USD 4.88 billion
Global Virtual PBX Market Size, Share, Growth Analysis, By Component(Services, Solutions), By Organizations(Large Enterprises, Medium Enterprises) - Industry Forecast 2024-2031
Report ID:
SQMIG50C2011 |
Region:
Global |
Published Date: April, 2024
Pages:
165
|
Tables:
63 |
Figures:
75
Global Virtual PBX Market Insights
Virtual PBX Market size was valued at USD 4.88 billion in 2019 and is poised to grow from USD 5.65 billion in 2023 to USD 20.66 billion by 2031, growing at a CAGR of 15.74% in the forecast period (2024-2031).
The digital non-public branch exchange (PBX) market is being pushed with the aid of the inexpensive services provided with the aid of virtual PBX gadgets to the enterprise consisting of lower prices internet calls and different offerings. growth inside the penetration rate of the internet coupled with the rising utilization of smartphones is the foremost thing driving the marketplace's boom. The growing wants for digitalization and adoption of telco cloud computing and decreased records garage fees are driving up calls for the virtual non-public branch alternate (PBX) market. different massive elements consisting of growing urbanization and the growing adoption charge of superior name routing technology will cushion the boom charge of virtual private department alternate (PBX) marketplace. Every other essential thing includes increasing attention. Approximately the blessings related to the product will accelerate the increase of the virtual personal branch trade (PBX) marketplace. Furthermore, technological improvements and boom within the increased price of statistics will affect the digital private branch change (PBX) marketplace for the forecast period cited above. Also, the evolution of artificial intelligence and blockchain technologies will act as a primary element influencing the increase of the digital personal department alternate (PBX) marketplace.
Additionally, as e-commerce expands and the adoption rate of new technical solutions rises, more favorable chances will arise for the development of the virtual private branch exchange (PBX) industry. Unified communication services supported by artificial intelligence (AI) are expected to develop in the next few years as a result of the high demand from a variety of end-use sectors.
US Virtual PBX Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Services
Fastest Growth
Services
Growth Rate
15.74% CAGR
Global Virtual PBX Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Virtual PBX Market Size By Components 2022-2028 ($ Bn)
Global Virtual PBX Market Size By Components 2022-2028 (%)
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Global Virtual PBX Market Segmental Analysis
The global toothpaste market is segmented based on the component, organizations, and region. Based on components the market is segmented into solutions and services. Based on organizations the market is segmented into large enterprises, medium enterprises, and small and micro-enterprises. Based on the region it is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Virtual PBX Market Analysis by Component
The solution sector had a market share of over 40% in 2021, largely due to businesses gradually switching from conventional voice & data services to high-quality virtual PBX services. Virtual PBX solutions are demonstrating to be a profitable avenue for market expansion since traditional virtual services have frequent system downtime & lag in response time and impair business continuity.
Virtual PBX Market Analysis by Organizations
Due to the growing dependence of large organizations on virtual PBX services for high uptime, the large enterprise category is expected to expand by more than 13% through 2028. The need for virtual PBX solutions and services has increased across the nation as large businesses place a premium on dependable communications to boost collaboration and productivity. Additionally, the growing need for high-quality VoIP calling has expanded the segment's market prospects.
Global Virtual PBX Market By Components, 2021 (%), 2023 (%)
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Global Virtual PBX Market Regional Insights
North America has dominated the global virtual PBX market. Due to the presence of significant key players and the increase in the number of restaurants in this region, North America will continue to lead the virtual private branch exchange (PBX) market during the projected period of 2022-2028.
Due to the increasing number of quick service and fast-food restaurants opening up in this region, Asia-Pacific is predicted to expand throughout the projection period of 2022-2028. Asia Pacific (APAC) has always been a prosperous region and has seen an advanced and active adoption of new technology. The bright outlook of local businesses is the main driver of growth in this area. Companies are searching for cutting-edge UC components and delivery platforms in APAC as a result of the region's increasing demand for UC and video conferencing to create a centralized and dependable connectivity and communication system.
