Europe Cloud PBX Market to 2027 - Regional Analysis and Forecasts by Enterprise Size (Large Enterprise and SMEs); by End-User (IT & Telecom, BFSI, Healthcare, Retail, Manufacturing, and Others)
The Europe cloud PBX market accounted for US$ 1.37 Bn in 2018 and is expected to grow at a CAGR of 14.6% over the forecast period 2018–2027, to account for US$ 4.58 Bn in 2027. Factors including the increasing focus of enterprises towards effective communication and reduced operational costs are driving the growth of Europe cloud PBX market. The cloud PBX has reformed and revolutionized the communication process in the business organizations by enabling access to various forms of communication (audio, video, text messaging) through an IP network. This communication technology offers myriad benefits over tradition PBX, but the cost-effectiveness provided by the cloud PBX over on-premise PBX is the primary factor, that has driven its demand in the past years and is expected to influence the market growth in the coming years.
Since the cloud PBX market entered its growth phase (as per the product lifecycle) there was a drastic increase in the migration rate of the companies from traditionally on-premise PBX to cloud-based PBX, but, the major challenge faced by these companies then was to integrate the technology into their existing environment. Because of the service gap amid the market, there were several instances of inefficient deployment of cloud PBX. However, in the later years as the adoption of integration services and migration strategies streamlined, the businesses gained confidence regarding their seamless transition to internet telephony (VoIP). This VoIP capitalizes entirely on the benefits provided by the cloud PBX without compromising on values of already existing technology investments. The expansion in migration strategy not only amplified the cloud PBX deployment but also mitigate the potential of technical issues related to the implementation of technology.
The Europe cloud PBX market is fragmented with the presence of several industries, and the competitive dynamics in the market is expected to change during the upcoming years. In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the Europe cloud PBX market further. For instance, the current policy on cloud computing is set within the Digital Single Market Strategy for Europe where it plays a vital role through the European Cloud Initiative, the European Free Flow of Data Initiative and the emerging issues related to access, ownership, portability of data and switching of cloud service providers. These initiatives on cloud computing build on the strategy unveiled by the Commission in 2012 for unleashing the potential of cloud computing in Europe. The strategy is expected to speed up and increase the use of cloud computing across all economic sectors. The initiatives taken by state governing organizations across the region is expected to drive the adoption of cloud technology, which in turn would elevate the Europe cloud PBX market.
The cloud PBX market by end-user is segmented into IT & telecom, BFSI, healthcare, retail, manufacturing, and others. In the rapidly expanding retail industry, the communication between the suppliers, stores, warehouses, sales teams, and buyers, plays a vital role to develop enhanced supply management and customer service. And the traditional telephone system with high maintenance cost has been incapable of fulfilling the needs of the retail chain. Retailers, with a motive to stay ahead, are shifting towards cloud POX for a reliable phone system to keep their retail business run smoothly along with enhancing customer satisfaction. The trend is anticipated to significantly contribute to the growth of cloud POX in the retail industry.
The overall Europe cloud PBX market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Europe cloud PBX market. It also provides an overview and forecast for the Europe cloud PBX market based on all the segmentation provided for Europe region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe cloud PBX industry. Some of the players present in cloud PBX market are 3CX, INC, 8x8, Inc., AT&T INC, Avaya, Cisco System, Inc., Comcast Corporation, Microsoft Corporation, RingCentral, Inc., Sors Global, Voyce Ltd., among others.
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