The global cloud PBX market was valued at US$ 5.07 Bn in 2018 and is expected to grow at a CAGR of 15.5% during the forecast period 2019 - 2027, to account to US$ 18.2 Bn by 2027
NEW YORK, Nov. 11, 2019 /PRNewswire/ --
The global cloud PBX market was valued at US$ 5.07 Bn in 2018 and is expected to grow at a CAGR of 15.5% during the forecast period 2019 - 2027, to account to US$ 18.2 Bn by 2027. Factors such as advancements in cloud technology and high adoption among by SMEs are driving the cloud PBX market growth.
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The global cloud PBX market is substantially grown over the years, attributing to the drastic change in consumer behavior towards purchasing and payments.Asia Pacific remains the key market for cloud PBX due to the changing economies and continuous technological developments in the countries of the region.
SMEs are expected to witness high demand for cloud PBX during the forecast period.The increasing number of SMEs in developing countries of Asia-Pacific is fueling the demand.
Moreover, the government initiatives for the improvement of IT infrastructure in developing countries such as China and India are having a positive impact on the cloud PBX market growth.
North America holds a significant share in the cloud PBX market.The region comprises of early adopters of advance technologies and has a strong supporting infrastructure.
Moreover, the government in this region are taking several initiatives to improve telecommunication infrastructure.Asia-Pacific is expected to witness high year-on-year growth during the forecast period.
The developing countries of Asia-Pacific are few of the quick adopters of advance technologies such as unified communication, IoT, mobility, cloud technology, and others.Moreover, the increasing number of SMEs in China and India are fueling the cloud PBX market significantly during the forecast period.
With the continuous advancements and developments in technology and improving IT infrastructure is expected to drive the cloud PBX market in Asia-Pacific countries significantly during the forecast period.
The most prominent regions in global cloud PBX market in terms of market share are North America, Europe, and the Asia Pacific.The Middle East and Africa, and South America held the fourth and fifth position in terms of market shares in the cloud PBX market.
The dominance of North America is majorly accountable for a significantly large number of cloud PBX market players in the US.Also, the adoption trends of newer technologies is consistently higher in the US and pertaining to the industry scenario; the country is densely populated with numerous organizations from different industries.
The Asia Pacific is estimated to be the fastest growing geography during the forecast period from 2019 - 2027. The countries in the Asia Pacific are constantly witnessing the establishments of different multi-national companies as well as the emergence of national or local companies.
The overall cloud PBX market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the cloud PBX market.
It also provides the overview and forecast for the global cloud PBX market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America.Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the cloud PBX industry. Some of the key players included in the global cloud PBX market are 3CX, 8x8, Inc., AT&T Inc., Comcast Corporation, SORS Global, Avaya Inc., Voyced Ltd., Cisco, Microsoft, RingCentral, Inc., and others.
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