Market Analysis
The cloud PBX market size is predicted to touch USD 5169.3 million at a 23.17% during the forecast period (2020- 2027), states the latest Market Research Future’s (MRFR) cloud PBX market forecast report. The report highlights the primary industry drivers as well as regulations and highly price-sensitive consumers that are hampering the growth of the cloud PBX market.
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.
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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.
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
- 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)
Reasons for Buying This Report:
- It Provides A Forward-Looking Perspective on Different Factors Driving or Restraining Market Growth.
- It Provides Five-Year Forecast Assessed based on How the Market Is Predicted to Grow.
- It Helps in Understanding the Key Product Segments and Their Future.
- It Provides Pinpoint Analysis of Changing Competition Dynamics and Keeps You Ahead of Competitors.
- It Helps in Making Informed Business Decisions by Having Complete Insights of Market and By Making an In-Depth Analysis of Market Segments.
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