Cloud for PBX Market Size Expected to Grow at a CAGR over 21.43% from 2023 to 2032

Market Research Future has published a Cooked Research Report on the Global Cloud for PBX Market.

Market Synopsis

As per the analysis by Market Research Future Reports (MRFR), the global Cloud for the PBX market is estimated to value USD 71.75364509 billion is likely to expand at a CAGR of 21.43% during the review period. With the advent of technology, several I.T. firms have integrated cloud computing in their network infrastructure for executing business operations efficiently. Moreover, there is a need for integrating CRMs with cloud PBX software in streamlining business operations. A cloud-based equipment helps in reducing the cost burden. Administration and operations acquire the maximum cost savings for a cloud-based phone system over an on-site PBX. The study has revealed that the increasing demand for internet-based video and voice service and audio is the primary factor that influences the global Cloud for the PBX market 2020. Besides, the trend of high adoption of Cloud for PBX and increasing demand for 5G technology will propel the communication services in the forthcoming period. The low cost of Cloud for the PBX market as compared to other analog PBX systems has also aided in the expansion of the market at a global level.

Market Segmentation

The global Cloud for the PBX market is segregated on the basis of end-user, service, organization size, and region.

On the basis of end-user, the global Cloud for the PBX market can be segregated into real estate, government, healthcare, BFSI, retail, and many more.

On the basis of service, the global Cloud for PBX market can be segregated into network services, professional services, managed services, I.T. and cloud services. 

On the basis of organization size, the global Cloud for the PBX market can be segregated into large enterprises and small and medium enterprises (SME).

On the basis of region, the global Cloud for the PBX market can be segregated into Asia-Pacific, North America, Europe, and the Rest of the World (Row).

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Regional Analysis

The regional analysis of North America, Asia-Pacific, Europe, and the Rest of the World (RoW) has been performed. As per the analysis by MRFR, North America is the dominating region due to the faster and higher adoption rate of cloud-based technology in the region. North America acquired a market share of 40.80% in the year 2017 and was value at USD 604.04 million in the same year. Besides, the North American market is estimated to grow at the fastest CAGR during the forecast period from 2017 to 2023. Due to the presence of developed countries like the U.S. and Canada, the region experiences rapid growth. The APAC region is expanding at a very fast pace owing to the presence of emerging economies like India, China, and Japan. In the APAC region, China dominates the cloud PBX market by acquiring 24.09% market share in year 2017 and was valued at USD 53.21 million in the same year. The separation of services from hardware by cloud PBX is influencing the market in Asia-Pacific region. The European market is estimated to expand significantly during the review period. With the presence of developed countries like Germany, the U.K., the market is progressive by nature. The Rest of the World (RoW) is estimated to expand at a moderate pace during the review period.

Key Players

The forefront players of the global cloud PBX market are Nextiva Inc.(U.S), Microsoft Corporation(Skype) (U.S), RingCentral Inc.(U.S), Barracuda Networks Inc. (CudaTel) (U.S), Avaya Inc.(U.S), Vonage America Inc.(U.S), D-Link System Inc. (Taiwan), Cisco system Inc.(U.S), Allworx Corporations (U.S), Mitel Networks Inc. (Canada), BullsEye Telecom Inc (U.S), MegaPath Inc.(U.S), Panasonic Corporation (Japan)  and NEC Corporation (Japan) among others.