The global Virtual PBX market is projected to be driven by the fact that it helps in the reduction of total cost of ownership. A hosted PBX system helps reduce the total cost of ownership by minimizing capital expenditure as the system requires only the yearly phone fee unlike an on-premise PBX solution which requires PBX server, annual maintenance, and in-house IT staff. There are numerous additional benefits apart from the quantifiable benefits of a hosted PBX solution that are hard to quantify, such as freeing up staff time who would have been managing on-premise PBX, increased employee productivity, and improved customer satisfaction. Also, by paying monthly subscription charges, companies could convert their capital expenditure into operational expenditure. Cost savings through reduced phone and fax charges, eliminating PBX hardware requirements, and reduced administration costs is driving the Virtual PBX market.
However, incompatible hardware and equipment is one of the main reasons for interruptions in the Virtual PBX service. Many old routers cannot support Virtual PBX systems and data transfer. Other network hardware such as switches could also run into compatibility issues with Virtual PBX protocols. Any obsolete network that still utilizes old and improper hardware could be a major and continuing issue and these act as restraints of the market. The global Virtual PBX market is anticipated to reach US$ 14,368.4 Mn by 2026 at a CAGR of 15.3% during the forecast period from 2018 to 2026.
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Companies spend on Virtual PBX to increase efficiency, optimization, and speed and timing of logistic services, thereby increasing customer satisfaction and revenue. Amidst a range of rapid technological evolutions and in an increasingly digital environment where digital transformations are affecting the industry, most senior management members of various companies appreciate cloud based solutions (to engage with customers, and optimize production and operations) as major areas of investment.
A cloud-based PBX system offers cost advantage as the main cost factor of a cloud-based system is its service charge, while eliminating the cost of upgrading hardware and software, phone lines, and reassigning staff to other tasks in the business. Virtual PBX helps lighten the cost burden. Administration and operations count for major cost savings for a cloud-based PBX over an on-premise PBX. It reduces network complexity, allowing cloud service providers to host several virtual networks and also reduces the implementation and activation time. Due to the rising adoption of telco cloud, small and medium sized businesses are deploying more and more Virtual PBX, which creates ample opportunities for service providers to capture more market share.
Several strategies and approaches have been established to increase the efficiency of companies over the years. Cloud based solution is considered to be one of the most promising factors in these strategies. Startups as well as leading players in the market are prepared to collaborate with each other and complement their offerings. Collaboration of offerings encourages collaborative working, allowing key players to retain their dominance. The deal becomes a win-win for the two companies as the new player gets easy access to the market which might not be welcoming and the market leaders increase their efficiency and develop new business models, such as shared networks.
Growth in mobile telecommunication technology has enabled people to remain connected to the Internet from anywhere in the world. This has created the need to develop specialized solutions for mobile operating systems such as Android and iOS. Companies in the Virtual PBX market are also working on maximizing the bandwidth speed. The VoIP system makes use of a variety of codecs to decompose and compress voice data, which is further allowed to travel over the internet. Hence, growth in mobile telecommunication technology is also boosting the Virtual PBX market growth.
The global Virtual PBX market has been segmented based on enterprise size and region. In terms of enterprise size, the market has been classified into small & micro enterprises, medium enterprises, and large enterprises. Growing adoption of hosted PBX across enterprises is expected to fuel the decrease in the price of PBX hardware and license/ subscriptions across all the regions in the coming years.
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In terms of region, Americas is projected to lead the global Virtual PBX market with most of the contribution from the U.S., during the forecast period. Virtual PBX requires active and flexible IT support, which is provided by the majority of companies in the region, leveraging the IT infrastructure of the region. Americas dominates the global Virtual PBX market primarily due to increase in adoption of cloud solutions. The market in Asia Pacific is anticipated to expand at a rapid pace due to rising use of internet and cloud solutions. Furthermore, the market in Europe, MEA, and South America are expected to witness strong growth during the forecast period.
The research study of the global Virtual PBX market includes profiles of leading companies operating in this market. Key players profiled in the report include 3CX Ltd., Alpha Telecom Services Inc., Mitel Networks Corporation, RingCentral, Inc., BroadSoft, Inc., BCE Inc., TELUS, TeraGo Networks Inc., 8×8, Inc., Digitcom, AllStream, Inc., Voysis IP Solutions Inc., AstraQom, Introtel, Birch Communications, Inc., and Nextiva, Inc.
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