Pune, India, July 22, 2019 (GLOBE NEWSWIRE) -- The cloud PBX market is expected to reach a valuation of USD 20.83 billion by the end of the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global cloud PBX market is expected to exhibit a strong 13.2% CAGR over the forecast period due to the growing demand for enhanced customer relationships in various sectors.

Cloud PBX is basically the process of transferring the load of managing voice calls and other telephony to the cloud, making it a VoIP, or Voice over Internet Protocol, network. Using an Internet-based phone system has threefold benefits for end users. The first of these is the low upfront cost of installing cloud PBX systems in existing enterprise infrastructure as well as the cost benefits of not needing to maintain and upgrade telephone lines. The second one comprises the ease of managing telephony networks with the help of cloud PBX, as it simplifies the available telephone networks and reduces the complexity. Last but not the least is the ability of cloud PBX to host multiple virtual networks without the need for separation or isolation methods, further aiding efficiency and cost savings.

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The growing need to enhance the CRM capabilities in sectors such as healthcare, government, and BFSI is likely to drive the cloud PBX market over the forecast period. Combining cloud telephony with CRM software increases the capability of the latter and makes customer interactions a breeze for the client. This is likely to be a major driver for the cloud PBX market over the forecast period.

Competitive Analysis:

Leading players in the global cloud PBX market include Panasonic Corporation, NEC Corporation, MegaPath Inc., Mitel Networks Inc., BullsEye Telecom Inc., Allworx Corporations, D-Link System Inc., Cisco System Inc., Vonage America Inc., Barracuda Networks Inc. (Cudatel), Avaya Inc., RingCentral Inc., Nextiva Inc., and Skype (Microsoft).

In June 2019, Windstream, a leading provider of voice and data networks and management services, relaunched its Virtual PBX for Hospitality. The program links with the respective hotel’s existing management solutions, making installation and integration a breeze.

The same month, CBTS announced the launch of a new cloud calling solution from Cisco, named Cloud Calling by CBTS.

Segmentation:

The global Cloud PBX Market is segmented on the basis of service, organization size, end user, and region.

On the basis of service, the global cloud PBX market is segmented into managed services, professional services, network services, and IT and cloud services. Professional services are likely to dominate the global cloud PBX market over the forecast period.

On the basis of organization size, the cloud PBX market is classified into small and medium enterprises (SME) and large enterprises. Large enterprises are likely to dominate the global cloud PBX market over the forecast period due to the higher need for cloud calling in large enterprises. The large enterprises segment is expected to exhibit a robust 23.65% CAGR over the forecast period from 2017 to 2023, rising to a valuation of USD 3,699.61 million by 2023.

By end use, the cloud PBX market is segmented into BFSI, healthcare, retail, government, real estate, and others. Healthcare is likely to be the dominant end user of cloud PBX services over the forecast period.

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Regional Analysis:

North America is likely to dominate the global cloud PBX market over the forecast period due to the widespread adoption of cloud technology and widespread installation of cloud infrastructure, giving developers free reign to utilize the potential of cloud technology in a number of diverse industrial and commercial applications. The presence of many large enterprises in the U.S. and Canada is also likely to be a major driver for the cloud PBX market in the region over the forecast period. North America held a 40.8% share in the global cloud PBX market in 2017 and is expected to exhibit the fastest CAGR over the forecast period.

Asia Pacific is also likely to emerge as a leading regional market for cloud PBX solutions over the forecast period, led by China. The increasing demand for advanced telecommunication technology in emerging economies in the region is likely to play a key role in the development of the cloud PBX market in Asia Pacific over the forecast period.

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