Selbyville, Delaware, Jan. 25, 2021 (GLOBE NEWSWIRE) --
According to latest report “Hosted PBX Market by Component (Solution, Service), Organization Size (Large Enterprises, SMEs), Industry Vertical (BFSI, Healthcare, Government, Retail, Manufacturing), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights, Inc., the market valuation of hosted PBX will cross $11 billion by 2027. The increasing demand for virtual telephone systems with relatively lower total cost of ownerships in corporate environment is expected to contribute significantly to the market growth.
The rising demand for cloud-based telephony systems and reduced cost & space-based constraints across enterprises are projected to support the hosted PBX market expansion. Unlike traditional communication systems, the companies are adopting cloud-hosted phone systems powered by IP technology. These hosted PBX systems are affordable and ensure guaranteed up-times. They also provide companies with scalability through analytics to gather actionable insights. With increasing modernization across corporate enterprises, the demand for hosted PBX systems are anticipated to grow exponentially over the forecast period.
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Hosted PBX market for security service segment is estimated to witness 9% growth rate till 2027. The companies across multiple industry verticals adopt hosted PBX primarily due to its integration and scalable advantages. As this system is based on internet, it raises security concerns for enterprises; thus, the demand for security services to protect hosted PBX systems is increasing considerably. Companies are tapping security service providers to ensure optimum security across the infrastructure.
The large enterprises segment in hosted PBX market is set to showcase substantial demand during the forecast timeline. With the ongoing COVID-19 pandemic, the enterprises are identifying effective communication systems to ensure enhanced collaboration with the company workforce. In response, the companies are adopting hosted PBX systems to facilitate remote communication infrastructure. The large enterprises are leveraging advanced features of hosted PBX such as support to video conferencing, email delivery, voicemail, etc. These capabilities are helping large enterprises with geographically disrupted workforce to communicate effectively.
The adoption of hosted PBX solutions & services across healthcare enterprises is slated to increase consistently over the forecast period owing to the advanced functional capabilities such as HIPPA compliance for call records, redundant communication connections, etc. The hosted PBX allows healthcare enterprises to securely connect diverse locations & sites using MPLS. It subsequently reduces the maintenance and communication costs, facilitating resilient collaboration infrastructure in hospital environment.
Europe hosted PBX market is poised to hold more than 20% of revenue share by 2027 on account of the extensive digitization across public and private enterprises followed by wireless communication infrastructure. The private companies across the region are helping government agencies to deploy advanced communication systems. For instance, in August 2020, Alcatel helped the administration of Stadt Herrenberg from Germany to implement its Rainbow cloud service. This expanded the administration’s existing telephony infrastructure with additional collaboration solutions.
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Major players operating in the hosted PBX market are 8x8, Inc., AT&T Inc., Avaya Holdings Inc., Cisco Systems Inc., and CenturyLink. The companies are focusing on development of advanced PBX solutions for potential market segments. For instance, in November 2020, Yeastar Information Technology Co. Ltd. launched its P-Series PBX System specifically designed and developed to cater to the communication requirements of SMEs. The company availed the system with two service plan options, basic and enterprise. The launched PBX system features a wide range of telephony, administration & security, and unified communication services. This launch helped the company to serve small and medium-sized enterprises across multiple geographical regions.
Table of Contents (ToC) of the report:
Chapter 3 Hosted PBX Market Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak
3.3.1 By region
3.3.2 Industry value chain
3.3.2.1 Suppliers
3.3.2.2 Hosted PBX technology providers
3.3.2.3 Marketing & distribution channels
3.3.3 Competitive landscape
3.3.3.1 Strategy
3.3.3.2 Distribution network
3.3.3.3 Business growth
3.4 Hosted PBX industry ecosystem analysis
3.5 Evolution of Hosted PBX technology
3.6 Hosted PBX architectural framework
3.7 Technology & innovation landscape
3.7.1 Voice-based smart office systems
3.7.2 Intelligent call routing
3.7.3 Automatic call distribution queuing management
3.7.4 Fax-on-demand
3.8 Regulatory landscape
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.2 Industry pitfalls & challenges
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.