-- Market 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.
On the other hand, factors such the issues occurring during the integration of the PBX system with CRM that demand for a separate integration-specific software for integrating the cloud PBX systems which turns out to be a costlier option is expected to inhibit the market growth of Cloud PBX. Also, the possible challenges presented during the migration to the cloud such as the incompatibility with legacy systems is impeding the market growth. Nevertheless, widespread broadband adoptions coupled with the increasing 3G and 4G wireless technologies will support the market growth during the estimated period.
Industry/ Innovation/ Related News:
September 24, 2018 - Yeastar (China), a leading provider of cloud-based and on-premises VoIP PBX, announced the official release of its new Linkus Unified Communications Application, adding UC&C capabilities to its S-Series VoIP PBX and Cloud PBX through both Windows desktops and iOS&Android smartphones. The release will allow business professionals to work smarter with Presence, Instant Messaging, CRM integration and other advanced call handling features, with higher employee engagement and greater productivity.
Key Players
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
Segmentation
The market for global cloud PBX market is segmented on the basis of service, organization size, end-user and region. On the basis of service the segment is further classified into managed services, professional services, network services, IT and cloud services. On the basis of organization size the segment is further classified into small and medium enterprises (SME) and large enterprises. The end-users of the cloud PBX market are BFSI, healthcare, retail, government, real estate and many more.
Regional Analysis
On the basis of Geography, the global cloud PBX market has been segmented into four regions - North America, Europe, Asia-Pacific and Rest of World. North America is one of the leading region and dominating the market owing to the high adoption of cloud technology observed in this region. North America region is also expected to grow with fastest CAGR during the forecast period 2017-2023. North America is dominating the market of Cloud PBX, with market share of 40.80% in the year 2017 and has been valued at USD 604.04 million in the year 2017. Increased adoption among cloud technology and due to high technological advancements the rapid growth is observed in this region.
China is dominating the market of Cloud PBX in Asia Pacific by Country with market share of 24.09% in the year 2017 and has been valued at USD 53.21 million in the year 2017. The separation of services from hardware by cloud PBX is driving the market in Asia Pacific region.
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Intended Audience
• System Security
• Software investors
• Cloud for PBX solution vendors
• Cloud for PBX Providers
• IP Data providers
• Internet Service providers
• Value-added Resellers
• System Governance
• Cloud based PBX Service Provider
• Cloud for PBX Agencies
• Technology Integrators
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Contact Info:
Name: Abhishek Sawant
Email: Send Email
Organization: Market Research Future
Website: https://www.marketresearchfuture.com
Release ID: 478558
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