The Increasing Demand for Enterprise Mobility is Driving the Growth of Virtual PBX Market

Globally, the virtual PBX market is expected to grow with a CAGR of 15.1% during the forecast period from 2023 to 2030. The increasing demand for enterprise mobility solutions is driving the demand for virtual PBX market. As the adoption of the mobile devices among the enterprises is rising and employee started using their own devices to access organization data, organizations are looking for new ways to establish a well structured and maintained mobile infrastructure. Virtual PBX allows enterprises to invent their Network infrastructure and enhance collaboration between their employees, which in turn increases the business performance.

Moreover, it allows enterprises to develop a more sophisticated telephone system by eliminating the cost of ownership and creating a virtual network. The rising need among the organization to upgrade from the traditional PBX to cloud based PBX is also serving as a major driver for the growth of the market. Furthermore, the growing adoption of the telecom cloud  is also driving the market growth. However, the security issues associated with the use of the virtual PBX is inhibiting the growth of the market. The rising concern to maintain the quality of the service is also a major challenge among the market players.

Services are Estimated to Grow Significantly During the Forecast Period  

The virtual PBX market is characterized based on the component into solutions and services. Solutions accounted for more than 60% share in the revenue in 2020. The market growth is attributed to the changing market dynamics and wide-scale adoption of virtual infrastructure. On the other hand, the services market is estimated to increase significantly during the forecast period.

North America is Leading the Virtual PBX Market                                          

North America led the virtual PBX market with a market share of over 37% in 2021. The growth of the market is driven by the large scale in investment in wireless technologies in the region. The growing adoption of the advance technology solutions such as IoT, cloud, and unified communication platform is also serving as a major driver for the growth of the market. Besides, the rapid digitalization across the industries in the region is also supporting market growth.

The major players in the virtual PBX market are 8x8 Inc, 3CX Ltd, AT&T Inc, BT GROUP PLC, Avaya, Bullseye Telecom, Cisco Systems, CenturyLink Inc, