Hosted PBX Market Seen Soaring 13.3% Growth to Reach l USD Billion by 2030, Projects Univdatos Market Insights

Key Highlights of the Report:

• The increasing adoption of cloud-based applications and software is driving the demand for cloud-based communication solutions, such as Hosted PBX.
• Hosted PBX solutions offer significant cost savings compared to traditional on-premises PBX systems, making them an attractive option for businesses looking to reduce their communication costs.
• Hosted PBX solutions can easily scale up or down to meet the changing needs of businesses, providing flexibility and agility in their communication systems.
• Hosted PBX solutions offer advanced features such as video conferencing, instant messaging, and collaboration tools, enabling businesses to communicate more effectively and efficiently.
• Hosted PBX solutions support remote work arrangements, allowing employees to work from anywhere with an internet connection.

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.

Increasing demand for cloud-based services is one of the primary factors driving the growth of the Hosted PBX market. As more businesses shift their operations to the cloud, they are seeking out cloud-based communication solutions that can provide them with advanced features and capabilities without the need for on-premises hardware or infrastructure. This trend towards cloud-based services is expected to continue in the coming years, fueling the growth of the Hosted PBX market and providing businesses with more flexibility and scalability in their communication systems.

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Some of the recent launches or developments are:

• In Dec 2022, Leader Computers, an IT distributor, has launched a cloud-based phone system for its channel partners in Australia. The new offering, which is being released under the company’s telco service provider division Breeze Connect, is designed to provide partners with a flexible and scalable solution for their customers’ communication needs.

Conclusion

Hosted PBX solutions have become increasingly popular among businesses of all sizes in recent years due to their numerous benefits. These benefits include cost savings, flexibility, scalability, and advanced features such as video conferencing and call center capabilities. With the rise of cloud-based technologies, hosted PBX systems offer a more reliable and efficient alternative to traditional on-premises PBX systems. According to the UnivDatos Market Insights analysis, “Hosted PBX Market” report, the global market was valued at USD 7.0 Billion in 2022, growing at a CAGR of 13.3% during the forecast period from 2023 – 2030 to reach USD billion by 2030.

Key Offerings of the Report

Market Size, Trends, & Forecast by Revenue | 2023−2030.

Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities.

Market Segmentation – A detailed analysis component and applications.

Competitive Landscape – Top Key Vendors and Other Prominent Vendors.