US Cloud PBX Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Enterprise Size (Small Enterprises and Medium Enterprises) and End User (IT & Telecom, BFSI, Healthcare, Retail, Manufacturing, and Others)
The US cloud PBX market was valued at US$ 1,299.0 million in 2019 and is projected to reach US$ 3,262.0 million by 2027; it is expected to grow at a CAGR of 10.8% from 2020 to 2027.
The US is a developed country in terms of modern technology. The technological advancements have led to highly competitive markets in the US. Also, the US is one of the fastest growing country in terms of technological development. In the past five years, the country witnessed significant adoption of cloud-based technologies, which has resulted in growth of the cloud PBX market.
Impact of COVID-19 Pandemic on Cloud PBX Market
Due to the complete lockdown and ‘work from home’ trend in US have significantly demanded collaboration through online platforms. The cloud PBX market is gaining high traction during the coronavirus outbreak. In the given crisis, when the economies are falling down, the cloud PBX market is expected to rise. The demand is increasing due to the companies are working from a remote location. Coordination with the employees and availability of advanced telecommunication infrastructure is the key factor creating the demand for cloud PBX solution during the pandemic in US. Also, it is expected to witness high demand for communication platform due to the presence of a large number of SMEs in the country. Vendors are highly focused on tapping the market opportunities during the pandemic.
Cloud PBX Market Insights
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Growing Demand for Effective Communication in Enterprises Driving Cloud PBX Market
The cloud PBX lays the foundation for technological advancements in organizations by synchronizing a wide range of communication and collaborations tools; also, they enable the organizations to integrate with their critical business applications at a broader level. With the help of unification of numerous locations amid a business firm, for instance, the unification of itinerant workers under a single congregated network, the IP telephony offers flexible and advanced features for the communication process.
The ability of the cloud PBX to provide its users with seamless connectivity across the globe with minimal disruptions enables the organizations to enhance their performance and elevate their profitability. Because an effective communication such as audio/video conference, and web conference is considered as a critical asset in business, implementation of telephony system that operates on internet, not only facilitates better and hassle-free communication but also reduces the cost of ownership, adding to the factor that has influenced demand growth and are expected to continue during the forecast period.
Enterprise Size-Based Market Insights
Based on enterprise size, the Cloud PBX market is segmented into small enterprises and medium. The medium enterprises segment led the US Cloud PBX market in 2019. The segment is expected to dominate the market during the forecast period. In the cloud-based deployment model, software is hosted on a third-party infrastructure and services are provided to end users via a network. Some of the major benefits of choosing cloud-based solutions include low CAPEX that a company would require in establishing new infrastructure and limited cost of new software licensing and new services. The cloud-based deployment of solutions helps companies to adopt pay-as-you-grow model and proving them benefits, such as high scalability, elasticity, and efficient metering of the services. Medium enterprises are considered as ideal customers of cloud PBX systems for a several reasons. One of the key reasons is the deployment of enterprise grade phone system features at lesser cost. Cloud PBX is budget friendly for medium enterprises as the companies are only required to pay monthly fee, which includes phone service, phone system applications, as well as equipment, instead of owning and maintaining own PBX system. Furthermore, cloud PBX offers online PBX management tools that enable the companies to make changes to the phone system without having to call the provider.End User-Based Market Insights
Based on application, the Cloud PBX market is categorized into IT & Telecom, BFSI, healthcare, retail, manufacturing, and others. The IT & Telecom segment led the market in 2019 with the highest share and it is expected to continue its dominance during the forecast period. Currently, companies operating in IT and tech sector are facing immense competition. To remain competitive, these companies must have an ideal communication solution which is coordinated with their core business. With the help of Cloud PBX solution, these companies can strengthen the interaction between the staff and customers. As these solutions enable the staff to identify incoming calls of the customers. The lack of management of incoming leads results in losing prospective customers already in the contact phase. Also, simplicity is a vital factor when companies convert visitors to the website to actual leads. And when it comes to businesses active within the IT sector, this requirement is extra strong from the customers
Strategic Insights
The players operating in the Cloud PBX market focus on strategies, such as mergers, acquisitions, product development, and market initiatives, to maintain their positions in the market. A few developments by key players are listed below:
In 2020, Cisco acquired BabbleLabs. This acquisition helped the company to enhance video meeting experience with noise removal and speech enhancement technology.
In 2018, 8x8, Inc. announced the availability of its next generation intelligent cloud solutions for featuring services including video conferencing, contact center, voice, and team messaging. The solution was developed through integrating contact center and unified communication environment, especially for large enterprise. The solutions are aimed especially for retail, healthcare, manufacturing, technology and utilities sectors.
Cloud PBX Market – by Enterprise Size
- Small Enterprises
- Medium Enterprises
Cloud PBX Market – by End User
- IT & Telecom
- BFSI
- Healthcare
- Retail
- Manufacturing
- Others
Company Profiles
- 3CX, inc
- 8X8, INC.
- AT&T Inc.
- Avaya Inc.
- Cisco Systems, Inc.
