Market Overview
Cloud PBX market is growing at an exponential rate as it satiates the need for advanced communication system services and cloud computing. The global cloud PBX market is expecting a growth by an impressive 23.17% CAGR during the forecast period (2017-2023) with which it can scale valuation of USD 5169.3 Million in the same forecast period, asserts Market Research Future (MRFR) in a comprehensive study. The report further includes drivers that are backed by some excellent factors, which is driving the Cloud PBX Market at a fast rate and is expected to chart its course positively towards the future.
A cloud PBX is referred to as a part of cloud computing and acts as storing and accessing data all over the Internet rather than on a computer or other hard drive. It is recorded in the past few years that several IT companies are adopting cloud computing in their network infrastructure for better and efficient work balance. As cloud PBX not only reduces the complexity in the available networks but also allows the cloud service providers to host multiple numbers of virtual networks without any need of standard separation isolation methods. These features are driving the global market of cloud PBX at a rapid pace over the years and are expected to reach higher valuation during the assessment period.
On the other hand, the cloud-based phone system has a cost advantage in overall up-front costs, and the service fees for a cloud-based system are recorded to be minimum. These are the key factors behind the market’s growth. Thus, a cloud-based helps lessen the cost burden. On the other hand, PBX software is known to help in streamlining the business operations, which also comes to be one of the significant factors behind the growth of global cloud PBX market in the coming years.
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Furthermore, more factors such as the mounting demand of internet-based audio, video & voice service are also posing as a key driver for cloud PBX market, globally. There has been a trend of high adoption of cloud for PBX recorded along with upward demand of 5G technology will surely boost the communication services market in future, thus igniting the cloud PBX market.
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 – Segments
The cloud PBX market, as per MRFR’s study, has been segmented into the basis of service, organization size, end-user.
Looking at the service segment, the market includes managed services, professional services, network services, IT and cloud services.
Looking at the organization size segment, the market includes small and medium enterprises (SME) and large enterprises.
In the last, the end-user’s segment of the cloud PBX market consists of BFSI, healthcare, retail, government, real estate and many more like these.
Global Cloud PBX Market – Regional Analysis
Geographically, the global cloud PBX market study has been done under four regions that are North America, Europe, Asia-Pacific and Rest of World.
Among these, the North American region is recorded to be one of the leading regions and leading the market due to high adoption of cloud technology by many companies in this region. Also, the region is expected to cultivate with the fastest CAGR during the assessment period 2017-2023. The region is also leading the market of Cloud PBX with capturing the market share of 40.80% in 2017 and has been valued at USD 604.04 million in the year 2017.
Coming to the Asia Pacific region, China is leading the market of Cloud PBX, capturing the market share of 24.09% back in 2017 and is currently valued at USD 53.21 million. The separation of services from hardware with the help of cloud PBX is considered as the main driving force for the market in the Asia Pacific region.
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Intended Audience
- System Security
- Software investors
- Cloud for PBX solution vendors
- Cloud for PBX Providers
- IP Data providers
- Internet Service providers
- Value-added Resellers
- System Governance
- Cloud based PBX Service Provider
- Cloud for PBX Agencies
- Technology Integrators
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