North America 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 North America cloud PBX market accounted for US$ 1.85 Bn in 2018 and is expected to grow at a CAGR of 13.3% over the forecast period 2018–2027, to account for US$ 5.59 Bn in 2027. Factors including growing demand for effective communication among enterprises are driving the growth of North America cloud PBX market. The cloud PBX lays the foundation for technological advancements in organizations by synchronizing a wide range of communication and collaborations tools; also, they enable the organizations to integrate with their critical business applications at a broader level. With the help of unification of numerous locations amid a business firm, for instance, the unification of itinerant workers under a single congregated network, the IP telephony offers flexible and advanced features for the communication process.
The ability of the cloud PBX to provide its users with seamless connectivity across the globe with minimal disruptions enables the organizations to enhance their performance and elevate their profitability. Because an effective communication such as audio/video conference, and web conference is considered as a critical asset in business, implementation of telephony system that operates on internet, not only facilitates better and hassle-free communication but also reduces the cost of ownership, adding to the factor that has influenced demand growth and are expected to continue during the forecast period.
The North America 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 North America cloud PBX market further. For instance, The North American government is collaboratively committed to the coordinated actions in order to implement future agendas for sustainable development, which includes the SDGs (Sustainable Development Goals). The region has planned to forge the innovative partnerships for mobilizing technology, and human resources in order to facilitate the usability and availability of data to attain and govern progress inclined towards SDGs. The region is also anticipated to promote decision-making, which would be evidence-based and drive innovation to meet sustainable development challenges. 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 North America cloud PBX market.
The cloud PBX market by enterprise size is segmented into SMEs and large enterprises. With the need to expand and grow, the SMEs necessitates the ability to scale up or down quickly. Also, adding new employees by these companies requires it to adapt its phone system to accommodate the requirement for additional lines. The addition of more lines in the phone systems is difficult to achieve while using traditional on-premise telephony systems. This is attributed to higher setup costs, maintenance costs, on-site hardware requirement, and dependency on IT support. However, a cloud PBX allows SMEs to easily manage communication services economically, as well as in a more rationalized and agile manner.
The overall North America 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 North America cloud PBX market. It also provides an overview and forecast for the North America cloud PBX market based on all the segmentation provided with respect to the North America region. Also, primary interviews were conducted with industry participants and commentators in order 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 consultant such as valuation experts, research analysts, and key opinion leaders specializing in the North America 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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