- COMCAST CORPORATION
- Microsoft Corporation
- RingCentral, Inc
- SORS Global
- Voyced Ltd
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 US Cloud PBX Market – By Enterprise Size
1.3.2 US Cloud PBX Market – By End-User
2. Key Takeaways
2.1 US Cloud PBX Market Overview
2.2 Medium Enterprises held the Largest Share of US Cloud PBX Market
2.3 IT & Telecom Segment held the Largest Share of US Cloud PBX Market
2.4 Strategic Partnerships and Developments among the Cloud PBX Market Players in the Ecosystem is Fuelling the Growth of Cloud PBX Market
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. US Cloud PBX Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 US
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Cloud PBX Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Demand for Effective Communication in Enterprises
5.1.2 Growing Focus Towards Reducing the Operational Costs Is Driving the Adoption of Cloud PBX
5.2 Restraints
5.2.1 Increasing Security Concerns
5.3 Opportunity:
5.3.1 Introduction of 5G to Provide Growth Benefits to Cloud PBX Operators
5.4 Future Trends:
5.4.1 Availability of Integration Support and Migration Strategies Are the Key Trend in The cloud PBX market
5.5 Impact Analysis
6. Cloud PBX Market – US Analysis
6.1 Cloud PBX Market US Overview
6.2 US Cloud PBX Market – Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning – Key Players
7. Cloud PBX Market Analysis – By Enterprise Size
7.1 Overview
7.2 US Cloud PBX Market Breakdown, by Enterprise Size, 2019 & 2027
7.3 Small Enterprises
7.3.1 Overview
7.3.2 Small Enterprises Market Revenue and Forecast to 2027 (US$ Million)
7.4 Medium Enterprises
7.4.1 Overview
7.4.2 Medium Enterprises Market Revenue and Forecast to 2027 (US$ Million)
8. Cloud PBX Market Analysis – By End-User
8.1 Overview
8.2 US Cloud PBX Market Breakdown, By End-User, 2019 & 2027
8.3 IT & Telecom
8.3.1 Overview
8.3.2 IT & Telecom Market Forecast and Analysis
8.4 BFSI
8.4.1 Overview
8.4.2 BFSI Market Forecast and Analysis
8.5 Healthcare
8.5.1 Overview
8.5.2 Healthcare Market Forecast and Analysis
8.6 Retail
8.6.1 Overview
8.6.2 Retail Market Forecast and Analysis
8.7 Manufacturing
8.7.1 Overview
8.7.2 Manufacturing Market Forecast and Analysis
8.8 Others
8.8.1 Overview
8.8.2 Others Market Forecast and Analysis
9. Impact of COVID-19 on US Cloud PBX Market
10. US Cloud PBX Market- Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 Merger and Acquisition
10.4 New Development
11. Company Profiles
11.1 3CX, inc.
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 8x8, Inc.
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 AT&T Inc.
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Product and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Avaya Inc.
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Cisco Systems, Inc.
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Comcast Corporation
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 MICROSOFT CORPORATION
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 RingCentral, Inc.
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 SORS Global
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Voyced Ltd.
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Glossary of TermsLIST OF TABLES
Table 1. Cloud PBX Market – Revenue and Forecast to 2027 (US$ Million)
Table 2. Word of Index: Cloud PBX MarketLIST OF FIGURES
Figure 1. US Cloud PBX Market Segmentation
Figure 2. US Cloud PBX Market Overview
Figure 3. Medium Enterprises held the Largest Share of US Cloud PBX Market
Figure 4. IT & Telecom Segment held the Largest Share of US Cloud PBX Market
Figure 5. US – PEST Analysis
Figure 6. US Cloud PBX Market– Ecosystem Analysis
Figure 7. Expert Opinion
Figure 8. Cloud PBX Solution Preferences
Figure 9. Impact analysis
Figure 10. Cloud PBX Market – Revenue and Forecast to 2027 (US$ Million)
Figure 11. US Cloud PBX Market Breakdown, by Enterprise Size (2019 and 2027)
Figure 12. US Small Enterprises Market Revenue and Forecast to 2027(US$ Million)
Figure 13. US Medium Enterprises Market Revenue and Forecast to 2027(US$ Million)
Figure 14. US Cloud PBX Market Breakdown, By End-User, 2019 & 2027 (%)
Figure 15. US IT & Telecom Market Revenue and Forecast to 2027 (US$ Mn)
Figure 16. US BFSI Market Revenue and Forecast to 2027 (US$ Mn)
Figure 17. US Healthcare Market Revenue and Forecast to 2027 (US$ Mn)
Figure 18. US Retail Market Revenue and Forecast to 2027 (US$ Mn)
Figure 19. US Manufacturing Market Revenue and Forecast to 2027 (US$ Mn)
Figure 20. US Others Market Revenue and Forecast to 2027 (US$ Mn)The List of Companies - US cloud PBX market
- 3CX, inc
- 8X8, INC.
- AT&T Inc.
- Avaya Inc.
- Cisco Systems, Inc.
- COMCAST CORPORATION
- Microsoft Corporation
- RingCentral, Inc.
- SORS Global
- Voyced Ltd
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the US Cloud PBX market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the US cloud PBX market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth US market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution