(Market Research Future) May 2018.
Cloud technology is gaining popularity among various business sectors and aimed at achieving an effective and cost-efficient means of performing multiple jobs. The communication technology has also been upgrading with the assistance of cloud technology. Cloud PBX can now deliver all the basic elements of a customary PBX and effectively substitutes the on-site PBX hardware. According to Market Research Future report, there has been a growing demand for VoIP and cloud PBX and it is going to be larger than ever in the future. Irrespective of their size, every business seems ready to shift from the outdated phone system to VoIP and is looking ahead for cloud solution for a decrease in operational expense.
Cloud PBX also offers a reduction in duration required for deployment and activation of new services. Reduced cost has been identified to be the major reason behind this because cloud software does not require most of the hardware and deliver the same features that a usual on-site software can offer. The market for Cloud PBX is driven because of the fact that capital investments are not required for embracing cloud technology.
On a geographical ground, among major international market for active electronic components in different regions, North American market has been dominating the Cloud PBX market with approximate 40 percent market share. Europe comes at the second position with approximately 33 percent market share. The North American Cloud PBX market has been predicted to grow by 25 percent CAGR and European Cloud PBX market will grow by 23 percent CAGR over the course of five years.
The international market for Cloud PBX is segmented according to the nature of service provided, size of the organization, consumer, and region. Based on the nature of services offered, the market segment is additionally categorized into cloud and IT services, managed services, network services, and professional services. Based on the size of the organization, the relevant market segment is further categorized into large organizations and SME (small and medium enterprises). Cloud PBX market has been mainly adopted by Banking, Financial Services and Insurance (BFSI), real estate, retail, healthcare, government and many other sectors. DigitialPhone.io delivers Cloud PBX solution that is fully capable of boosting productivity and empowers organizations to accomplish their business objectives.