Pre & Post COVID-19 Market Estimates-Global Cloud-based PBX Market 2020-2024 | Growing Adoption of Cloud-based Solutions to Boost Market Growth | Technavio
The cloud-based PBX (News - Alert) market is expected to grow by USD 23.89 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters - with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Cloud-based PBX Market 2020-2024 (Graphic: Business Wire)
The rise in the adoption of cloud-based solutions has transformed various business operations. Sangoma (News - Alert), a cloud-based communication system, with its PBXact UCC, offers cloud-based telephony services to small, medium enterprises (SMEs) that use feature-rich unified communications solutions and can be customized to meet the business requirement. In addition, the adoption of SIP trunking is growing rapidly. The underlying reason behind this significant market growth is the inherent flexibility these systems offer businesses, which enables the purchase of additional bandwidth. Cloud-based business solutions are spurred by innovations in technology and accessibility that allow the move from on-premises systems to UC in an easier and affordable manner. Thus, the rise in the adoption of cloud-based solutions will drive the cloud-based PBX market growth during the forecast period.
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As per Technavio, the increased popularity of VoLTE among enterprises will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Cloud-based PBX Market: Increased Popularity Of VoLTE Among Enterprises
The popularity of VoLTE services among enterprises is increasing rapidly. VoLTE enables HD voice calling services. VoLTE can also be integrated with enterprise PBX systems to enable a unified communications experience with corporate presence, messaging, and video communication capabilities. VoLTE offers various services such as file sharing, video conferencing, and other business critical features. Thus, increasing the popularity of the VoLTE among enterprises is expected to be one of the key cloud-based PBX market trends that will drive the market during the forecast period.
"Factors such as high operational flexibility of cloud-based PBX, and the convergence of VoIP, PBX, and UC for effective communication will have a significant impact on the growth of the cloud-based PBX market value during the forecast period," says a senior analyst at Technavio.
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Cloud-based PBX Market: Segmentation Analysis
This market research report segments the cloud-based PBX market by end-user (SMEs and large enterprises), and geographic landscape (North America, Europe, APAC, South America, and MEA).
The North American region led the cloud-based PBX market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the large-scale deployment of LTE (News - Alert) network infrastructure.
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Some of the key topics covered in the report include:
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