ALBANY, N.Y., Feb. 24, 2021 /PRNewswire/ -- Cloud-hosted branch exchange (PBX) system is a major technological advancement in business phone system traditionally used by organizations. Dispersed organizations with branches spread across the world seek integrated communication platforms to meet the need for clear and reliable communication for their customers as well among their employees. Integrated communication platforms harboured by cloud PBX have thus become go-to platform for numerous verticals including the BFSI, retail, healthcare, government, and real estate. Growing demand for unified communication solutions have stridently propelled the demand for services in the cloud PBX market. Features made possible through voice over Internet Protocol (VoIP) technology underscore the benefits of cloud PBX.
The cloud PBX market is projected to touch the revenue mark of US$ 68.3 Bn by 2030-end. Rapidly expanding array of cloud-based software solutions, especially that are integrated with Unified Communications as a Service (UCaaS), will enable service providers meet the clients' need for next-gen communication platforms.
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Key Findings of Cloud PBX Market Study
- Hospitality Industry Adopt Cloud PBX to meet Emerging Needs of Communication
The hospitality industry has been witnessing unprecedented challenges due to COVID-19 outbreaks all over the world in the past few months. Cloud-based PBX has raised their expectations in meeting the advanced communication needs of their customers. Ranging from offering high-quality voice and call recording to intelligent call routing, service providers in the cloud PBX market are expanding their portfolio of integrated communication platforms. Adoption of artificial intelligence (AI) and modern learning algorithms are likely to pave way to understanding the sentiment of the customers.
Explore 259 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Cloud PBX Market (Service: Managed Services, Professional Services, Network Services, and IT & Cloud Services; Enterprise Size: Small & Medium Enterprises and Large Enterprises; and End User: BFSI, Retail, Healthcare, Government, Real Estate, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030 at https://www.transparencymarketresearch.com/cloud-pbx-market.html
- UCaaS Emerge as Cost-effective Model for Internal and External Communication
Cloud-hosted PBX scores high on both features and flexibility for users. Small businesses find the remarkable flexibility offered by Unified Communications as a Service (UCaaS) in the cloud PBX market a cost-effective strategic move to further the scope of their client communication strategies. They could save substantial costs that would have been otherwise spent on the installation and maintenance of PBX. Integration with vendor services also makes the cloud-based PBX an attractive business proposition for various end-use industries. On the other side of the spectrum, companies gain from cloud PBX in meeting the internal communication needs, such as of messaging, voice and telephony, and video conferences. In the times of still-emerging COVID-19, the adoption of such integrated communication platforms encompassed by cloud PBX improves business agility.
- Upskilling of Staff Imperative for Unlocking Full Benefits of VoIP Technology
Undoubtedly, to harness the full potential of cloud PBX, companies must maintain high-speed internet and the advanced networking technology to support that. At the outset, this also means that staff should be trained adequately to operate interactive voice response (IVR) in cloud platforms. A positive outlook toward new technology is therefore imperative for deploying cloud PBX solutions and services. In addition, providers in the cloud PBX market must improve their quality of service (QOS) schemes to leverage the full benefits of cloud hosted VoIP systems for dispersed organizations.
Analyze global cloud PBX market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Cloud PBX Market: Key Driving Factors and Avenues
- Recognition of various benefits that cloud-hosted PBX offers is a key driver for demand in the market
- Small businesses who are fervently looking to expand their customer reach will shift from traditional PBX to cloud-based telephone systems
- Gradual growth recovery of the hospitality industry in the last few months has spurred their interest in cloud-based PBX to improve customer services
- Growing adoption of cloud-based customer solutions, such as through SaaS, expand the avenue for cloud PBX service providers
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Cloud PBX Market: Key Players
- AT&T, Inc.
- Panasonic Corporation
- NEC Corporation
- D-Link System Inc.
- Cisco Systems Inc.
- BullsEye Telecom Inc.
- Barracuda Networks Inc.
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