According to a new market research report published by Credence Research “Global Virtual PBX Market (Component (Solution, Service); Services (Bandwidth Management and Optimization, Compliance Management Services, Configuration and Change Management, Emergency Call Routing Services, Network Traffic Management, Online Charging Services, Protocol Management Services, Virtual Assistance and Support, Virtual Deployment and Setup); Enterprise Size (Large Enterprises, SMEs); Application (BFSI, Education, Government, Healthcare, IT & Telecom, Manufacturing, Retail, Others)) Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the virtual PBX market is set to grow with a CAGR of 15.1% during the forecast period.
The virtual PBX market is driven by the rapid globalization among the organizations. As the trade agreements among the countries are increasing and the laws and regulations for the entry of foreign companies are becoming more convenient, the organizations are exploring new geographies to expand their business. As a result, the need to establish a unified communication system for effective collaboration among the employees rises. This is driving the demand for the virtual PBX solutions among the organizations.
The growing need among the organization to reduce the cost of operations is also accelerating the adoption of the virtual PBX solutions. As the pressure to reduce the cost of operations is increasing, the organizations are shifting towards advance cost effective solutions to reduce the total cost of ownership. Virtual PBX enables the organization to significantly reduce the cost by eliminating the hardware cost and offering pay as you use model. Furthermore, the scalability and flexibility offered by the virtual PBX solutions also augments their demand among the organizations.
The virtual PBX market is bifurcated based on the application into the BFSI, IT & telecom, retail, government, education, manufacturing, healthcare and other industry sectors. IT & telecom is estimated to account for majority market share of over 30% in the virtual PBX market due to the increasing digitalization among the industry. On the other hand, healthcare sector is estimated to grow significantly during the forecast period due to the rising need among the healthcare institutes to enhance employee collaboration and provide unified communication solutions.
Asia Pacific’s virtual PBX market is estimated to grow considerably at a CAGR of over 22% during the forecast period due to the increasing digitalization among the industry verticals in the region. The growing demand for video conferencing solution along with other unified communication solutions among the SMEs in the region also acts a major driver for the growth of the market.
The prominent players of the virtual PBX market are 8×8 Inc, 3CX Ltd, AT&T Inc, BT GROUP PLC, Avaya, Bullseye Telecom, Cisco Systems, CenturyLink Inc, Comcast Business Services, Digium, Datavo, Ozonetel Communications Pvt Ltd, Interglobe Communications, Mitel Networks Corporation, MegaPath, Nexge Technologies Ltd, NovoLink Communications Inc, Nextiva Inc, OneConnect Inc, and Polycom Inc.
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