Dublin, Aug. 24, 2021 (GLOBE NEWSWIRE) -- The "Global Hosted PBX Market (2021-2026) by Component, Services, Organization Size, Vertical, Geography, Competitive Analysis and the Impact of COVID-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Hosted PBX Market is estimated to be USD 5.7 Bn in 2021 and is expected to reach USD 11.3 Bn by 2026, growing at a CAGR of 14.5%.
Hosted PBX allows employees to work from home and still be connected to the office telephone system. The initiative of work from home due to the Covid-19 pandemic is driving the market growth for Hosted PBX.
Due to the significant cost savings offered by Hosted PBX in telecom infrastructures, such as installation, operation, and maintenance costs, there is an increase in the demand among organizations for the installation of hosted PBX. Hosted PBX provides add-on benefits that authorize organizations to extend their telephone lines virtually with the use of softphones, thereby eliminating the need for dedicated hardware or device and the costs involved.
Conversely, the security and privacy concerns are likely to hinder the market growth. As voice quality and connectivity depend on Internet bandwidth, any disruptions on the internet results in loss of phone service. Furthermore, the unfamiliarity of hosted PBX users with VoIP technology and support problems from hosted PBX service providers pose challenges in the growth of the market.
Some of the companies covered in this report are At&T, Cisco, BT Group, 8*8, Avaya, MegaPath, Polycom, Ringcentral, Ozonetel, Comcast Business, Bullseye Telecom, Telesystem, Mitel Networks, 3CX.
By Component, the Services segment is expected to hold the largest market share during the forecast period. Services are evolving as an important aspect, as vendors are offering integrated service packages along with IP telephony solutions to their clients. In addition, it delivers secure, reliable phone service to an organization through the already installed Internet connection instead of a privately managed call controller or server. Hence hosted PBX services contribute to the maximum market share.
By Services, the Virtual Deployment and Setup segment holds the largest market share. This service enables deploying and setting up IP telephony to the enterprises by providing virtual support and assistance via the internet. Thus organizations save all the set-up and installation costs required for conventional PBX.
By Organization Size, Large Enterprises holds the maximum market share. Almost all large enterprises have increased the purchases of hybrid cloud systems. This growth will be likely to contribute to the maximum market share for hosted PBX. Also, the increased reliability of cloud communications among large enterprises is likely to boost market growth.
By Vertical, Healthcare vertical is estimated to hold the largest market share. The Healthcare sector is increasingly adopting hosted PBX solutions and associated services, as these solutions and services provide an easy way to communicate with the patients and provide the necessary care. To provide immediate care after communication among staff members, healthcare verticals actively adopt hosted PBX and UCaaS.
Rising Need for Enterprise Mobility
The significant Cost Savings in Telecom Infrastructure
Rising Adoption of the Cloud and Unified Communications
The necessity to Upgrade From Traditional PBX to Cloud-Based PBX
Security and Privacy Concerns
Rising Adoption of the Telco Cloud
Advent of Webrtc
Growing Trend of Network Convergence and UC Applications
Growing Concerns About QOS
Key Topics Covered:
1 Report Description
2 Research Methodology
3 Executive Summary
4 Market Overview
5 Market Analysis
6 Global Hosted PBX Market, By Component
7 Global Hosted PBX Market, By Services
8 Global Hosted PBX Market, By Organization Size
9 Global Hosted PBX Market, By Vertical
10 Global Hosted PBX Market, By Geography
11 Competitive Landscape
12 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/j3hmcr
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