Transparency Market Research delivers key insights on the global cloud PBX market. In terms of revenue, the global cloud PBX market is estimated to expand at a CAGR of ~14% during the forecast period of 2020–2030, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global cloud PBX market.
The adoption of the cloud technology and the IP-based technology in enterprise communication helps to reduce the yearly expenditure on telecom systems. Telecom service providers offer managed cloud PBX services for enterprises to handle concurrent calls in enterprises or in call centers. A cloud PBX solution offers more advanced features as compared to traditional PBX used in businesses, while enabling a non-technical office administrator to easily set up systems on the server. Organizations across the globe are investing in telecom equipment such as PBX, switches, access points, and other telecom equipment to improve the service quality of communication. The report analyzes the global cloud PBX market and provides estimates in terms of revenue (US$ Mn) from 2018 to 2030.
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Key Growth Drivers of Cloud PBX Market
Reduced Total Cost of Ownership (TCO): A cloud PBX system helps reduce the total cost of ownership by bringing capital expenditure to minimal, as the system requires only the yearly fees of phones unlike an on-premise PBX solution, which needs a PBX server, annual maintenance, and in-house IT staff. There are numerous additional benefits apart from the quantifiable benefits of a cloud PBX solution that are hard to quantify such as freeing up staff time who would have been managing on-premise PBX, increased employee productivity, and improved customer satisfaction as they are able to reach an individual more quickly. Cloud PBX enhances employee productivity through a rich suite of easy?to?deploy communication capabilities. In addition, by paying monthly subscription charges, companies can convert their capital expenditure into operational expenditure. Cost savings through reduced phone and fax charges, eliminating PBX hardware requirements, and reducing administration costs are expected to boost the cloud PBX market.
Increasing demand for enterprise mobility and mobile workforce: The proliferation of mobile devices and the growing BYOD phenomenon have pushed the demand for cloud-based communication systems such as cloud PBX to serve today’s distributed and mobile workforces. On the other hand, the number of mobile workers is also increasing at a rapid pace. Cloud PBX provides employees the ability to work anywhere, at any time, from any device. According to the TMR analysis, globally, around 70% of employees use their personal device for email. Globally, around 26% of employees are productive while outside the office or home, and around 36% of employees are using more than two mobile devices to do their work.
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Cloud PBX Market: Prominent Regions
The global cloud PBX market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to hold a significant share of the cloud PBX market in 2019, and this trend is anticipated to continue during the forecast period. Within North America, the market is anticipated to grow rapidly in the U.S. and Canada. This is due to the strong adoption levels of cloud-based technologies by small & medium enterprises in the region, and high focus on operational cost optimization.
All regions have the most competitive and rapidly changing landscape for improving the strategy of cloud PBX and its adoption in organizations.
The cloud PBX market in Asia Pacific is expected to grow at the highest rate, due to improving economic conditions and large population, which support technological developments and growth of IT industries. The cloud PBX market in Asia Pacific has entered a rapid expansion stage, as availability of diverse services increased across all countries, enriched service capabilities to serve different business needs of customers, and system integrators became competitive to already existing service providers. Moreover, there is a presence of local Internet service providers. China and India are expected to exhibit an incremental opportunity of US$ 4,173.6 Mn and 3,770.0 Mn, respectively. However, Rest of Asia Pacific is expected to register an opportunity of US$ 3,066 Mn, in terms of revenue. The cloud PBX market in Asia Pacific is estimated to expand significantly during the forecast period; however, dynamic regulations in several countries of the region are expected to hamper the market. South Korea, India, and Japan are the key contributing countries to the cloud PBX market in the region.
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Furthermore, robust increase in both revenue and installed bases in China is a key contributing factor. Rise in communication standards of countries such as Vietnam, China, India, and Indonesia is regulated for voice revenue protection of local service providers. Regulations, such as restrictions in portability of number and the mandate to operate in-country data center restrain the global cloud PBX service providers in these countries, while local incumbents have not yet established their complete service competences.
The report provides in-depth segment analysis of the global cloud PBX market, thereby providing valuable insights at macro as well as micro levels. The analysis of major countries, which hold growth opportunities or account for significant share, has also been included as part of the geographic analysis of the cloud PBX market.
Cloud PBX Market: Key Players
Key players operating in the global cloud PBX market include Allworx Corporations, AT&T, Inc., Avaya Inc., Barracuda Networks Inc., T Group, BullsEye Telecom Inc., Centurylink, Cisco System Inc., D-Link System Inc., MegaPath Inc., Microsoft Corporation, Mitel Networks Corporation, NEC Corporation, Nextiva Inc., Panasonic Corporation, Polycom, RingCentral Inc., VirtualPBX.com, Inc., and Vonage America Inc.