The reduction in the total cost of ownership (TCO) is the primary factor driving the global virtual PBX market. Fortune Business Insights in a report, titled “Virtual PBX Market Size, Share and Global Trend by Component (Solution & services), By Product (Network Traffic Management, Virtual Assistance and Support and others) and Geography Forecast till 2025” reveals that the market’s growth is backed by the rising adoption of telco cloud computing. A virtual PBX or private branch exchange system is built around a voice over internet protocol (VoIP) technology, helping companies to improve their efficiency and optimization. High adoption of unified communication technology offering several types of communication platforms pushed growth in the market.
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Low Cost of OPEX and TCO Creates Growth Opportunities for Market in North America
North America is likely to remain strong in the global virtual PBX market during the forecast period between 2019 and 2016. Government implemented guidelines ensuring lower costs of OPEX or operating expenses and TCO are driving the market in North America. Furthermore, adoption of virtual PBX system improves the customer satisfaction and employee productivity. The U.S. is expected to account for a considerable share in the global market backed by the presence of large players. Rapid technological advancements such as high adoption of cloud-based technologies are expected to drive the market in North America.
The market in Asia Pacific is anticipated to rise at a rapid pace in the forecast years. This is mainly attributable to the increasing use of cloud and internet solutions. In addition to this, enhancements in IT infrastructure across emerging countries are expected to create growth opportunities for the market in the coming years.
Top Players List:
- Alpha Telecom Services, C.A.
- Voysis IP Solutions
- Birch Communications
- TeraGo Networks Inc.
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Adoption of PBX Software Helps to Streamline the Business Processes, Drives the Overall Market
“The rising need for integrating CRMs with cloud-based PBX software is likely to streamline business processes,” said a lead analyst at Fortune Business Insights. “Virtual PBX providers allows specific integration of PBX software as per customer requirements, which is expected to fuel demand for hosted PBX by 2026,” he added. Increasing adoption of telco cloud computing and advanced call routing technology is expected to propel growth in the virtual PBX market. Implementation of virtual private cloud services is projected to reduce the data storage costs during the forecast period. In order to ensure efficient and better work balance, several companies are adopting cloud computing solutions in their network infrastructure. Cloud PBX helps to reduce the complexity present in existing networks and allows service providers to host different virtual networks.
Continuous growth in the mobile communication technology has allowed people to stay connected over the internet from anywhere and anyplace. This is further anticipated to create need for developing specialized virtual PBX solutions over the next few years. The rising adoption of e-commerce business platforms is also anticipated to augment demand for virtual PBX services by 2026. This, coupled with the emergence of blockchain technology and Artificial Intelligence (AI), acts as growth engines to the market. All the above factors are expected to create ample growth opportunities for the key players in the global market.
Key Market Driver – Rising adoption of telco cloud computing and adoption of Advanced Call Routing technology
Key Market Restraint – Installation and regular update of incompatible software
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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