Cloud PBX Market Analysis

Cloud PBX Market is Predicted to Reach US$ 68.4 Billion by 2030 Registering a CAGR of 21.43%, states the latest Market Research Future’s (MRFR) cloud PBX market forecast report. The research report provides an in-depth analysis of the Cloud PBX Market trends, latest developments, scenario, market size, various drivers, restraints, and major players along with their profile details. The report also highlights the emerging growth opportunities, market dimensions, and also covers the current COVID-19 impact on the market. The study has revealed that the increasing demand for internet-based video and voice service and audio is the primary factor that influences the global Cloud for the PBX market 2022. Besides, the trend of high adoption of Cloud for PBX and increasing demand for 5G technology will propel the communication services in the forthcoming period. The low cost of Cloud for the PBX market as compared to other analog PBX systems has also aided in the expansion of the market at a global level.

Report Overview:

The global cloud PBX market in the global market research report consists of the following elements which are mentioned down below-

Market overview
Covid 19 analysis
Market dynamics
Market segmentation
Regional analysis
Competitive landscape
Recent developments
Intended Audience
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Cloud PBX Market Drivers/Cloud PBX Market Trends

Reduced Operation Cost to Boost Market Growth

The reduced cost of operation will boost the market growth. The cloud PBX has reformed and revolutionized the communication process in the business organizations by allowing access to various forms of communication (text messaging, video, and audio), through an IP network. The communication technology provides myriad perks over traditional PBX, yet the cost-effectiveness offered by the cloud PBX over on-premise PBX is the key factor, which has boosted its need in the past years and is likely to influence the cloud PBX market growth in the coming years.

Cloud PBX Market Opportunities

Proliferation of AI and Learning Algorithms to Offer Robust Opportunities

The proliferation of AI and learning algorithms will offer robust opportunities for the market in the forecast period. It is creating long-term business opportunities for organizations. The modern chat-bots hold promising capabilities for natural language processing, sentiment analysis, and speech to text. Such technologies are used to transcript conversations, identifying what a caller ask, and understand the intent behind such requests.

Restraints and Challenges

Integration with CRM to act as Market Restraint

The integration of the system with customer relationship management may impact the global cloud PBX market share over the forecast period.

Cloud PBX Market COVID-19 Analysis

The COVID-19 pandemic had a highly positive impact on the cloud PBX market. Most of the businesses are working remotely owing to work from home protocols that has increased the need for cloud PBX. The outbreak has led to a dramatic acceleration in interest & adoption of cloud PBX. It solves business challenges of clients like low brand image and limited business reach. This is being attained by offering interactive voice response in platforms and the VoIP technology in systems.

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Cloud PBX Market Segmentation

By organization size, the large enterprise will lead the market over the forecast period and will touch USD 3,699.61 million at a 23.65% CAGR by 2027.

By service, the professional service will dominate the market over the forecast period.

By end user, the healthcare segment will spearhead the market over the forecast period.

Regional Analysis

North America to Precede Cloud PBX Market

North America will precede the market over the forecast period. High adoption of cloud technology, and high technological advances are adding to the global cloud PBX market growth in the region. It had a market share of 40.80% in 2017 and was valued USD 604.04 million.

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Cloud PBX Market Key Players

Eminent players profiled in the global cloud PBX market report include -

Microsoft Corporation(Skype) (U.S)
Nextiva Inc.(U.S)
RingCentral Inc.(U.S)
Avaya Inc.(U.S)
Barracuda Networks Inc. (CudaTel) (U.S)
Vonage America Inc.(U.S)
Cisco system Inc.(U.S)
D-Link System Inc. (Taiwan)
Allworx Corporations (U.S)
BullsEye Telecom Inc (U.S)
Mitel Networks Inc. (Canada)
MegaPath Inc.(U.S)
NEC Corporation (Japan)
Panasonic Corporation (Japan)
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