Hosted PBX Market
Hosted PBX Market (Enterprise Size - Small and Medium Enterprises (SMEs) and Large Enterprises; End-use Application - BFSI, Telecom and IT, Healthcare, Retail, Media and Entertainment, Government, Hospitality, Education, Manufacturing, and Transportation) - Canada Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Press Release :
Canada Hosted PBX Market: Snapshot
Adoption of cloud and related services has elevated due to the competitive advantages offered by cloud in business communication, operations and other crucial organizational functions. Enterprises with higher employee size would require huge communication set up to work efficiently. Moreover, with hosted PBX the efforts required to set-up new equipment for business communication is drastically reduced. With the increasing enterprise size, need for robust communication tools has also increased. Such factors have led to increase in demand of hosted PBX market in Canada. The hosted PBX market in Canada is expected to experience higher demand during the forecast period 2017 to 2025.
Canada’s hosted PBX market is driven by increasing demand for enterprise mobility and workforce as well as multiple benefits offered by hosted PBX services such as minimized operational expenses, elimination of additional set up costs among others. Growing adoption of wireless services in small, medium and large enterprises is also expected to fuel the demand for hosted PBX market in Canada. It is projected to generate US$459.6 mn in 2017. Furthermore, the market is projected to expand at a CAGR of 18.2% during the forecast period 2017 to 2025 reaching US$1.75 bn by 2025.
Large Enterprises to Account for Leading Share in Canada Hosted PBX Market
The hosted PBX market in Canada can be broadly classified on the basis of enterprise size and end-use application. Based on enterprise size, the market can be bifurcated into small and medium enterprises and large enterprises. Of these, large enterprises held dominance and is expected to continue boating the larger share through the course of the forecast period. By the end of 2017, overall shares held by the segment is expected to reach 68.7%. However, over the coming years, growth in the small and medium enterprises segment is expected to elevate as they exhibit a higher adoption of hosted PBX with an aim of minimizing operational expenses.
Telecom & IT to Continue Leading Market as Dominant Application Segment
Based on application, the key segments in the Canada hosted PBX market are include banking, financial services and insurance (BFSI), telecom and IT, healthcare, government, retail, hospitality, education and others such as manufacturing and transportation. As Canada holds the reputation of one of the earliest adopters of the latest technologies, it boasts a highly sophisticated telecom & IT infrastructure. Hence the country exhibits a rising adoption of advanced information technology. The companies located in Canada are mostly looking for cost-effective and advanced communication solutions. While this fuels the demand for hosted PBX, similarly given the scenario the telecom and IT sector has emerged as a key contributor to the market. In 2016, the telecom and IT sector held the dominant share of 20.1% in the market. It is expected to remain the market lead through the forecast period.
Besides this the Canada hosted PBX market is also expected to witness rising demand in government, BFSI, hospitality, and retail sectors. The rising demand for better enterprise and workforce mobility, besides the growing awareness about multiple benefits offered by PBX such as elimination of additional set-up cost and minimizing operational expected, will aid the market’s expansion in Canada.
Some of the key service providers engaged in Canada’s hosted PBX were, 3CX, Mitel Networks Corporation, Bell Canada, BroadConnect Technologies Inc., Cisco Systems Inc., Microsoft Corporation, Allstream, Inc., Alpha Telecom Services Inc., Birch Communications, AstraQom International, Voysis IP solution Inc.,Ringcentral and Telus Communications.
Growing Trend of Remote Working Mechanisms due to COVID-19 will strengthen the Growth Prospects across the Hosted PBX Market
The hosted PBX market expects a good growth-share across the assessment period of 2017-2025. The escalating adoption of cloud technology has significantly boosted the growth rate of the hosted PBX market. The increasing influence of hosted PBX across a large number of small and medium enterprises will bring good growth opportunities.
- A hosted PBX (Private Branch Exchange) is a telephone switching system that’s accessible over the cloud network. It offers businesses the ability to manage their phone systems through a user-friendly control panel. Precisely, a hosted PBX shifts the communications and phone infrastructure to a trusted VoIP provider. The functionalities of these hosted PBXs will bring extensive growth prospects for the hosted PBX market.
