New York, United States , Jan. 25, 2024 (GLOBE NEWSWIRE) -- The Global Hosted PBX Market Size is to Grow from USD 10.7 Billion in 2022 to USD 43.4 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 15.7% during the projected period. The hosted PBX market include shifting focus towards enterprise mobility, cost-benefits over traditional PBX networks is boosting the demand for the global hosted PBX market.
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A telephone exchange system created, supplied, and overseen by a third-party service provider is known as a hosted private branch exchange or hosted PBX. It is an IP-based phone service that can only be accessed and provided online. Because hosted PBX is a dependable and appropriate option for companies that require a centralized, dependable phone system without the hassles of on-site setup and maintenance fees, the global hosted PBX market is growing. Cloud-based telecommunication allows for the making, routing, and rerouting of calls from office phones as well as other suitable devices, including laptops, iPads, desktop PCs, and mobile phones. The expanding acceptance of cloud computing has led to a huge increase in the rate of hosted PBX usage. Because of the cloud's scalability and added compliance benefits, users' adoption of hosted PBX has increased dramatically. When many providers and technologies are employed, compatibility issues may arise, increasing complexity and obstructing the smooth operation of hosted PBX systems inside bigger IT infrastructures. Compatibilities between hardware, software, or communication protocol versions can exacerbate these issues, making it challenging for businesses to create a cohesive and integrated communication environment.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Hosted PBX Market Size, Share, and COVID-19 Impact Analysis, By Component (Solution, Service), By Organization (Large Enterprises, SMEs), By End-user (Healthcare & Life Sciences, BFSI, Retail & eCommerce, Manufacturing), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The service segment is predicted to grow at the fastest rate in the global hosted PBX market during the forecast period.
The global hosted PBX market is divided into two segments based on components: solutions and services. The service segment is projected to expand at the fastest pace in the global hosted PBX market throughout the forecast period. This is because providers are offering their customers integrated service packages that include IP telephony solutions, which is why services are becoming more and more important.
The SMEs segment is expected to grow at the highest pace in the global hosted PBX market during the estimated period.
The global hosted PBX market is classified into large enterprises and SMEs. SMEs are projected to expand at the fastest rate in the global hosted PBX market during the forecast period. This enables them to consistently communicate and operate at a high level regardless of their location. Because hosted PBX systems are easy to set up and maintain, they are very popular among SMEs without dedicated IT staff.
The healthcare & life sciences segment is anticipated to hold the largest share of the global hosted PBX market during the forecast period.
The global hosted PBX market is divided into healthcare & life sciences, BFSI, retail & eCommerce, and manufacturing segments based on end users. The healthcare & life sciences segment is projected to account for the majority share of the global hosted PBX market throughout the forecast period. This is because it is a crucial activity that necessitates efficient coordination between numerous parties, including doctors, nurses, administrators, and patients. Systems for hosted PBXs offer the features and functionalities needed to facilitate safe and efficient communication among healthcare institutions.
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North America is anticipated to hold the largest share of the global Hosted PBX market over the predicted timeframe.
North America is expected to hold the greatest share of the global hosted PBX market in the coming years. This is because more people are requesting cloud-based services, scalability, cost reductions, and improved functionality. Official data indicates that hosted PBX is becoming more and more popular in North America and will continue to do so in the years ahead.
Asia Pacific is anticipated to expand at the fastest rate in the global Hosted PBX market throughout the forecast period. In developing countries such as China and India, small and medium-sized firms (SMEs) are looking for cost-effective communication solutions to manage their remote workforces and expand into new markets.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Hosted PBX Market include BullsEye Telecom, Vonage America, Nextiva, D-Link System, Allworx Corporations, NEC Corporation, RingCentral, Panasonic Corporation, Cisco system, Barracuda Networks, MegaPath, Avaya, Microsoft Corporation, and others.
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Recent Developments
- In October 2023, Microsoft unveiled Teams, its cloud-based platform for collaboration, with a new AI-powered feature that offers real-time transcription and insights into call and meeting statistics. The features are intended to increase effectiveness and productivity. Additionally, they collaborate with Microsoft Viva, an employee experience platform, to provide additional AI-enabled features. The new features can now be utilized.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Hosted PBX Market based on the below-mentioned segments:
Global Hosted PBX Market, Component
- Solution
- Services
Global Hosted PBX Market, By Organization
- Large Enterprises
- SMEs
Global Hosted PBX Market, By End-user
- Healthcare & Life Sciences
- BFSI
- Retail & eCommerce
- Manufacturing
Global Hosted PBX Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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