- The virtual PBX market is driven by the increasing globalization of organizations.
- Digital PBX allows an enterprise to significantly reduce costs.
- The Asia-Pacific virtual PBX market is expected to grow significantly at a CAGR of more than 22%.
According to a new market research report published by Credence Research, the virtual PBX market is set to grow with a CAGR of 15.1% during the forecast period. PBX means Private Branch Exchange, a private communication network that can also be connected to conventional communication networks.
The virtual PBX market is driven by the increasing globalization of organizations. When trade agreements between countries increase and the laws and regulations regulating the entry of foreign companies become more convenient, organizations are exploring new geographies to expand their business. This presents a growing need to establish a unified communication system for effective collaboration between employees. This drives the market for virtual PBX solutions among organizations.
A rising need among organizations to minimize operating costs is also driving the adoption of virtual PBX solutions. Companies are pushing forward with cost-effective solutions to reduce the overall cost of ownership. Digital PBX allows an enterprise to significantly reduce costs by reducing hardware costs and delivering pay as you use the platform. In addition, the scalability and versatility provided by virtual PBX solutions also increase their demand among organizations.
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The virtual PBX market is created by applications in the BFSI, IT & Telecom, Retail, Business, Education, Manufacturing, Healthcare and other industry sectors. It is projected that IT & telecommunications account for a majority market share of more than 30% in the virtual PBX sector due to the increasing digitalization of the industry. On the other hand, the healthcare sector is expected to grow significantly during the forecast period due to the growing need among health institutions to improve employee coordination and to provide cohesive communication solutions.
The Asia-Pacific virtual PBX market is expected to grow significantly at a CAGR of more than 22 per cent during the forecast period due to the growing digitization between industry verticals in the region. The growing demand for video conferencing solutions, along with other unified collaboration solutions between small and medium-sized enterprises in the area, is also a key driver of market growth.
The prominent players of the virtual PBX market are 8×8 Inc, 3CX Ltd, AT&T Inc, BT GROUP PLC, Avaya, Bullseye Telecom, Cisco Systems, CenturyLink Inc, Comcast Business Services, Digium, Datavo, Ozonetel Communications Pvt Ltd, Interglobe Communications, Mitel Networks Corporation, MegaPath, Nexge Technologies Ltd, NovoLink Communications Inc, Nextiva Inc, OneConnect Inc, and Polycom Inc.