Market Overview
Cloud PBX (Private Branch Exchanges) is simply a phone system based over the Internet which is also referred to as an Internet-based or VoIP phone system. Cloud PBX can route telephone calls within the specified locations. Companies use Cloud PBX within their premises. Depending on the type of PBX used people in working in an organization can place calls, send SMSs, and even fax from their own extensions.
Previously, setting up own PBX was time-consuming as well as costly. However, with the recent technological advancements and emergence of many companies offering cloud PBX, now the implementation is available with reduced complexity at much affordable costs. As a result of which, an increasing number of companies are adopting cloud PBX computing in their network infrastructure for the better and a dynamic work balance. The augmenting uptake is leading to expanding the market size of Cloud PBX on the global platform.
Considering the heightened expansion, the Cloud PBX Market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global Cloud PBX market will witness a thriving growth by 2023, surpassing its previous growth records in terms of value with a staggering CAGR during the anticipated period (2017 – 2023).
Additional factors substantiating the market growth include the growing demand for technologically upgraded network services, growing expansion of professional and managed services and increasing awareness about cost-effective cloud services among others.
Additionally, as the ubiquitous technology, Cloud PBX offers significant cost-effective solutions in comparison with traditional ones in overall up-front costs for hardware and software upgrades, and the redeployment of IT staff to manage other parts of the business. Increasing the number of SMEs alongside the increasing uptake of Cloud PBX across the industries, worldwide, is in turn, fostering the growth of the Cloud PBX Market.
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On the other hand, factors such the issues occurring during the integration of the PBX system with CRM that demand for a separate integration-specific software for integrating the cloud PBX systems which turns out to be a costlier option is expected to inhibit the market growth of Cloud PBX. Also, the possible challenges presented during the migration to the cloud such as the incompatibility with legacy systems is impeding the market growth. Nevertheless, widespread broadband adoptions coupled with the increasing 3G and 4G wireless technologies will support the market growth during the estimated period.
Global Cloud PBX Market – Segments
The global cloud PBX market segmentation covers service, end-user, and organization size. MRFR looks for diverse facets of the market through this segmentation.
- The service-based segmentation of this cloud PBX market covers information technology (IT) & cloud services, managed services, network services, and professional services. The professional services segment holds a larger market share.
- In the context of end-user, the cloud PBX market has been segmented into banking, financial services, and insurance (BFSI), government, healthcare, real estate, retail, and others. Healthcare is the segment with the largest market growth.
- Based on organization size, the cloud PBX market has been segmented into small & medium enterprises (SME) and large enterprises. Large enterprises segment dominates the market, and by the end of the forecast period, its market worth is expected to be USD 3,699.61 Mn due to growth at 23.65% of CAGR.
Key Players
The prominent players in the Cloud for PBX Market are – Microsoft Corporation(Skype) (U.S), Nextiva Inc.(U.S), RingCentral Inc.(U.S), , Avaya Inc.(U.S), Barracuda Networks Inc. (CudaTel) (U.S), , Vonage America Inc.(U.S), Cisco system Inc.(U.S), D-Link System Inc. (Taiwan), Allworx Corporations (U.S), BullsEye Telecom Inc (U.S), Mitel Networks Inc. (Canada), MegaPath Inc.(U.S), NEC Corporation (Japan) and Panasonic Corporation (Japan) among others
Global Cloud PBX Market – Regional Analysis
North America, Europe, Asia Pacific, and Rest of the World (RoW) are four regions that have been included in the regional report of the cloud PBX market.
North America had the leash of the global market in 2017 as it covered 40.80%, North America is among the leading regional markets due to the high adoption of cloud technology in this region. During the forecast period, North America can also emerge as the fastest growing regional market. Other factors smoothening the market growth are technological advancement, availability of high-speed internet, and the presence of important market players. Maximum revenue in this region comes from the USA. Canada is the second-largest economy in this region, another potential market.
In Europe, the market is strong, primarily due to the same factors as in North America. The strongest economies that can be the most lucrative markets in Europe are France, Germany, and the UK.
In the Asia Pacific region, China is the biggest country-specific market. Other two important country-specific markets are India and Japan. In this region, the market is surging due to high adoption in the Cloud for PBX.
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Latest Industry News
- Yeastar’s Xcelerate Channel Program has partnered with Vocaltel over the success of Cloud PBX. 1 AUG 2019
- Peerless Network is offering Cloud PBX system for enterprises. The new system does not require customers to buy equipment or pay third-party routing fees. 11 JUL 2019
- Planning to widen their customer base via Cloud PBX and increase their presence in Unified communications as a service (UCaaS) market, Mitel and Telephone and Data Systems (TDS) Telecom have forged a partnership. 31 JUL 2019
- Specializing in UCaaS, cloud services provider Digerati Technologies Inc. has upgraded its investor presentation. The purpose of this new presentation is the rebranding of business. 30 JUL 2019
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