According
to a new market report related to the Virtual PBX market published by
Transparency Market Research, the global
Virtual PBX market
is projected to reach US$ 14,368.4 Mn by 2026 driven by reduction in
total cost of ownership in deploying Virtual PBX. The market is
projected to expand at a CAGR of 15.3% during the forecast period
from 2018 to 2026. Growth of the market is attributed to rise in
demand for Virtual PBX and increase in adoption of cloud-based
deployment models to offer quality services to clients. Americas is
anticipated to lead the global Virtual PBX market, followed by Asia
Pacific and Europe, during the forecast period. The Virtual PBX
market is in an emerging stage and is anticipated to expand rapidly
in the next few years.
Reduced Total Cost of Ownership (TCO) to
Drive Market
A hosted PBX system helps reduce the total cost of
ownership by bringing capital expenditure to the minimal as the
system requires only the yearly fees of phones unlike an on-premise
PBX solution which requires a PBX server, annual maintenance, and
in-house IT staff.There are numerous additional benefits apart from
the quantifiable benefits of a hosted PBX solution that are hard to
quantify, such as freeing up staff time who would have been managing
on-premise PBX, increased employee productivity, and improved
customer satisfaction as the companies could reach an individual
quickly. Also, by paying monthly subscription charges, companies
could convert their capital expenditure into operational expenditure.
Cost savings through reduced phone and fax charges, eliminating PBX
hardware requirements, and reduced administration costs is driving
the Virtual PBX market.
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The impact of this driver is expected to be high
during the forecast period as all businesses experience cost pressure
and look to reduce the same on priority, and hosted PBX helps in
reducing a considerable 25%-30% of total cost of ownership.
Global Virtual PBX Market: Scope of the
Report
Based on enterprise size, the global Virtual PBX
market has been segmented into small & micro enterprises, medium
enterprises, and large enterprises. The small & micro enterprises
segment is expected to dominate the global market in 2017. Small &
micro enterprises have deployed Virtual PBX the most and contributed
significantly to the growth of the market.
Americas led the Virtual PBX market, accounting
for substantial share in 2017. The U.S. is the major market for
Virtual PBX solutions in the region. Virtual PBX solutions are also
gaining popularity in Canada and Rest of Americas.The Virtual PBX
market in Europe and Asia Pacific is also expected to expand at a
rapid pace during the forecast period.
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