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 increasing globalization of organizations. When trade agreements between countries increase and the laws and regulations regulating the entry of foreign companies become more convenient, organizations are exploring new geographies to expand their business. As a result, there is a growing need to establish a unified communication system for effective collaboration between employees. This drives the market for virtual PBX solutions among organizations.
The rising need among organizations to minimize operating costs is also driving the adoption of virtual PBX solutions. As the pressure to reduce operating costs is rising, companies are pushing forward with cost-effective solutions to reduce the overall cost of ownership. Digital PBX allows the enterprise to significantly reduce costs by reducing hardware costs and delivering pay as you use the platform. In addition, the scalability and versatility provided by virtual PBX solutions also increase their demand among organizations.
The virtual PBX market is created by applications in the BFSI, IT & Telecom, Retail, Business, Education, Manufacturing, Healthcare and other industry sectors. It is projected that IT & telecommunications account for a majority market share of more than 30% in the virtual PBX sector due to the increasing digitalisation of the industry. On the other hand, the healthcare sector is expected to grow significantly during the forecast period due to the growing need among health institutions to improve employee coordination and to provide cohesive communication solutions.
The Asia-Pacific virtual PBX market is expected to grow significantly at a CAGR of more than 22 per cent during the forecast period due to the growing digitization between industry verticals in the region. The growing demand for video conferencing solutions, along with other unified collaboration solutions between small and medium-sized enterprises in the area, is also a key driver of market growth.
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.