Emphasis on Component (Solutions, And Services [Network Service, Security Service, Managed Service, Others]); Applications (BFSI, Healthcare, Government, Retail, Manufacturing, And Others) And Region/Country
The Hosted PBX Market was valued at 7.0 billion in 2022 and is expected to grow at a steady rate of around 13.3% in the forecasted period (2023-2030) owing to the Increasing demand for cloud-based services. Hosted PBX, also known as Cloud PBX, refers to a telephone system that is hosted in the cloud rather than on-premises. This means that the hardware and software for the phone system are provided and managed by a third-party provider, rather than being installed and maintained on-site. The Hosted PBX market has been growing rapidly in recent years due to the increasing demand for cost-effective communication solutions. Hosted PBX offers unparalleled scalability and flexibility, making it an attractive option for businesses of all sizes. Whether a company has 5 or 500 employees, Hosted PBX easily scales up or down to meet changing business needs. This means that businesses can quickly add new users, locations, or features as needed, without having to invest in expensive hardware or software. Additionally, Hosted PBX provides a range of features that can be tailored to meet specific business requirements, such as call forwarding, call recording, and automated attendants. This flexibility allows businesses to customize their communication solution to fit their unique needs, which is driving the growth of the Hosted PBX market. According to the General Services Administration (GSA) report, in 2020, 75% of federal agencies had adopted hosted PBX systems, up from 58% in 2015.
Some of the major players operating in the market include RingCentral, Inc.; Nextiva; AT&T; BT Group; 8×8, Inc.; DIALPAD, INC.; NovoLink Communications, Inc.; TPx Communications; InterGlobe Communications; Mitel Networks Corp.
Insights Presented in the Report
“Among components, the network service segment is currently the leading segment of the market during forecast period.”
Based on components, the market is bifurcated into solutions, and services. The services segment is further segmented into network service, security service, managed service, and others. Among these, the network service segment is leading the market due to its critical role in providing a reliable and secure communication infrastructure for businesses. With Hosted PBX, companies enjoy a high-quality network service that is scalable, flexible, and cost-effective. Moreover, network services offer advanced features such as call forwarding, call recording, and automated attendants, which enhance productivity and customer experience. Additionally, network services are often seen as a fundamental component of a company’s IT infrastructure, making them an essential aspect of their operations. As a result, the demand for network services is driving the growth of the Hosted PBX market.
“Amongst applications, healthcare to witness significant market growth during the forecast period.”
Based on applications, the market is categorized into BFSI, healthcare, government, retail, manufacturing, and others. Among these, the healthcare segment is anticipated to hold a considerable share of the market. Healthcare providers require reliable and secure communication systems to ensure the best possible care for their patients. Hosted PBX solutions offer advanced features such as call forwarding, call recording, and automated attendants, which enhance patient care and streamline clinical workflows. Furthermore, the healthcare industry is subject to strict regulations, and Hosted PBX solutions can help organizations maintain compliance with these regulations. As a result, the healthcare segment is expected to continue dominating the Hosted PBX market in the coming years.
Hosted PBX Market Report Coverage
“North America to hold a significant share in the market.”
The Hosted PBX market in North America has been experiencing robust growth, driven by increasing demand for cloud-based services, cost savings, scalability, and advanced features. For instance, in the United States, the Federal Communications Commission (FCC) reports that Hosted PBX adoption has been growing rapidly, with over 60% of businesses using some form of Voice over Internet Protocol (VoIP) technology. Additionally, the FCC notes that small and medium-sized businesses are driving much of this growth, as they seek out cost-effective and flexible communication solutions. Overall, government data suggests that Hosted PBX is becoming increasingly popular in the North American region and is expected to continue growing in the coming years. According to a report by the United States Government Accountability Office (GAO), the federal government spent approximately $2.3 billion on telecommunications services in fiscal year 2020. Of this amount, $654 million was spent on hosted voice services, representing a 25% increase from the previous year.
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Customization Options:
The global Hosted PBX Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
1. Market Introduction
2. Research Methodology Or Assumptions
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The Hosted Pbx Market
6. Hosted Pbx Market Revenue (usd Bn), 2020-2030f
7. Market Insights By Component
8. Market Insights By Applications
9. Market Insights By Region
10. Hosted Pbx Market Dynamics
11. Hosted Pbx Market Opportunities
12. Hosted Pbx Market Trends
13. Demand And Supply-side Analysis
14. Value Chain Analysis
15. Pricing Analysis
16. Strategic Insights
17. Competitive Scenario
18. Company Profiled
19. Disclaimer
Research Methodology for the Hosted PBX Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Hosted PBX Market were the three major steps undertaken to create and analyze the adoption of Hosted PBX in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Hosted PBX Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Hosted PBX Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Hosted PBX Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component and applications. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Hosted PBX Market. Further, we conducted factor analysis using dependent and independent variables such as various component and applications Hosted PBX. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Hosted PBX Market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Hosted PBX Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Hosted PBX Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of component and applications in the global Hosted PBX Market.
The main objective of the Global Hosted PBX Market Study
The current & future market trends of the global Hosted PBX Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the current market size and growth potential of the global Hosted PBX Market?
Q2: What are the driving factors for the growth of the global Hosted PBX Market?
Q3: Which segment has the largest share of the global Hosted PBX Market by applications?
Q4: Which region will dominate the global Hosted PBX Market?
Q5: Who are the key players operating in the global Hosted PBX Market?
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