“Global Hosted PBX Market to reach a market value of USD 34.4 Billion by 2030 growing at a CAGR of 17.2%”
The Global Hosted PBX Market size is expected to reach $34.4 billion by 2030, rising at a market growth of 17.2% CAGR during the forecast period.
The healthcare industry increasingly adopts advanced telecommunications technologies to streamline communication and enhance operational efficiency. Consequently, the healthcare and life sciences segment would acquire nearly, 11% of the total market share by 2030. These PBX systems offer a cost-effective and scalable solution for healthcare providers to manage their communication infrastructure. Therefore, the segment will expand rapidly in the upcoming years.
This PBX eliminates the need for businesses to make significant upfront investments in purchasing and maintaining on-premise PBX hardware. Instead, this PBX model operates on a subscription-based or pay-as-you-go model, allowing businesses to subscribe to services without substantial capital expenditure. Furthermore, with this PBX, businesses can avoid the costs of maintaining and upgrading on-premise hardware. This includes expenses related to physical infrastructure, such as servers, switches, and other networking equipment, and the associated costs of power, cooling, and physical security. These aspects will lead to enhanced growth in the market. Additionally, these PBX systems allow employees to stay connected regardless of their physical location. Remote workers can easily access communication services over the Internet, enabling them to connect with colleagues, clients, and partners seamlessly. Moreover, many of these PBX offerings are part of broader unified communications (UC) solutions. These solutions integrate various communication channels such as voice, video, messaging, and collaboration tools. Unified communication features enhance the efficiency of remote collaboration by providing a centralized platform for diverse communication needs. These factors will pose lucrative growth prospects for the market.
However, these PBX services require a reliable, high-quality internet connection to ensure smooth and clear voice communication. Businesses may encounter issues such as dropped calls, poor call quality, or delays in regions with unreliable or slow internet connectivity. Moreover, for organizations heavily dependent on real-time communication, such as customer support centers or those conducting virtual meetings, disruptions in these PBX services due to poor internet connectivity can directly impact day-to-day business operations. This can lead to reduced productivity, customer dissatisfaction, and potential revenue loss. Thus, these factors will restrain the growth of the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Based on offering, the market is segmented into services and solution. The services segment held a substantial revenue share in the market in 2022. Services in the form of patient education and training programs play a crucial role in the adoption and effective use of intermittent catheters. Healthcare providers and manufacturers offer training sessions to patients and caregivers, ensuring they understand the proper techniques for catheterization, hygiene practices, and potential complications. Well-informed patients are more likely to use intermittent catheters correctly, reducing the risk of complications and improving overall outcomes. These factors will boost the demand in the segment.
Based on application, the market is segmented into unified communication & collaboration, mobility, contact center, and others. In 2022, the mobility segment witnessed a substantial revenue share in the market. The shift towards remote work has accelerated the demand for communication solutions that support mobility. These PBX systems enable employees to stay connected and maintain productivity regardless of their physical location. The ubiquity of smartphones and mobile devices has led to a higher demand for PBX solutions that can seamlessly integrate with these devices, allowing users to make and receive calls, access voicemail, and use other features while on the go. Thus, the segment will expand rapidly in the segment.
Based on enterprise, the market is divided into IT & telecom, government & public sector, BFSI, manufacturing, retail & ecommerce, healthcare & life sciences, education, travel & hospitality, and others. The IT and telecom segment recorded a substantial revenue share in the market in 2022. The IT and telecom sector often has a distributed workforce, and these PBX systems provide the flexibility needed for seamless communication regardless of geographical location. With features like virtual extensions, mobile integration, and softphone applications, IT and telecom industry employees can efficiently collaborate and communicate, even when working remotely. Thus, the segment will grow rapidly in the upcoming years.
Free Valuable Insights: Global Hosted PBX Market size to reach USD 34.4 Billion by 2030
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe segment acquired a considerable revenue share in the market. The demand for unified communications solutions integrating various communication tools and channels has been growing in Europe. This PBX, as a component of unified communications, provides businesses with a streamlined and integrated communication platform. This trend is particularly relevant as organizations seek to enhance collaboration and communication efficiency. Thus, the segment will witness increased demand in the coming years.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 9.9 Billion |
| Market size forecast in 2030 | USD 34.4 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 17.2% from 2023 to 2030 |
| Number of Pages | 248 |
| Number of Tables | 410 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Offering, Enterprise, Application, Region |
| Country scope |
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| Companies Included | Verizon Communications, Inc., Cisco Systems Inc., AT&T, Inc., Comcast Corporation, RingCentral, Inc, 8x8, Inc., Lumen Technologies, Inc., Mitel Networks Corporation (Searchlight Capital Partners, L.P.), BT Group plc and CloudTalk, s.r.o. |
By Offering
By Application
By Enterprise
By Geography
The Market size is projected to reach USD $34.4 billion by 2030.
High-security measures with hosted PBX are driving the Market in coming years, however, Dependency on Internet connectivity and potential downtime risks restraints the growth of the Market.
Verizon Communications, Inc., Cisco Systems Inc., AT&T, Inc., Comcast Corporation, RingCentral, Inc, 8x8, Inc., Lumen Technologies, Inc., Mitel Networks Corporation (Searchlight Capital Partners, L.P.), BT Group plc and CloudTalk, s.r.o.
The expected CAGR of this Market is 17.2% from 2023 to 2030.
The North America region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $12.3 billion by 2030.
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