Market Research Future published a research report on “Cloud PBX Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
A Cloud Public Branch Exchange (PBX) is a combination of cloud computing and PBX. Cloud PBX system is also known as an Internet-based or voice-over-internet protocol (VoIP) phone system. PBX technology is used for routing phone calls. A new Market Research Future (MRFR), report on the global Cloud PBX Market claims that this market could observe an increase at 13.2% CAGR between 2017 and 2023. By value, the market can be worth the USD 20.83 Bn by the end of the forecast period.
The foremost market driving factor for the global cloud PBX market growth is mass-level adoption of cloud computing by many information technology (IT) companies in their network infrastructure for the better and efficient work balance. Reducing the complexity in the available networks Cloud PBX also allows the cloud service providers to host the multiple numbers of virtual networks without any common separation isolation methods. Other factors driving the market growth include cost-saving, easy customization, easy streamlining of business operations, and easy integration.
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The prominent players in the Cloud for PBX Market are – 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 segmentation covers service, end-user, and organization size. MRFR looks for diverse facets of the market through this segmentation.
- The service-based segmentation of this cloud PBX market covers information technology (IT) & cloud services, managed services, network services, and professional services. The professional services segment holds a larger market share.
- In the context of end-user, the cloud PBX market has been segmented into banking, financial services, and insurance (BFSI), government, healthcare, real estate, retail, and others. Healthcare is the segment with the largest market growth.
- Based on organization size, the cloud PBX market has been segmented into small & medium enterprises (SME) and large enterprises. Large enterprises segment dominates the market, and by the end of the forecast period, its market worth is expected to be USD 3,699.61 Mn due to growth at 23.65% of CAGR.
Global Cloud PBX Market – Regional Analysis
North America, Europe, Asia Pacific, and Rest of the World (RoW) are four regions that have been included in the regional report of the cloud PBX market.
North America had the leash of the global market in 2017 as it covered 40.80%, North America is among the leading regional markets due to the high adoption of cloud technology in this region. During the forecast period, North America can also emerge as the fastest growing regional market. Other factors smoothening the market growth are technological advancement, availability of high-speed internet, and the presence of important market players. Maximum revenue in this region comes from the USA. Canada is the second-largest economy in this region, another potential market.
In Europe, the market is strong, primarily due to the same factors as in North America. The strongest economies that can be the most lucrative markets in Europe are France, Germany, and the UK.
In the Asia Pacific region, China is the biggest country-specific market. Other two important country-specific markets are India and Japan. In this region, the market is surging due to high adoption in the Cloud for PBX.
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