Hosted PBX Market Worth 9.50 Billion USD by 2023
PUNE, India, April 5, 2018 /PRNewswire/ --
According to a new market research report "Hosted PBX Market by Solution, Service (Virtual Deployment & Setup, Virtual Assistance & Support, Online Charging Services, Emergency Call Routing Services, Protocol Management Services), Organization Size, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market size is expected to grow from USD 4.73 billion in 2018 to USD 9.50 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period.
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Browse 64 market data Tables and 46 Figures spread through 151 Pages and in-depth TOC on "Hosted PBX Market"
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Major driving factors of the Hosted PBX Market are an increasing need for enterprise mobility and rising adoption of the cloud and UC. The necessity to upgrade from traditional PBX to cloud-based PBX and low CAPEX and TCO involved in hosted PBX drives the market growth.
Protocol management services segment is expected to grow at the highest CAGR in the Hosted PBX Market during the forecast period
Protocol management services enable the secure management of protocols, involved in hosted PBX or IP telephony systems, to provide reliable IP communication. The protocol management service is instrumental in managing the IP communication protocol with tunneling capability, and offering communication from IP-enabled phones to traditional phones with rich voice quality. Furthermore, this service evaluates various factors, such as jitter, latency, and delay, and guarantees that definite resource levels are allocated to the voice traffic.
Virtual deployment and setup segment is expected to hold the largest market size in the Hosted PBX Market during the forecast period.
The virtual deployment and setup service deploys hosted PBX-based IP telephony via the internet, and the PBX software is hosted and managed by third-party service providers or cloud providers. Virtual deployment and setup, including IP phone provisioning, is the basic and most important aspect of implementing hosted PBX and IP telephony systems. This service helps enterprises in the deployment and set up of complete hosted PBX and IP telephony systems in a cost-effective manner. It acts as a one-stop shop for hassle-free deployments, with minimum downtime, TCO, OPEX, and CAPEX.
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North America is expected to hold the largest market share in the Hosted PBX Market during the forecast period
North America is projected to hold the largest market share and continue dominate the Hosted PBX Market during the forecast period. The region has witnessed the emergence of trending technologies, such as cloud, IoT, mobility, and unified communications, which drives the critical need for reliable connectivity and communication. Enterprises and industries are seen adopting hosted PBX solutions and services at various levels, as a part of their business operation and strategy to strive competently in the market and increase their productivity. The market is expected to gain further traction in this region during the forecast period. Furthermore, the advent of SMEs and increasing digitalization in organizations have aided the growth of the North American market. SMEs adopt hosted PBX solutions and services to achieve a reliable communication system to improve the connectivity within an organization with less investments and minimal maintenance.
Major vendors in the Hosted PBX Market include Cisco Systems (US), AT&T (US), Avaya (US), BT Group (UK), Mitel Networks (Canada), 8x8 (US), Polycom (US), Comcast Business (US), MegaPath (US), CenturyLink (US), RingCentral (US), and XO Communications (US). The other players include Ozonetel (India), Nexge Technologies (India), BullsEye Telecom (US), TPx Communications (US), Telesystem (US), OneConnect (Canada), InterGlobe Communications (US), 3CX (Turkey), Star2Star Communications (US), Nextiva (US), NovoLink Communications (US), Datavo (US), and Digium (US).
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