Hosted PBX Market Predicted to Witness Steady Growth by 2027
According to a recent report by GMI, Inc., Hosted PBX market size is projected to surpass USD 11 billion by 2027. As several companies across the globe are transitioning from traditional communication systems to cloud-based phone systems, they are increasingly deploying hosted Private Branch Exchange (PBX) systems. This is likely to augment the business space of hosted PBX industry in coming years.
The PBX systems offer the companies scalability through analytics for gathering actionable insights. With ongoing modernization in corporate enterprises, demand for hosted PBX systems is anticipated to grow significantly over the foreseeable future.
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Additionally, key industry players operating in Hosted PBX market such as 8x8, Inc., Avaya Holdings Inc., AT&T Inc., Cisco Systems Inc., CenturyLink, etc. are focusing on developing advanced hosted PBX solutions that will open new growth avenues for the industry. For instance, in 2020, Yeastar, the renowned provider of SME PBX systems, announced the launch of new P-Series PBX system. According to the company, this solution combines the presence, collaboration tools, mobility and voice as an all-in-one product offering. Citing another instance, in 2020, leading integrated cloud communications platform, 8X8, Inc., announced the launch of its 8x8 X Series and 8x8 Contact Center in Canada.
An insight into the prominent segments propelling the growth of hosted PBX market is outlined as under:
Based on the component bifurcation, security service segment across hosted PBX market is projected to witness an appreciable CAGR of 9% through 2027 considering the increased application of hosted PBX across several industry verticals primarily due to the integration and scalable advantages associated with these systems. As these systems are based on internet, they raise security concerns for enterprises which instigates the adoption of security services for protecting hosted PBX systems. Therefore, various companies are tapping security service providers for ensuring optimum security across infrastructure.
In terms of organization, large enterprises are showing burgeoning demand for hosted PBX solutions. In wake of the current COVID-19 pandemic situation, various enterprises are deploying effective communication systems to establish effective collaboration with company workforce. As a result, these enterprises are adopting hosted PBX systems in order to enhance remote communications such as email delivery, video conferencing, voicemail, etc.
Based on industry vertical, healthcare segment is expected to register substantial gains over the upcoming years owing to increased adoption of hosted PBX solutions across healthcare enterprises. This can be attributed to advanced functionalities such as redundant communication connections, HIPPA compliance for call records, etc. Besides, hosted PBX helps healthcare enterprises to establish secured connections to diverse locations and sites by using MPLS. In addition, it reduces maintenance and communication costs, allowing resilient infrastructure across hospital settings.
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Regionally, hosted PBX market across Europe is expected to grow significantly over the ensuing years owing to increasing inclination towards digitization among large number of public and private enterprises along with expanding wireless communication infrastructure in the region. According to the report, Europe hosted PBX industry is estimated to secure a market share of more than 20% by 2027.
Moreover, as the private companies operating in the region are working jointly with government agencies for deploying advanced communication systems, demand for hosted PBX systems is likely to increase considerably in the future. Quoting an instance, in 2020, Alcatel helped the Stadt Herrenberg city administration in Germany for implementing its Rainbow cloud service. Apparently, this move enabled the expansion of the administration’s current telephony infrastructure.
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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