Cloud PBX Market 2018 : Global Industry Growth, Opportunities, Consumptions, Industry Analysis and Forecasts 2024
Our latest research report entitled Hosted PBX Market (by organization size (small and medium-sized enterprises, and large enterprises), end-users (financial services, healthcare, education, manufacturing, it and telecommunication, and others)) provides complete and deep insights into the market dynamics and growth of hosted PBX. Latest information on market risks, industry chain structure hosted PBX cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential hosted PBX growth factors.
The forecast hosted PBX market information is based on the present market situation, growth opportunities, development factors, and opinion of the industry experts. An in-depth analysis of the company profiles hosted PBX on a global and regional level and applications are conducted. The analysis of downstream buyers, sales channel, raw materials, and industry verticals is offered in this report. According to the report, the global hosted PBX market is projected to grow at a CAGR of 15% over the forecast period of 2018-2024.
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Hosted PBX Market: Market Insight
Hosted private branch exchange is a telephone exchange system built, delivered and managed by a third-party service provider. A Hosted PBX allows companies to utilize and take complete advantage of their phone system features such as voicemail, faxing, automated greetings, and conferences and so on. The benefits offered by hosted PBX solutions are Initial and ongoing cost savings. There is no need for a large investment before installing the phone system and also the maintenance cost of the phone system is much lower as it does not need to hire someone in-house to operate and maintain the PBX.
Hosted PBX Market: Drivers and Restraints
The increasing need for enterprise mobility and rising adoption of the cloud and integrated communication drives the hosted PBX market. Cloud-based telecommunications in the form of hosted PBX services enables medical professionals to have access to their patients and centre of operations from a certain location at any time of the day.
The hosted PBX systems provide more freedom to the workforce enabling employees to work from their desired locations or smartphones under a single office telephone system. In addition, multiple security layers and failover of the technology offered by the service providers are strengthening the growth of the hosted PBX market. However, security and privacy concerns are the factors likely to curtail the growth of the Hosted PBX market. Furthermore, increasing convergence of network and universal control (UC) applications expedite various growth opportunities for the key players in the Hosted PBX market. On the other hand, the rising need to upgrade from the traditional on-premise PBX systems to cloud-based PBX systems will also foster market growth.
Hosted PBX Market: Regional Insights
Among the geographies, North America is anticipated to hold the largest market share in the Hosted PBX market. The growth in the North American region is due to the adoption of various trending technologies such as cloud, IoT, mobility, and UC. Furthermore, a growing number of small and medium-sized enterprises and increasing digitalization in organizations are projected to drive the North American market. On the other hand, Asia Pacific is anticipated to witness significant growth and is expected to be the fastest-growing region in the hosted PBX market. The demand for UC and video conferencing is growing, and therefore the companies are looking for advanced UC components and delivery platforms in the Asia Pacific regions. Moreover, increasing trend of adopting VoIP (Voice over Internet Protocol) solutions and services, are expected to provide added benefits to the growth of the hosted PBX market in Asia Pacific regions.
Hosted PBX Market: Segmentation
The report on global hosted PBX market covers segments such as organization size and end-users. On the basis of organization size, the global hosted PBX market is categorized into small and medium-sized enterprises and large enterprises. On the basis of end-users, the global hosted PBX market is categorized into financial services, healthcare, education, manufacturing, it and telecommunication, and others.
Hosted PBX Market: Competitive Analysis
The report provides profiles of the companies in the global hosted PBX markets such as ShoreTel Inc, Mitel Networks Corporation, Vonage, Bullseye Telecom, 8x8 Inc, Intermedia.net Inc, XO Communications, 3CX, Megapath, and Digium Inc.
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