Global Virtual PBX Market to Generate Revenue of $12.23 Billion by 2028 | Consumers are More Focused on Flexibility and Cost Saving
Global virtual PBX market size was valued at US$ 5.32 billion in 2021, and it is expected to reach a value of US$ 12.23 billion by 2028, at a CAGR of 13.15% over the forecast period (2022–2028).
Westford, USA, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Recent years have seen a growing interest in virtual PBX technologies as they offer businesses flexibility and cost-savings. Virtual PBX allow companies to maintain a traditional phone system while delegating certain functions, such as voice routing, to third-party providers. This report provides an overview of the virtual PBX market and its growth prospects. Overall, the market is expected to grow from $5.32 billion in 2021 to $12.23 by 2021, at a CAGR of 13.15%. This growth is attributable to factors such as accelerating government cloud adoption, growing demand for mobility and BYOD initiatives, and increasing need for cost-effective communication solutions.
One of the key drivers of the virtual PBX market is the increasing demand for mobility. As employees move around more frequently, companies are looking for ways to improve communication efficiency and reduce costs. In addition, virtual PBXes provide a flexible and cost-effective solution for companies that need to integrate with third-party providers. Government cloud adoption is also expected to be one of the key drivers of the virtual PBX market over the next few years. With government clients increasingly looking for cost-effective communication solutions, vendors are able to capitalize on this trend by developing virtual PBX solutions that rely on cloud technology.
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This growth is due to the increasing demand for flexible communication solutions, especially among business-to-business (B2B) customers. Some of the benefits of using a virtual PBX include increased call quality and reduced operational costs. Customers can also save money by switching to a virtual PBX from a traditional one. However, one of the biggest challenges for the virtual PBX market is the lack of interoperability between different platforms. This can be problematic when customers want to exchange information between various departments in their businesses. To overcome this obstacle, companies are exploring new ways to improve interconnectivity through collaboration initiatives and partnerships with other businesses.
SkyQuest’s Analysis Says Consumers are More Focused on Flexibility and Cost Saving in Global Virtual PBX Market
On the basis of geography, the global virtual PBX market is expected to showcase the highest growth in North America followed by Europe and Asia Pacific. However, the market growth rate varies markedly across different regions owing to different economic conditions and regulatory frameworks in different countries. The reason for adoption of virtual PBX is cost savings.
According to a study by SkyQuest, 43% of enterprises have replaced or are replacing their physical PBXs with virtual ones due to cost savings. Another key factor for adoption of virtual PBXs is flexibility. Enterprises want to be able to add or remove functionality as required without any disruption in service. Enterprises also want to avail real-time voice capabilities with virtual PBXs as this would give them a competitive edge over their counterparts who do not have this facility deployed yet. Additionally, enterprises also want voice quality that meets or exceeds that of traditional phone lines irrespective of location or time of day.
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SMEs are Increasingly Investing in Virtual PBX Market
SkyQuest’s report examines the market. It provides detailed market analysis, including growth prospects and key trends, as well as comparative profiling of leading vendors. The report also offers insights into customer behavior, deployment scenarios, and software preferences. The market is growing rapidly, with sales predictions reaching $12.23 billion by 2028. This is due to increasing demand from small and midsize businesses (SMBs) for cost-effective voice solutions that can reduce Switch over time. In addition, the expanding market for virtualized communications has provided a new impetus to the growth of this industry.
Our vendor landscape finds that there are five major suppliers of virtual PBX market: Cisco Systems Inc., Microsoft, BullsEye, Avaya Inc, and D-Link. Each vendor offers a different product range and target customer base. However, all vendors offer products that can be integrated with existing business processes and infrastructure to create a virtual PBX solution. One of the significant trends identified in this report is the increasing popularity of cloud-based solutions among virtual PBX customers. Many SMBs are looking for an alternative to on-premises solutions that can offer flexibility and scalability in terms of capacity and cost. Furthermore, these SMBs are also seeking more secure and reliable platforms that can meet their specific needs.
Virtual PBX is Becoming the Norm for Currier and Logistics Companies
Virtual PBX market is slowly gaining momentum and becoming the norm for currier and logistics companies looking to reduce costs and improve efficiency. In a recent study, SkyQuest found that virtual PBX usage among global logistics companies is on the rise, with 48% of surveyed firms reporting that they are already using or plan to use virtual PBXs in the next two years. The main benefits associated with virtual PBXs for these companies include the ability to offload high-volume phone calls from company headquarters to lower-cost locations, as well as improved customer service by allowing call centers to be located closer to customers. Furthermore, virtual PBXs can also reduce operational costs by allowing companies to deploy fewer phone systems, and they can enhance communication privacy by isolating sensitive calls from public eyes.
Despite these benefits, there are still some challenges associated with usage in the virtual PBX market that logistics companies must address. For example, virtual PBXs require reliable internet connections and support robust security measures, which can be difficult to implement and maintain in complex settings. Additionally, some customers may be uncomfortable with the idea of speaking on a software-generated voice rather than a human one.
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Top Players in the Global Virtual PBX Market
Microsoft Corporation (Skype) (US)
Nextiva Inc. (US)
RingCentral Inc. (US)
Avaya Inc. (US)
Barracuda Networks Inc. (CudaTel) (US)
Vonage America Inc. (US)
Cisco system Inc. (US)
D-Link System Inc. (Taiwan)
Allworx Corporations (US)
BullsEye Telecom Inc (US)
Mitel Networks Inc. (Canada)
Related Reports in SkyQuest’s Library:
Global Video Conferencing Market
Global Telecommunication Market
Global In-Flight Entertainment System Market
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