The Cloud PBX market size is expected to reach US$ 18,227.9 million by 2027, registering at a CAGR of 15.5% during the forecast period, 2019–2027, according to a new research study conducted by The Insight Partners.
In 2018, North America accounted for the largest market share, growing at a CAGR of 13.3%
Asia Pacific is the fastest growing region in the cloud PBX market. It has various growing economies, which are impacting the growth in the wide variety of sectors, which includes infrastructure, manufacturing, technology, and various others. Asia Pacific region presents strong business opportunities for investing in cloud PBX technology as businesses in the region, focusing strongly on the adoption of the advanced digital transformation. The rising trend for BYOD and internet users in the region is positively accelerating the need for advanced mobile and internet services, leading to an increase in the development of better internet infrastructure. Enhanced government support in countries such as India is also one of the prime reasons for the market to strengthen. In May 2019, MNF Enterprise signed first Australian customer to Cisco’s new cloud-based Webex Calling platform.
Cloud PBX Lucrative Regional Markets
Rapid technological adoptions can be seen and experienced in the range of sectors such as retail, BFSI, manufacturing, and others. The increasing demand for cloud technology, enhanced communication, UCaaS, and low-cost infrastructure maintenance are creating a significant demand for cloud PBX market. In a recent scenario, 5G is playing a major role in transforming the entire PBX ecosystem driven by more internet-connected devices, directly impacting the global cloud PBX market. The continuous development in infrastructure and improvement in cloud technology is expected to drive the market significantly. The market players present in cloud PBX market are mainly focusing on service enhancements by implementing advanced technologies. By signing partnerships, contracts, joint ventures, funding, and inaugurating new offices across Europe, Asia Pacific, North America, and worldwide permit the company to maintain its brand name globally. Many well-known, as well as third-party service providers, are present in the market to provide various types of customized services to its customers.
Cloud PBX market is segmented on the basis of enterprise size, i.e., SMEs and large enterprises. The SMEs are expected to witness high CAGR during the forecast period.
Cloud PBX market is segmented on the basis of end-user, i.e., IT & Telecom, BFSI, Healthcare, Retail, Manufacturing, and Others.
Key findings of the study:
US holds the largest market share of cloud PBX market in the North America region. Several developments in the US is significantly driving the cloud PBX market. In May 2019, DigitalPhone.io, a hosted VoIP and telecommunications company offering services to businesses, government agencies, non-profit organizations, and academic institutions nationwide announced that it had provided a flexible and feature-rich hosted VoIP phone system to Progress Printing Plus of Lynchburg, VA.
In the Asia-Pacific region, India is expected to witness high Y-o-Y growth during the forecast period. In August 2018, Reliance Communications launched its hosted enterprise IP telephony solution ‘Reliance IP Centrex’ based on the IP Multimedia Subsystem network core which will deliver voice telephony to individual users at the workplace. Based on enterprise size segment, SMEs are expected to hold a major market share during the forecast period. SMEs are considered as an ideal customer of cloud PBX systems for several reasons. One of the key reason is the deployment of enterprise-grade phone system features at a lesser cost. Cloud PBX is budget friendly for SMEs as the companies are only required to pay the monthly fee, which includes phone service, phone system applications, as well as equipment, instead of owning and maintaining own PBX system. Further, cloud PBX also offers online PBX management tools that enable the company to make changes to the phone system without having to call the provider.
Some of the key players operating in the cloud PBX market are 3CX, 8x8, Inc., AT&T Inc., Comcast Corporation, SORS Global, Avaya Inc., Voyced Ltd., Cisco, Microsoft, RingCentral, Inc., and others.
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