- The rising government initiatives to promote digitization across their services will add extra stars of growth to the hosted PBX market. The government bodies of numerous countries have adopted these systems, thus laying a red carpet of growth. The high cost of traditional calling systems and the ease of operating modern telephony systems are vital factors that will influence the growth of the hosted PBX market to a great extent.
- The heightening requirement for upgrades from the conventional mode of PBX to the cloud-based models will prove to be a great growth booster for the hosted PBX market. The low cost of deployment and installation is expected to bring immense growth prospects for the hosted PBX market.
- The COVID-19 pandemic has proved to be a good growth booster for the hosted PBX market. The work-from-home mechanism on the back of the lockdown restrictions will turn the tables of growth across the hosted PBX market. Many companies are expected to continue remote work mechanisms even after the pandemic subsides due to a string of benefits. This aspect will serve as a vital growth-generating factor for the hosted PBX market.
Canada Hosted PBX Market: Overview
Hosted PBX is a telephone exchange system that works on the IP concept. Unlike the conventional PBX systems which require additional telephone systems for extension, the extensions in a hosted PBX system are connected through the internet and do not require additional equipment. Furthermore, both the incoming and outgoing phone calls are connected through virtual system which simplifies the communication processes.
Hosted PBX Market report provides analysis for the period 2015 – 2025, wherein the period from 2017 to 2025 is the forecast period and 2016 is the base year. The report covers all the major trends and technologies playing influential role in the hosted PBX market’s growth over the forecast period. It also highlights the drivers, restraints, and opportunities expected to impact market’s growth during the said period. The study provides a complete perspective on Canada’s hosted PBX service market’s evolution throughout the above mentioned forecast period in terms of revenue (in US$ Mn).
Canada Hosted PBX Market: Scope of the Report
The market overview section of the report demonstrates the market dynamics such as drivers, restraints, and opportunities that influence the current nature and future status of this market along with the key indicators and trends. An attractiveness analysis has also been provided for every segment in the report, in order to provide a thorough understanding of the overall scenario in the hosted PBX market. Moreover, the report provides an overview of various strategies adopted by the key players present in the market. Key market indicators included in the report provide significance of the factors which are capable of changing the market scenario. These indicators are expected to define the market position during the forecast period.
This report provides all the essential information required to understand the key developments in the hosted PBX market, growth trend of each segment and companies’ strategies to efficiently compete in the market. Also, the report provides insights related to trends and their impact on the market. Furthermore, Porter’s Five Forces analysis explains the factors which are currently affecting the hosted PBX market. This report also provides the ecosystem analysis for the hosted PBX market which explains the participants of the ecosystem.
Canada Hosted PBX Market: Key Segments
Canada’s hosted PBX market segmentation is done on the basis of enterprise size and end-use applications. The enterprise size segment includes small and medium enterprises and large enterprises. On the basis of end- use application hosted PBX market is segmented into BFSI, Telecom and IT, Healthcare, retail, media and entertainment, government, hospitality, education and others.
Furthermore, the report analyzes the factors that drive and hamper the growth of Hosted PBX market for each segment. The report also discusses the prevailing market trends, prospective growth opportunities, and major strategies increasing the popularity of the hosted PBX market. Also, the market share analysis and competitive strategies adopted by key players in Canada’s hosted PBX market are included in the report. Furthermore, the report provides market share analysis of key players engaged in hosted PBX market of Canada.
Companies Mentioned in the Report
Major business strategies adopted by key players, SWOT analysis and product offerings have also been identified in the research report. The prominent service providers engaged in Canada’s hosted PBX market include 3CX, Mitel Networks Corporation, Bell Canada, BroadConnect Technologies Inc., Cisco Systems Inc., Microsoft Corporation, Allstream, Inc., Alpha Telecom Services Inc., Birch Communications, AstraQom International, Voysis IP solution Inc., Ringcentral and Telus Communications.
The Hosted PBX market is segmented as below:
Canada Hosted PBX Market
By Enterprise size
By End-use application