The global cloud PBX market is expected to exhibit a strong 21.43% CAGR over the forecast period from 2020 to 2030, according to the latest research report from Market Research Future (MRFR). The Cloud PBX Market is studied in great detail in the latest report from Market Research Future (MRFR), which includes a detailed analysis of the market’s historical growth trajectory and present condition. Major trends operating in the global cloud PBX market are examined in the report. Based on this information, accurate and reliable projections for the market’s likely growth trajectory over the forecast period till 2030 are presented in the report. Leading drivers and restraints operating on the global Cloud PBX Market are examined in the report. The impact of these major drivers and restraints on the global cloud PBX market is examined in detail in the report. Thus, the major factors enabling the market’s growth are enlisted and profiled in the report. Leading players operating in the global cloud PBX market are also profiled in the research report. The competitive landscape of the global cloud PBX market is thus examined in detail in the report. The report also examines the impact of the COVID-19 pandemic on the global cloud PBX market.
A cloud PBX is a part of cloud computing. Cloud computing refers to the act of storing and accessing data over the Internet rather than on a computer or other hard drives. PBX stands for public branch exchange. A PBX is the technology behind a telephone provider’s ability to route calls. The combination of cloud and PBX is simply a phone system based over the Internet, which is also referred to as an Internet-based or VoIP phone system. In the past few years, many IT companies are adopting cloud computing in their network infrastructure for the better and more efficient work balance it enables. Cloud PBX not only reduces the complexity in the available networks but also allows the cloud service providers to host multiple virtual networks without any need of common separation isolation methods.
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A cloud-based phone system has a cost advantage in overall up-front costs. The service fees for a cloud-based system are the key cost factor, while eliminating the cost of phone lines, hardware and software upgrades, and the redeployment of IT staff to manage other parts of business. Operations and administrations hold the biggest cost savings for a cloud-based phone system over an on-site PBX. Nowadays there is need of integrating CRMs with cloud PBX software to help streamline the business operations. Nowadays each customer site has unique needs, so providers have to deal with a lot of customization. At the same time, it’s a big ask to have an offering that is actually compatible with each one. This leads to slow customer turn ups and ongoing issues if the cloud PBX product doesn’t fit the customer site.
Leading players in the global cloud PBX market include Panasonic Corporation, NEC Corporation, MegaPath Inc., Mitel Networks Inc., BullsEye Telecom Inc., Allworx Corporations, D-Link System Inc., Cisco System Inc., Vonage America Inc., Barracuda Networks Inc. (CudaTel), Avaya Inc., RingCentral Inc., Nextiva Inc., and Microsoft Corporation.
The global cloud PBX market is segmented on the basis of service, organization size, end user, and region.
By service, the global cloud PBX market is segmented into managed services, professional services, network services, and IT and cloud services.
By organization size, the global cloud PBX market is segmented into SMEs and large enterprises.
By end use, the global cloud PBX market is segmented into BFSI, healthcare, retail, government, real estate, and others.
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North America is the dominant regional market for cloud PBX and is likely to retain its strong share in the market over the forecast period, as North America is also likely to exhibit the highest CAGR over the forecast period. The North America market accounted for 40.8% of the global cloud PBX market in 2017.
The Cloud PBX market is a rapidly growing industry that consists of cloud-based telephony services that allow businesses to make and receive calls through the internet instead of traditional telephone lines. According to market research reports, this market is expected to continue growing rapidly in the coming years, with an increasing number of businesses investing in Cloud PBX solutions for their communication needs.
Several key drivers are fueling the growth of the Cloud PBX market, including the increasing adoption of cloud-based communication solutions among businesses, rising demand for enterprise mobility, low-cost solutions, scalability, and flexibility.
The market is experiencing significant innovation due to the introduction of technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML). These technologies are enabling Cloud PBX providers to offer more sophisticated and comprehensive solutions to their customers, including real-time analytics, intelligent routing, and personalized communication experiences.
Overall, the Cloud PBX market is poised for continued growth in the coming years as more businesses recognize the benefits of cloud-based communication solutions and as technological advancements continue to drive innovation in the industry.
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