The hosted Private Branch Exchange (PBX) market is expected to register a CAGR of 15.2% during the forecast period of 2015 - 2025. Unlike a traditional PBX, which requires a large investment and ongoing maintenance and training, a hosted PBX is a cloud-based PBX system accessible via an IP network and thus extends the benefits associated with the cloud services.
- The rising adoption of cloud technology has significantly boosted the adoption rate of hosted PBX. With the added compliance benefits, in addition to scalability, that the cloud provides, the adoption of PBX has been increased substantially by the users.
- There has been a huge rise in demand for efficient mobility at the enterprise level. Hosted PBX solves this problem to a large extent. It provides businesses with the ability to manage their phone systems via a user-friendly control panel.
- Security and privacy concerns have always stopped enterprises from adopting cloud technology. Thus, this also acts as a major restraint for the adoption of hosted PBX technology due to its dependence on the cloud.
Scope of the Report
Rather than being responsible for hardware, software, training, maintenance, and more, a hosted Private Branch Exchange (PBX) provider takes care of it all. In addition to being completely managed off-site, resulting in no IT or installation costs, a hosted PBX system also provides businesses with the ability to manage their phone systems via a user-friendly control panel. For these reasons and more, hosted PBX systems are becoming increasingly popular solutions for today’s growing small to medium-sized business owners.
Key Market Trends
Owing to Increased Consumer Focus BFSI is Expected to Hold Significant Market Share
- Banks are currently engaged with huge amounts of Feedback calls, EMI reminders via SMS and calls, document verification, etc. on a daily basis. The awareness about the products plays a big role in this industry and thus they have to be notified on a regular basis. All the activities can all be automated with the help of hosted Private Branch Exchange (PBX) to reduce manual efforts.
- The outcome of the global financial crisis has seen major changes in the global banking system. Regulatory norms have tightened across global markets, customer experience is becoming the real differentiator in banking, and global capital flows have changed direction moving towards emerging markets. With an increasing number of complaints, the banks have to focus on customer retention in order to succeed.
- To cater to this fast-paced environment, the financial industry needs to usher in transformational changes through modernization of their products, services, and processes. They must increase efficiencies, make business operations transparent, and gain customer trust and loyalty. It is no longer enough to offer simple and automated services. To build loyalty and drive profitability, financial organizations must anticipate customer needs and offer an engaging user experience.
- With hosted PBX, there is no need to buy expensive hardware and software, pay for installation, and manage the system. You simply pay a monthly fee and enjoy all of the benefits of the service. For a bank with fewer than 300 lines, hosted PBX can provide with a multitude of features and benefits. For instance, a hosted PBX system is much less expensive than a traditional on-site system.
Asia-Pacific Expected to Witness Major Market Growth over the Forecast Period
- With the increasing millennials engaging in the culture of startups, Hosted Private Branch Exchange (PBX) is projected to act as a game changer for the varied business requirements. With low disposable income, the small and medium scale business in nations emerging economies such as India does not have a chunk of money to invest in new upcoming technologies.
- With the help of Hosted PBX, the business owner does not need to make a large upfront investment by purchasing an office telephone system and there is no need to maintain it. With a Hosted PBX solution the office telephone system is operated and maintained by your provider.
- As businesses in India and China are focussing on expansion, they need solutions to facilitate their requirements. With the implementation of Hosted PBX, employees can work from anywhere when their office phone system is virtual. The business can have employees working from home, other offices, mobile phones, and even overseas.
The hosted Private Branch Exchange (PBX) market consists of several players. In terms of market share, none of the players currently dominate the market. Due to the lucrative benefits that this market provides, new players are entering in large amount and thus, the market is getting fragmented. The players are heavily focussing on product innovation and expansion in order to gain a competitive advantage.
- March 2019 - AVOXI announced a major expansion to its virtual number availability within its software platform. The latest release included local and toll-free business numbers in 41 countries and expands AVOXI’s virtual phone number inventory across 160 countries, a new global benchmark.
- December 2018 - AVOXI, the leading Communications as a Service (CaaS) provider to global contact centers, today announced a USD 10M financing round from Ballast Point Ventures. The investment will be used to accelerate product development, sales, and marketing efforts as the Company expands its global reach and Cloud Contact center service portfolio.
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