Hosted PBX Market worth $24.9 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 18, 2023 /PRNewswire/ -- Increased cloud use, closer integration with unified communications, an emphasis on security and compliance, and the use of AI and automation are all predicted to have a significant impact on the hosted PBX industry in the future. Anticipated developments include the integration of mobile devices, customisation choices, worldwide expansion, possible growth in hybrid solutions, and a persistent focus on improving user experience. Larger corporations looking to bolster their portfolios may also experience market consolidation.

The Hosted PBX Market is estimated at USD 11.5 billion in 2023 to USD 24.9 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 16.8%, according to a new report by MarketsandMarkets™. The integration of artificial intelligence (AI) features within hosted PBX systems has emerged as a pivotal driver fueling the growth of the market. hosted PBX providers have strategically incorporated AI functionalities, including virtual assistants, chatbots, and predictive analytics, to revolutionize communication efficiency and enhance the overall user experience.

These AI-driven capabilities contribute significantly to the automation of routine tasks, streamlining communication processes and boosting operational efficiency for businesses. Virtual assistants and chatbots facilitate seamless interactions, enabling users to access information and perform tasks with greater ease. Predictive analytics, on the other hand, empowers businesses with data-driven insights into communication patterns, allowing for proactive decision-making. As organizations increasingly prioritize intelligent, automated solutions, the incorporation of AI within hosted PBX systems not only elevates the quality of communication services but also positions these solutions at the forefront of technological innovation, thereby driving the sustained expansion of the Hosted PBX Market.

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Scope of the Report

Based on Services, the managed services segment to hold the largest market size during the forecast period.

An instrumental driver within the Hosted PBX Market is the provision of Managed Services, offering businesses invaluable access to specialized technical support teams. These teams are equipped with profound expertise in the intricate workings of the system, ensuring swift and effective issue resolution. The availability of dedicated support ensures that businesses leveraging Hosted PBX Managed Services benefit from comprehensive assistance tailored to the specific nuances of their communication infrastructure. This strategic emphasis on expert support serves as a catalyst for the adoption of Managed Services in the Hosted PBX Market, assuring businesses of responsive assistance and contributing to the overall reliability and user satisfaction of their communication systems.

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By Offering, Services segment is expected to hold a higher growth rate during the forecast period.

The services segment, particularly the emphasis on comprehensive training programs and onboarding services, stands as a pivotal driver in propelling the growth of the Hosted PBX Market. A seamless integration process becomes paramount as businesses transition to cloud-based communication solutions. Professional services that offer tailored training programs ensure that users quickly adapt to the newly hosted PBX system, minimizing disruptions and maximizing the platform's potential. This commitment to user education reduces the learning curve and enhances overall user satisfaction and productivity. As a result, businesses can efficiently harness the full capabilities of hosted PBX, leading to widespread adoption and market expansion. The focus on user-centric services underscores the industry's commitment to providing technology and a comprehensive solution that empowers businesses to leverage advanced communication tools with confidence and proficiency.

Asia Pacific is expected to hold a higher growth rate during the forecast period.

The surge in hosted PBX adoption across governmental entities in the Asia Pacific region, spanning local, state, and central administrations, emerges as a compelling catalyst propelling market growth. Faced with the need to bolster communication capabilities within budgetary constraints, government institutions in the Asia Pacific are increasingly turning to hosted PBX solutions for their cost-effectiveness and scalability. hosted PBX offers an economically feasible option by eliminating significant upfront investments in on-premises hardware and seamlessly aligns with the dynamic requirements of administrative processes within government bodies. The scalability inherent in hosted PBX systems allows governmental organizations in the Asia Pacific to adapt their communication resources flexibly, ensuring optimal efficiency and responsiveness to evolving needs. This trend of modernization is underscored by the acknowledgment that hosted PBX not only provides a practical solution to financial constraints but also empowers government agencies to streamline communication workflows, foster collaboration, and ultimately elevate the delivery of public services to citizens across the diverse landscape of the Asia Pacific region. As governmental bodies increasingly prioritize digital transformation, hosted PBX solutions emerge as foundational elements, enabling effective navigation of the evolving terrain of administrative communication.

Top Key Companies in Hosted PBX Market:

The major vendors covered in the Hosted PBX Market are AT&T (US), Verizon Communications (US), Cisco Systems (US), BT Group (US), RingCentral (US), Comcast Corporation (US), 8x8 (US), Sangoma Technologies (US), Lumen Technologies (US), Nextiva (US), Fusion Connect (US), Avaya (US), Mitel Networks (US), Lingo Telecom (US), TPx Communications (US), Telesystem (US), Ozonotel Communications (India), OneConnect (US), InterGlobe Communications (US), CloudTalk (US), Datavo (US), Nexge Technologies (US), NovoLink Communications (US), 3CX (Cpryus), AstraQom International (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the Hosted PBX Market.

Recent Developments

• In October 2023, BT Group and Ring Central expanded its partnership to accelerate the adoption of cloud-based communications the support the digital transformation of businesses across the UK.
• In June 2023, Cisco and AT&T have collaborated to support businesses in expanding connectivity for an increasingly mobile-centric workforce. They have introduced innovative solutions to improve connectivity and revolutionize communication for hybrid work environments.
• In April 2022, Lumen Technologies partnered with Alianza, Inc. Under this collaboration, Lumen will leverage Alianza's cloud communications platform to enhance its voice services portfolio. This strategic alliance aims to offer customers robust and flexible business communication capabilities from any location.
• In January 2021, 8x8 and Verint Systems partnered to bring integrated cloud workforce management applications and cloud contact center to mid-market and enterprise businesses worldwide.

Hosted PBX Market Advantages:

• No Capital Expenditure: Hosted PBX spares companies from having to buy pricey phone systems. This lowers upfront costs because the service provider also maintains and provides the service.
• Predictable Monthly Costs: Hosted PBX services are usually paid for by businesses on a fixed monthly basis, which makes it simpler to plan and budget for communication costs.
• Simple Expansion: Systems with hosted PBX are very scalable. It is simple for businesses to add or remove phone lines or extensions as needed, making it adaptable to changing needs and suitable for businesses of all sizes.
• Work from Anywhere: Employees using hosted PBX can place and receive calls from any location as long as they have an internet connection. This is especially advantageous for companies that use mobile or remote workers.
• Unified Communications: Cooperation and productivity are increased by integration with additional communication methods including email, instant messaging, and video conferencing.
• High Uptime: Reputable hosted PBX providers frequently give high uptime and dependability, making sure that there is little downtime for enterprises.
• Built-in Redundancy: A lot of hosted PBX services come with disaster recovery and redundancy built right in, shielding companies against lost or interrupted communication.
• Rich Feature Set: Auto-attendants, voicemail-to-email, call forwarding, call recording, and other capabilities are just a few of the features that hosted PBX services frequently offer.
• Frequent Updates: Providers don't have to charge businesses for new software or gear in order to upgrade and add new features.

Report Objectives

• To determine and forecast the global Hosted PBX Market by offering (solution, services), application type (unified communication and collaboration, mobility, call center), vertical, and region from 2023 to 2038, and analyze the various macroeconomic and microeconomic factors affecting market growth.
• To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Hosted PBX Market.
• To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Hosted PBX Market.
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Hosted PBX Market.
• To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the market's competitive landscape.
• Track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations, and research and development (R&D) activities.

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