Cloud PBX Market - Introduction
- Cloud PBX is an advanced business phone solution hosted on servers and powered over the internet for off-site data centers. A cloud PBX solution offers more advanced features as compared to traditional PBX used in businesses, while enabling a non-technical office administrator to easily set up systems on the server.
- Companies use EPBX and IPPBX to manage analog and IP based concurrent calls in an enterprise. Enterprises are shifted to IP telephony solutions to provide a more reliable platform to employees to communicate.
- Companies are investing in telecom equipment such as PBX, switches, access points, and other telecom equipment to improve the service quality of communication
- Adoption of cloud technology and IP based technology in enterprise communication helps to reduce the yearly expenditure on telecom systems. Telecom service providers offer managed cloud PBX services for enterprises to manage the concurrent calls in enterprises or in call centers.
- A cloud PBX system also known as hosted PBX service is majorly adopted by customer care service providers, BPO, KPO, and other service sector industries. Cloud PBX solutions offer call recording, virtual attendant, call queues, and automated call distribution services. A cloud PBX is a highly cost effective solution which allows businesses to reduce in-house installation charges, which is expected to increase the demand for cloud based solutions in enterprises.
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Key Drivers of the Cloud PBX Market
- Rising adoption of cloud PBX solutions in IT companies and service sectors in order to enhance their productivity is expected to drive the cloud PBX market
- Solution providers are offering scalability in cloud PBX solutions that enables companies to increase the employee size at any time without investing in any hardware system, which is expected to boost the cloud PBX market
- Investors are collaborating with cloud based enterprise solution companies to consolidate their position in the market and provide advanced solutions in cloud PBX services. This is expected to offer significant opportunities to solution providers of cloud PBX.
Integration issues with customer relationship management (CRM) systems of enterprises expected to hinder the growth of the cloud PBX market
- Solution providers are facing integration issues with customer relationship management (CRM) systems of enterprises to deliver cloud PBX services, which is a key factor that restrains the cloud PBX market
- Technological advancements in cloud PBX is a threat to security and privacy due to increased cyber-attacks. This is also expected to hamper the cloud PBX market.
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Impact of COVID-19 on the Global Cloud PBX Market
- Companies are mostly adopting cloud based platforms to run their global businesses due to the increasing impact of COVID-19. Call centers and services sectors are also adopting the work from home module to provide support services. Companies are increasing the adoption of cloud PBX solutions during the COVID-19 period to manage all calls and important information over the communication channels.
- Companies are adopting digitalization in the service and IT industry due to the lockdown measures and to provide user-friendly and more reliable platforms to manage their daily corporate calls and meetings. The ever-increasing threat of COVID-19 is projected to boost the demand for cloud PBX solutions during the forecast period.
North America to Hold Major Share of the Global Cloud PBX Market
- North America holds a prominent share of the global cloud PBX market due to increasing adoption of cloud based platform communication services and VoIP services to enhance the quality of communications.
- Increase in demand for cloud PBX among insurance companies, service sectors, customer care services, and consumer electronics across North America is likely to offer significant opportunities to major players
- The cloud PBX market in Asia Pacific is expected to be the fastest growing during the forecast period due to increasing investment by major players to provide solutions across the region and also due to the growing number of technical support and call center support companies in Asia Pacific.
Key Players Operating in the Global Cloud PBX Market
- Avaya Inc.
Avaya Inc. is a global provider of cloud services and unified communication solutions in voice and video for enterprises. The company offers networking products and contact center solutions across the globe. It operates its global business under global communication solution, Avaya networking, and Avaya global services segments and provides cloud enablement products for IT Infrastructure. Avaya Inc. offers voice and video solutions for all industries and also offers supporting accessories in unified communication solutions.
- 8x8, Inc.
8x8, Inc. is a leading global company engaged in the development and marketing of telecommunication services for web-based conferencing, UC, Internet Protocol, video applications, and telephony. It also offers cloud-based computing solutions and 8x8 virtual contact center services. The company’s unified solution provides key benefits such as a comprehensive UC SaaS suite and rapid cloud provisioning. 8x8, Inc. offers diverse business solutions including cloud PBX, business phones, and virtual office apps
Other key players operating in the global cloud PBX market include Cisco Systems, Inc., AT&T Inc., BT Group plc., Mitel Networks Corporation, Polycom, Inc., Comcast Business, RingCentral, CenturyLink, Inc., TPx Communications, and Exotel Techcom Pvt. Ltd..
Global Cloud PBX Market: Research Scope
Global Cloud PBX Market, by Services
- Virtual Deployment and Setup
- Virtual Assistance and Support
- Network Traffic Management
- Compliance Management Services
- Bandwidth Management and Optimization
Global Cloud PBX Market, by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Global Cloud PBX Market, by Industry
- Government and Public Sector
Global Cloud PBX Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.