Global Virtual PBX Market By Geography, 2022-2028, 2024-2031
- Largest
- Fastest
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Global Virtual PBX Market Dynamics
Virtual PBX Market Driver
Due to their affordability—users just have to pay for phones on an annual basis—cloud PBX systems are gaining popularity across a wide range of end-use sectors. Additionally, these systems have several other advantages, such as increased client satisfaction. Additionally, virtual PBX is renowned for enhancing worker productivity through a variety of simple-to-deploy communication features. These benefits have led to a noticeable increase in the use of cloud PBX systems, which is expected to lead to a plethora of market prospects in the coming years.
- Technological improvements will drive the global virtual PBX market.
Because of the increased use of mobile devices and the growing BYOD movement, cloud-based communication technologies like virtual PBX are in great demand (BYOD). Today's mobile and scattered workforces are increasingly being served by these solutions. In addition, the COVID-19 pandemic has caused a sharp increase in the number of mobile employees globally. Employees may work from any location, on any device, at any time, thanks to virtual PBX. This element is boosting the market for virtual PBX sales.
Virtual PBX Market Restraint
- The cloud previous software, when not set up properly, makes it difficult to integrate the PBX system with CRM, which is one of the reasons impeding the growth of the virtual PBX market. Software designed specifically for separation integration is also required to integrate the virtual PBX system. Additionally, each customer location today has different requirements. A lot of personalization is a challenge for certain providers. It is simultaneously a large task to make an offering that works for everyone. As a result, there are persistent problems and delayed client turn-out. These are a few of the main causes of the virtual PBX market's difficulties.
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Global Virtual PBX Market Competitive Landscape
All of these well-known leading players have a significant impact on the dynamics and expansion of the market for software-defined wide area networks. These significant businesses use a variety of techniques, including new manufacturing methods, partnerships, mergers, acquisitions, extensions, innovations, technology-enhanced existing products, and other collaborations. All of these tactics are chosen to meet client wants and create a solid foundation for future growth. For instance, in January 2021, Professional analytics and industry experts advanced to jointly develop significant statistical tools and analytical models. Development is carried out using data streams, several research projects, and internal databases. Along with per capita framework improvements, recent GDP improvements have been made. The consultant offers the report at a fair price and customizes it.
Virtual PBX Market Top Player’s Company Profiles
- RingCentral Inc.
- 8x8 Inc.
- Vonage Holdings Corp.
- Microsoft Corporation
- Verizon Communications Inc.
- Cisco Systems Inc.
- AT&T Inc.
- Nextiva Inc.
- Jive Communications Inc.
- Avaya Holdings Corp.
- Mitel Networks Corp.
- Broadvoice
- Net2Phone
- Intermedia
- Dialpad Inc.
- Aircall
- Grasshopper
- Ooma Inc.
- Talkdesk
- Zoho Corporation
Virtual PBX Market Recent Development
- In June 2022, Virtual Guest Services is a new service that Cloud5 Communications, a top supplier of communications solutions and Managed IT Services, has introduced (VGS). VGS is made to relieve hotel front desk and PBX employees of inbound and/or internal guest calls so they may devote more time to high-value, in-person visitor encounters.
Global Virtual PBX Key Market Trends
- The global virtual PBX market is expected to develop significantly throughout the estimated period as a result of rising telco cloud computing use, declining data storage costs, high data growth rates, and rising acceptance of advanced call routing technologies. when expected. The worldwide virtual PBX market is expected to increase as a result of additional factors including advancements in blockchain and Al technologies and the expansion of e-commerce. Additionally, the market for virtual PBX systems is expected to rise as a result of the expansion of unified communications supported by Al services.
Global Virtual PBX Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the bandwidth management & optimization sector dominated the global virtual PBX market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, North America dominated the global virtual PBX market owing to the region's highly aware and economically stable population, as well as a significantly higher number of procedures conducted.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 4.88 billion |
| Market size value in 2031 | USD 20.66 billion |
| Growth Rate | 15.74% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Virtual PBX Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Virtual PBX Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Virtual PBX Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Virtual PBX Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Virtual PBX Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Virtual PBX Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Virtual PBX Market Report Snapshots
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