Hosted PBX Market by Solution, Service (Virtual Deployment & Setup, Virtual Assistance & Support, Online Charging Services, Emergency Call Routing Services, Protocol Management Services), Organization Size, Vertical, and Region - Global Forecast to 2023
“The hosted PBX market is expected to grow at a Compound Annual Growth Rate (CAGR) of 14.9%”
The global hosted PBX market size is expected to grow from USD 4.73 billion in 2018 to USD 9.50 billion by 2023, at a CAGR of 14.9% during the forecast period. The hosted PBX market is gaining traction due to the rising need of enterprise mobility and rising adoption of the cloud and unified communications. Furthermore, low CAPEX and TCO, and the necessity to upgrade from traditional PBX to cloud-based PBX are driving the market. However, security and privacy concerns are restraining the hosted PBX market growth.
“Healthcare vertical is expected to grow at the highest CAGR during the forecast period”
The healthcare vertical is leading in the adoption of hosted PBX solution and associated services, as these solutions and services provide reliable communication in providing care to patients. Hosted PBX solutions offer features and functionalities, such as instant messaging and real-time communications, to enable practitioners to stay connected in the high-paced complex healthcare environment. Cloud-based telecommunications, in the form of hosted PBX services and VoIP telephony, enable medical professionals to have access to their patients and centers of operations from heterogeneous locations, at any time of the day. Hosted PBX extends real-time and cost-effective communication functionality to not only doctors and nursing staff, but also to the group involved in paramedical and emergency response services, such as ambulance crews and firefighters. In the healthcare vertical, communication and collaboration among staff members is critical to provide immediate care, which is also a factor driving the adoption of hosted PBX and UCaaS (including features, such as IP telephony, real-time location system, and dual-mode phones) in this vertical.
“North America is expected to hold the largest market size, and Asia Pacific (APAC) is projected to grow at the highest rate during the forecast period”
North America is expected to hold the largest market size in the hosted PBX market during the forecast period. The region is witnessing the emergence of trending technologies, such as cloud, IoT, mobility, and unified communications, which drives the critical need for reliable connectivity and communication.
APAC is expected to witness significant growth and is projected to be the fastest-growing region in the global hosted PBX market. The region has witnessed advanced and dynamic adoption of new technologies and has been a lucrative market for hosted PBX solutions and associated services. In APAC, the demand for UC and video conferencing is growing, and hence, companies are looking for advanced UC components and delivery platforms Furthermore, rising need of enterprise mobility and necessity to upgrade from traditional PBX to cloud-based PBX is driving the need for reliable hosted PBX solution and associated services beyond traditional boundaries, thereby boosting the overall growth of hosted PBX market during the forecast period.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of the profiles of primary participants is as follows:
By Company: Tier 1 - 30 %, Tier 2 - 40%, and Tier 3 - 30%
By Designation: C-Level - 72%, Director Level - 14%, and Others - 14%
By Region: North America - 57%, Europe - 14%, APAC and ROW - 29%
The hosted PBX market includes major vendors, such as Cisco Systems (US), AT&T (US), Avaya (US), BT Group (UK), Mitel Networks (Canada), 8x8 (US), Polycom (US), Comcast Business (US), MegaPath (US), CenturyLink (US), RingCentral (US), and XO Communications (US). The other players include Ozonetel (India), Nexge Technologies (India), BullsEye Telecom (US), TPx Communications (US), Telesystem (US), OneConnect (Canada), InterGlobe Communications (US), 3CX (Turkey), Star2Star Communications (US), Nextiva (US), NovoLink Communications (US), Datavo (US), and Digium (US).
The report includes an in-depth competitive analysis of the key players in the hosted PBX market along with their company profiles, recent developments, and key market strategies. The report segments the hosted PBX market by component (solution and service), organization size, vertical, and region.
Reasons to Buy the Report:
The hosted PBX market has been segmented on the basis of component (solution and service), organization size, vertical, and region.
The report will help market leaders/new entrants in the hosted PBX market in the following ways:
1. The overall hosted PBX market revenue stream has been derived considering the revenue generated by vendors offering dedicated hosted PBX solution and associated services. The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further split into regions.
2. The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. The report will help the stakeholders to understand the competitors and gain more insights to better their market position. The competitive landscape section includes the competitor ecosystem, new product developments, partnerships, and mergers and acquisitions