is mainly due to high rate of adoption of these solutions in the banking and insurance sectors. In the cloud PBX market, retail & e-commerce segment is expected to expand at a 17.4% of CAGR from 2022 to 2031, which indicates that retail & e-commerce sector would enhance the adoption of cloud PBX in the coming years. Growing adoption of internet & increasing adoption of digital platforms among end-user to improve customer experience is expected to drive the growth of the market. Growing need for enterprise mobility among end-user, which is expected to boost the growth of the cloud PBX market during the forecast period.

Regional Insights

By region, the global cloud PBX market is segmented into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa. North America accounted for a large share of the global market in 2021 at ~65%. In North America, U.S. is the hub of advanced technology. The U.S. had witnessed huge investment in wireless technology and advanced network infrastructure in past few years. Additionally, startup culture in U.S. is increasing at a higher rate. Startup has low budget and they need consistent communication system to increase the connectivity within the organisation with minimum maintenance and less investment. However, Asia Pacific is estimated to be the fastest growing cloud PBX market in the world during the forecast period. This is primarily due to the increasing digitalization trend across various countries such India, South Korea, etc. For instance, In January 2020, CloudConnect Communications, one of the major India based secure mobile-first Cloud Communication System Provider, has introduced cloud-based, mobile PBX plus / Unified Communication system on a PaaS model. In the Asia Pacific region, the demand for unified communication solution is increasing at a rapid pace. Hence tis would expected to fuel the demand for cloud PBX during the forecast period.

Key Companies Insights

Cisco Systems, Inc., RingCentral Inc, Five9, Inc. and AT&T, Inc. are expected to lead in market share (%) and broad customer reach. The market is moderately fragmented, with various key players operating on global scale. Market players are focusing on new product launch and upgradation of existing product by implementing new technology to increase the features and strengthen their global footprint. For instance in September 2021, Telness Tech has introduced its first cloud-based PBX solution together with fast-growing Cloudgruppen. Cisco Systems, Inc., has around 25% market share in cloud PBX market in 2021 and Some of the key players operating in the global CLOUD PBX market include:

· Allworx Corporations

· AT&T, Inc.

· Avaya Inc.

· Barracuda Networks Inc. (CudaTel)

· BullsEye Telecom Inc

· Centurylink

· Cisco Systems, Inc.

· D-Link System Inc.

· Five9 Inc.

· MegaPath Inc.

· Microsoft Corporation

· Mitel Networks Inc.

· NEC Corporation

· Nextiva Inc.

· Panasonic Corporation

· Polycom

· RingCentral Inc.

· T Group

· Vonage America Inc.

· Others

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Segments

By Services

· Managed Services

· Professional Services

· Network Services

· IT & Cloud Services

By Enterprise Size

· Small & Medium Enterprises

· Large Enterprises

By End User

· BFSI

· Retail & E-commerce

· Healthcare

· Government

· Real Estate

· Other

Frequently Asked Questions
• What is the market size and growth projections?
• What is the market size and growth projection for each of the market segments and sub-segments across Countries & Regions?
• What are the top performing segments, and countries / regions of each of the markets?
• What is the market size and growth rate across key countries / regions?
• How big is the global & regional market in terms of revenue and volume?
• How far market will grow in forecast period in terms of revenue and volume?
• What factors will influence demand and supply trends across each markets during the forecast period?
• What are the technology trends shaping various markets?
• Which country / region has more opportunities?
• What is the COVID-19 impact on the market and how long will it take to recover?
• Who are the key competitors of market Players?
• What are the market share (%) of Key Players?
• What are the Merger & Acquisition, New Product Launch, Recent Development within each of the Markets?
• What are PEST analysis, Ecosystem Analysis, Porter's Five Forecast Analysis, Ansoff Matrix, and SWOT Analysis among other analyses for diverse markets?

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Our strategic market analysis and capability to comprehend deep cultural, conceptual and social aspects of various tangled markets has helped us make a mark for ourselves in the industry. Analytics Market Research is a frontrunner in helping numerous companies; both regional and international to successfully achieve their business goals based on our in-depth market analysis. Moreover, we are also capable of devising market strategies that ensure guaranteed customer bases for our clients.

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