Dublin, Jan. 19, 2021 (GLOBE NEWSWIRE) -- The "US Cloud PBX Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Enterprise Size and End User" report has been added to ResearchAndMarkets.com's offering.
US Cloud PBX Market was valued at US$ 1,299.0 million in 2019 and is projected to reach US$ 3,262.0 million by 2027; it is expected to grow at a CAGR of 10.8% from 2020 to 2027.
The advantage of developed economies and highly advanced technologies gives ample opportunities to SMEs to better fulfill the requirement for their operations. The software industry is expanding, and their growth is rising at a decent pace. Moreover, with a rise in usage of Internet-based applications in various departments due to ease of operation, the adoption of cloud solutions by companies is increasing exponentially. This has raised the scope of cloud-based PBX as well. Cloud PBX allows organizations to connect globally at an ease.
Other factors contributing to the cloud PBX growth in US include strategic shift in the businesses regarding communications solutions to cloud in order to enhance their operating efficiencies, and need for the SMEs to leverage their technology to stay competitive in the market, which in response is expected to foster the demand for outsourced communications technology.
There are around 2.9 million small offices/home offices and over 2.7 million SMEs with up to 250-300 employees in the US. Moreover, these SMEs employ over 58 million people, and majority of these businesses are still caught on time-division multiplexing. Also, as per FCC's data, majority of the US landlines are VoIP overall, business lines still lag the overall market; just 40% of business lines are VoIP. This would provide a great opportunity to the cloud PBX players in the near future as these businesses are highly adopting cloud technologies.
Companies adopt inorganic market strategies to expand their footprints across the world and meet the growing demand. The Cloud PBX market players mainly focus on the acquisition strategy to expand their business and maintain their brand name globally. For instance, in 2020, Cisco acquired BabbleLabs. This acquisition helped enhance video meeting experience with noise removal and speech enhancement technology.
Impact of COVID-19 on Cloud PBX market
The complete lockdown and "work from home" trend in the US have significantly demanded collaboration through online platforms. The cloud PBX market is gaining high traction during the coronavirus outbreak. The demand for cloud PBX solutions is increasing as employees are working from remote locations.
Coordination with the employees and availability of advanced telecommunication infrastructure is the key factor creating the demand for cloud PBX solutions during the pandemic in the US. Moreover, it is expected to witness high demand for communication platform due to the presence of a large number of SMEs in the country. Vendors are highly focused on tapping the market opportunities during the pandemic.
Key Topics Covered:
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
2.1 US Cloud PBX Market Overview
2.2 Medium Enterprises held the Largest Share of US Cloud PBX Market
2.3 IT & Telecom Segment held the Largest Share of US Cloud PBX Market
2.4 Strategic Partnerships and Developments among the Cloud PBX Market Players in the Ecosystem is Fuelling the Growth of Cloud PBX Market
3. Research Methodology
4. US Cloud PBX Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Cloud PBX Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Demand for Effective Communication in Enterprises
5.1.2 Growing Focus Towards Reducing the Operational Costs Is Driving the Adoption of Cloud PBX
5.2.1 Increasing Security Concerns
5.3.1 Introduction of 5G to Provide Growth Benefits to Cloud PBX Operators
5.4 Future Trends:
5.4.1 Availability of Integration Support and Migration Strategies Are the Key Trend in The cloud PBX market
5.5 Impact Analysis
6. Cloud PBX Market - US Analysis
6.1 Cloud PBX Market US Overview
6.2 US Cloud PBX Market - Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning - Key Players
7. Cloud PBX Market Analysis - by Enterprise Size
7.2 US Cloud PBX Market Breakdown, by Enterprise Size, 2019 & 2027
7.3 Small Enterprises
7.4 Medium Enterprises
8. Cloud PBX Market Analysis - by End-User
8.2 US Cloud PBX Market Breakdown, by End-User, 2019 & 2027
8.3 IT & Telecom
9. Impact of COVID-19 on US Cloud PBX Market
10. US Cloud PBX Market- Industry Landscape
10.2 Market Initiative
10.3 Merger and Acquisition
10.4 New Development
11. Company Profiles
11.1 Key Facts
11.2 Business Description
11.3 Products and Services
11.4 Financial Overview
11.5 SWOT Analysis
11.6 Key Developments
Cisco Systems, Inc.
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