Hosted PBX Market Overview: Key Growth Opportunities, Development and Industry Revenue Forecasts by 2027
The global hosted PBX market is slated to witness considerable gains in the coming times due to the growing demand for virtual telephone technology that comes with a low cost of ownership, especially in the corporate environment. The escalating demand for cloud-led telephone systems due to the space-crunch and the need for a cost-effective communication system across enterprises has supported the demand for the product.
When compared to conventional communication solutions, the companies are shifting to cloud-based phone technology that is powered by IP solutions. These hosted PBX solutions are economical, and offer guaranteed up-times. They also provide scalability to the companies via analytics to gather actionable insights. Rising modernization across corporate enterprises has steered the adoption of hosted PBX market over time.
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According to reports, the global hosted private branch exchange market size could cross USD 11 billion in terms of annual valuation through 2027. Mentioned below are some of the factors expected to influence the hosted PBX industry size in the coming years.
Growing demand for security services
With respect to the component, security service has gained significant demand as companies belonging to different sectors have adopted the technology due to its scalable and integration advantages. However, since this system is based on the internet, it raises security concerns for enterprises. This has affected the demand for security services to protect hosted PBX solutions significantly. Companies are using service providers to ensure complete security across their infrastructure.
Private enterprises in Europe to enhance the communication solutions
Regionally speaking, Europe hosted PBX market has emerged as a profitable revenue terrain over the years due to extensive digitization across both public and private organizations followed by wireless communication systems. The private enterprises across Europe are helping the government authorities to deploy upgraded communication alternatives. For example, in August 2020, Alcatel helped the administration of Stadt Herrenberg, Germany deploy its Rainbow cloud offering. This helped expand the administration’s prevailing telephony infrastructure with added collaboration technology.
Effective communication in the healthcare industry
In the healthcare industry, hosted PBX technology is expected to become popular due to its advanced functional capabilities like HIPPA compliance for redundant communication connections, recording of calls, among many others. The use of hosted PBX in healthcare enterprises to connect various locations and sites with the help of MPLS. Other added benefits of using the technology include the reduction in the cost of communication and maintenance, facilitating collaboration infrastructure in hospitals.
Need for hosted PBX across large enterprises
From the above, it may be understood that large enterprises require stronger and dependable channels of communication. Due to the ongoing coronavirus pandemic, enterprises are finding reliable and effective channels of communication due to the emergence of work-from-home scenarios and the need to connect the employees situated in different parts.
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In response, the enterprises are deploying hosted PBX market to host remote communication infrastructure. The large enterprises are using advanced features of hosted PBX like support to video conferencing, voicemail, email delivery, and others. These features are helping large organizations with a geographically disrupted workforce to communicate easily.
Hosted PBX market is bestowed with many leading companies working to improve their offerings so as to meet the wide and communication needs of the companies both, big and small. Some of the leading market players include Avaya Holdings Inc., CenturyLink, 8x8, and AT&T, to name a few.
Driven by the need for a favorable communication system, hosted PBX technology will gain recognition across various sectors of the economy due to the growing size of enterprises and the need for a cost-effective yet reliable communication channel.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Scope & definitions
1.2 Methodology and forecast parameters
1.3 Data Sources
1.3.1 Secondary
1.3.2 Primary
Chapter 2 Executive Summary
2.1 Hosted PBX market 360º synopsis, 2016 – 2027
2.2 Business trends
2.3 Regional trends
2.4 Component trends
2.4.1 Service trends
2.5 Organization size trends
2.6 Industry vertical trends
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