November 5 2019
Global Cloud PBX Market, by service (managed, professional, network, IT and cloud), organization size (SME, large enterprises), end-user (BFSI, retail, healthcare, government, real estate) – Forecast till 2023
Cloud PBX Market Size, Share and Overview
Cloud PBX (Private Branch Exchanges) is simply a phone system based over the Internet which is also referred to as an Internet-based or VoIP phone system. Cloud PBX can route telephone calls within the specified locations. Companies use Cloud PBX within their premises. Depending on the type of PBX used people in working in an organization can place calls, send SMSs, and even fax from their own extensions.
Previously, setting up own PBX was time-consuming as well as costly. However, with the recent technological advancements and emergence of many companies offering cloud PBX, now the implementation is available with reduced complexity at much affordable costs. As a result of which, an increasing number of companies are adopting cloud PBX computing in their network infrastructure for the better and a dynamic work balance. The augmenting uptake is leading to expanding the market size of Cloud PBX on the global platform.
Considering the heightened expansion, the Cloud PBX Market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global Cloud PBX market will witness a thriving growth by 2023, surpassing its previous growth records in terms of value with a staggering CAGR during the anticipated period (2017 - 2023).
Additional factors substantiating the market growth include the growing demand for technologically upgraded network services, growing expansion of professional and managed services and increasing awareness about cost-effective cloud services among others.
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Additionally, as the ubiquitous technology, Cloud PBX offers significant cost-effective solutions in comparison with traditional ones in overall up-front costs for hardware and software upgrades, and the redeployment of IT staff to manage other parts of the business. Increasing the number of SMEs alongside the increasing uptake of Cloud PBX across the industries, worldwide, is in turn, fostering the growth of the Cloud PBX Market.
Microsoft Corporation(Skype) (U.S), Nextiva Inc.(U.S), RingCentral Inc.(U.S), , Avaya Inc.(U.S), Barracuda Networks Inc. (CudaTel) (U.S), , Vonage America Inc.(U.S), Cisco system Inc.(U.S), D-Link System Inc. (Taiwan), Allworx Corporations (U.S), BullsEye Telecom Inc (U.S), Mitel Networks Inc. (Canada), MegaPath Inc.(U.S), NEC Corporation (Japan) and Panasonic Corporation (Japan) among others
Global Cloud PBX Market – Segments
The global cloud PBX market is segmented into four key dynamics for the convenience of the report;
Global Cloud PBX Market – Regional Analysis
The North American region accounted for the leading market for the cloud PBX, globally, acquiring the largest as in 40.80% of the market share, and evaluating at USD 604.04 Mn. in the year 2017. Furthermore, owing to the factors such as the high adoption of cloud technology, the presence of large IT market, and well-developed cloud data centers, the region is expected to account for a significant monetarily growth by 2023.
The European region has acquired the next largest market share in the global cloud PBX market. The resurging economy in the region is undoubtedly contributing to the market growth significantly, augmenting the uptake of this Cloud PBX across the region. Attributing to the increased adoption of cloud technology and significant technological advancements alongside the increasing number of SMEs in the region, the Europe cloud PBX market is expected to grow at a strong CAGR from 2017 to 2023.
The Asia Pacific region is emerging as one of the lucrative markets for the cloud PBX, globally. The separation of services from hardware by cloud PBX is fostering the market in the region. Moreover, factors such as increasing urbanization & growing healthcare sector coupled with the improving economy in the region, foster the market growth.
China dominated the market of Cloud PBX in the Asia Pacific region with 24.09% of the market share, valuing at USD 53.21 Mn. in the year 2017. The Asia-Pacific market for Cloud PBX is expected to grow at a considerable CAGR (2017-2023).
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TABLE OF CONTENTS
1 Market Introduction
1.2 Scope Of The Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Process
2.2 Primary Research
2.3 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Executive Summary
4 Market Dynamics
4.2 Market Drivers
4.2.1 Increasing Adoption Of Cloud Technology
4.2.2 Reduction In Operating Costs Of Enterprises
4.2.3 Reducing The Burden Of Managing The PBX Services Is Driving The Cloud PBX Market
4.3 Market Restraints
4.3.1 Security Concerns Due To Increasing Cyber Attacks
4.3.2 Software Integration Challenges And Lack Of Training
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