New York , Feb. 20, 2024 (GLOBE NEWSWIRE) -- The global hosted pbx market size is slated to expand at 15% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 264 billion by the end of 2036, up from a revenue of USD 63 billion in the year 2023.The rising small-size enterprises – Small businesses are growing at the rate of more than 10% to 23% per year as per the statistical data in 2021. The demand for hosted PBX services by small enterprises to reduce the machinery maintenance and purchase costs as well as employee services is predicted to drive the market growth.
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In addition, demand for remote work worldwide is propelling the market growth in the coming years. As of 2022, over 68% of the companies offered work from home, and 17% of companies are still allowing working from home in 2024. The growing benefits of hosted PBX systems for business owners owing to lower ownership cost and high protection against security breaches and promoting privacy and security of communications is likely to boost the market size.
Hosted PBX Market: Key Takeaways
- Market in North America region to propel the highest growth.
- The BSFI segment to garner the highest growth
- Market in Asia Pacific region to grow at the highest rate
The Growth of the Hosted PBX Market
The e-commerce sector is on the rise which is reckoned to hike the market growth during the forecast period. The worldwide sales of the e-commerce sector in the year 2021 reached USD 5 trillion and are projected to grow by 60% in 2026 registering a value of USD 8 trillion. The e-commerce industry requires easy and accessible customer service which provides reliability to answer queries, solve issues, and provide high-quality customer care. All these needs are met with the integration of hosted PBX systems.
Hosted PBX Industry: Regional Overview
The global hosted pbx market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Escalating Natural Calamities and the Need for Safe Backup are Proliferating Market Growth in the North America Region
The North America region market is outlined to secure a market share of 32% in the year 2036 owing to the prevalence of natural calamities such as tornadoes, cyclones, hurricanes, and earthquakes. Also, the rising preference and adoption of bring your own device (BYOD) is aggregating the progression of the market. Further, an increasing percentage of people doing work-from-home jobs in the region is determined to propagate the market size. More than 65% of the people in America are working white collar jobs with over 40% of them working mostly remote jobs and 25% of people working remote jobs for some time.
Expanding Demand for Internet Infrastructure Facilities is Soaring the Market Expansion in Asia Pacific Region
The Asia Pacific region market is envisaged to acquire a market share of 26% in the coming years on account of the growing internet infrastructure in the region. The Advanced Wireless Network of Thailand declared the plan to own 99% interest in Triple T Broadband for USD 55 million and 20% interest in Jasmine Broadband Internet Infrastructures for USD 13 billion in 2022. The digitalization of the systems and enlargement of the internet services to deploy a high-speed network is intensifying the growth of the market.
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Hosted PBX Market Segmentation by End-User
- BSFI
- Healthcare
- Government
- Retail
- Manufacturing
The BSFI segment of the hosted PBX industry is foreseen to secure a significant market share of 35% during the forecast period owing to the fueling need for financial services including the fintech sector and the rising economy. The startup Fintech companies in India ranked 2nd in terms of receiving funds by collecting a value of USD 6 billion in 2022. The institutional investors of fintech in India redoubled from 535 in 2021 to 1019 in 2022. The hosted PBX service facilitates call routing, call recording, voicemail-to-email services is mounting the market segment size.
Hosted PBX Market Segmentation by Organization Size
- Large Enterprises
- SMEs
SMEs segment from the hosted PBX industry is protruded to register a sustainable market share of 52% in the coming years. The requirement for security and safe communication platform with less budget for the small scale and medium-scale enterprises is proposed to reinforce the market segment. Nearly 95% of the business owners reported an improvement in security with the use of cloud-based communication solutions.
Hosted PBX Market Segmentation by Component
- Solution
- Services
A few of the well-known market leaders in the global hosted PBX industry that are profiled by Research Nester are RingCentral, Inc., 8*8, Inc., Vonage Holdings Corporation, Nextiva Inc., Jive Communications Inc., Comcast Corporation, Fusion Connect, Inc., Dialpad Inc., Mitel Networks Corporation, Cisco Systems, Inc., and others.
Recent Development in the Market
- Fusion Connect, Inc. is a global supplier of Managed Communication Service Provider and Microsoft Cloud Solution Provider. The company sells Operator Connect for Microsoft Teams facilitating the firms to utilize calling feature to their necessary collaborative platforms for a seamless operation.
- RingCentral, Inc., a successful distributor of AI-powered enterprise cloud communications worldwide, with video meetings, collaboration, and contact center solutions announced the introduction of next generation communication system. The new communication solution is designed for the sake of frontline workers to enhance the employee or company-owned mobile devices. The improvement was made in terms of walkie-talkie, voice, Ai -powered video ability, team messaging, file transferring, and others.
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