Cloud PBX Market Growth Accelerated to Hit a 21.43% CAGR by 2030 – Report by Market Research Future (MRFR)
Growing Adoption among Businesses to Stay Competitive Across the Globe
New York, US, Nov. 23, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Global Cloud PBX Market, by service, organization size, end-user – Forecast till 2030”, the global cloud PBX market is poised to garner USD 68.4 billion by 2030, growing at a 21.43% CAGR throughout the review period (2020-2030).
Cloud PBX Market Overview
The global cloud PBX market is forecasted to garner rapid revenue growth. The proliferation of digital transformation and cloud infrastructure across industries will offer a huge impetus to market growth. Cloud PBX (CPBX) adds features to existing infrastructure for every service operator and provider. Lean and self-sufficient CPBX features outstanding simplicity & great usability and easily scales to multiple PBX phone systems, allowing customers to experience voice-over IP and cloud calls. Enterprises of all sizes worldwide are undergoing tremendous digital transformation. They are increasingly adopting cloud infrastructure to incorporate cloud-hosted platforms and services into their organizational structure.
With CPBX, telcos offer next-generation access and provide cloud communication services to businesses. Rising customers’ demand for high-quality and easy-to-use hybrid PBX solutions from telcos and enterprises boosts market value. Due to the significant transition from on-site to cloud environments, the market is projected to witness vast traction in the next few years.
Players leading the cloud PBX market include,
- Microsoft Corporation (Skype – US)
- Nextiva Inc. (US)
- RingCentral Inc. (US)
- Avaya Inc. (US)
- Barracuda Networks Inc. (CudaTel – US)
- Vonage America Inc.(US)
- Cisco System Inc.(US)
- D-Link System Inc. (Taiwan)
- Allworx Corporations (US)
- BullsEye Telecom Inc. (US)
- Mitel Networks Inc. (Canada)
- MegaPath Inc. (US)
- NEC Corporation (Japan)
- and Panasonic Corporation (Japan)
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Global Cloud PBX Market Key Trends
In today’s competitive environment, businesses must adopt a hybrid workplace in their organizational culture and procedures to remain at the forefront of the competition. Businesses of all sizes intend to support a hybrid workplace, as maintaining a hybrid workplace is crucial to stay competitive in the market and to attract & retain talented employees.
However, remote working poses significant challenges for companies, criticalities in adopting new digital technologies, and a shift in organizational culture that promotes the need for new work strategies to meet business objectives on time. In such scenarios, a cloud PBX system with functions like auto attendant, advanced call handling, call recording & monitoring, reporting & analytics, and that can support online faxing & video conferencing becomes imperative.
Cloud PBX Market Report Scope:
|Cloud PBX Market Size by 2030||USD 68.4 Billion|
|Cloud PBX Market CAGR during 2020-2030||21.43%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||There are factors majorly contributing to boost the opportunities for the growth of the cloud PBX market.|
|Key Market Drivers||The factor that contributes to the growth of the cloud PBX market is the cost advantage in overall upfront cost|
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Global Cloud PBX Market Segments
The cloud PBX market analysis is segmented into services, organization size, end-users, and region. The service type segment is sub-segmented into managed services, professional services, network services, IT, and cloud services. The organization size segment is sub-segmented into small & medium enterprises (SMEs) and large enterprises.
The end-user segment is sub-segmented into real estate, BFSI, healthcare, government, retail, and others. The region segment is sub-segmented into the Asia-Pacific, Americas, Europe, and rest-of-the-world.
Global Cloud PBX Market Regional Analysis
North America dominates the global cloud PBX market. The largest market share is attributed to major cloud telephony solution & services providers and well-established IT infrastructure, delivering enterprise applications & services seamlessly.
Besides, the increasing adoption of cloud-based IT services among many organizations positively influences the market growth. Moreover, heavy investments made by major industry players and mobile service providers drive regional market growth. The US, Canada, and Mexico are the leading cloud PBX markets in the region.
Europe is another rapidly growing market for cloud PBX on the global platform. Market players in the region look for innovative and highly experienced telecom service operators with modern sales & marketing approaches and automated processes to lead their operations across the region. Suppliers can help them break into other European markets faster, making the transaction beneficial for all parties involved.
Such a powerful combination of partner and online sales can not only lead to strong B2B growth but also can speed up their internationalization process significantly. They also strive to get access to a product portfolio that can position them as an innovation leader in local and regional markets today and tomorrow. Also, shareholders look for strategic partners to accelerate impressive growth.
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Cloud PBX Market Competitive Analysis
The highly competitive cloud PBX market appears fragmented due to the competitive landscape formed by many notable players and new entrants. Product launch, agreement & partnership, M&A, and expansion are the key strategic initiatives traced from the recent proceedings in the market.
Leading cloud PBX providers look for unified communications platform developers to partner with to develop solutions suitable for Telcos & Enterprises. As such, collaborations enable them better to serve telecom and internet service providers (ISPs), simplifying their power telephony communications.
For instance, on Oct. 25, 2022, Dstny, a leading business communications provider across Europe, and EasyBall, a cloud communication challenger providing Cloud PBX and VoIP telephony to B2B customers in Germany to reach pan-European coverage. The acquisition of this cloud-native company is crucial for Dstny’s growth strategy adding a new country and new capabilities to the group.
In another instance, on Oct. 06, 2022, InteractiveTel, a leading provider of AI-driven communications services & customer interaction analytics, announced the acquisition of TruMobility, a leading business VoIP service provider, to expand its reach of customer interaction and communications powerhouse in the automotive industry. TruMobility offers bundled and integrated hosted VoIP to small business customers.
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InteractiveTel acquired TruMobility’s customer base, giving them access to its industry-leading platform and solutions, TotalCX customer experience intelligence, and SenseiCX call performance training solution. It also acquired TruMobility’s contract with a leading data center in Seattle, another expansion point for West coast coverage. Growing its customer base is part of InteractiveTel’s growth strategy, and it plans to improve customer experience and change consumer perception in the automotive industry.
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