Cloud PBX Market Dynamics And Trends, Efficiencies Forecast 2024

Companies in the cloud PBX market have been at a profitable position during and post the COVID-19 outbreak. Since most businesses have been working remotely due to work from home protocols, the demand for cloud PBX (Private Branch Exchange) has witnessed a spike in 2020. Even as offices in countries such as India and the U.S. are reopening, countries including Saudi Arabia, France, Germany, and Spain are still facing challenges in controlling the pandemic.

Nomadix Inc. – a California-based developer of network gateway equipment is acquiring recognition for its new cloud PBX service meant for reliable and clear communications in hotels. Since the hospitality industry is navigating through the challenges imposed by the coronavirus pandemic, hoteliers are adopting cloud PBX solutions to cut costs without compromising on quality and safety. This is expected to drive the cloud PBX market during the forecast period.

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In-house Knowledge, Right Support Partner Help Ease Transition toward Cloud

The cloud PBX market is estimated to reach a revenue of US$ 68.3 Bn by the end of 2030. However, the transition from traditional PBX to cloud poses common challenges such as recognizing proper resource collaboration and limitations in bandwidth may affect market growth. Hence, there is a need for training of employees to increase in-house knowledge of users and collaborating with the right support partner to ensure high quality connection in corporate networks.

Defending against the constant threat of cyber-attacks has become a top priority for stakeholders in the BFSI, retail, and government sectors. Companies in the cloud PBX market are capitalizing on this issue and increasing the availability of software solutions.

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Integrated Communication Platforms to be Next Step for Cloud PBX

The cloud PBX market is projected to advance at a striking CAGR of ~14% during the forecast period. Software developers are creating new integrated platforms to combine different communication tools within a single package. Companies such as Nextiva, RingCentral, Avaya, and GotoConnect are gaining recognition for their integrated cloud PBX platforms.

The proliferation of artificial intelligence (AI) and learning algorithms in the cloud PBX market is creating long-term business opportunities for companies. Modern chat-bots hold promising capabilities for speech to text, sentiment analysis, and natural language processing. These technologies are being used to transcript conversations, identify what a caller is asking, and understand the intent behind those requests.

Improvements in QOS Schemes, VoIP Technology Translate into Growth Opportunities

High quality voice calls and scalability are now at the top of the mind for every business. Companies in the cloud PBX market are becoming cognizant about consumer needs, and are improving their quality of service (QOS) schemes to offer better compression rates and high Internet speeds. They are investing in R&D to enhance voice communication via the Internet.

Businesses frequently grow and contract over a period of time. This has fueled the need for scalable cloud PBX platforms that adapt with the proportion of business requirements. With the help of in-house PBX, users are able to reserve resources and pre-allocate space for future business expansion plans. Companies in the cloud PBX market are innovating in cloud hosted VoIP systems to offer real-time access toward statistics and business activities to track ongoing and missed calls and active or available agents.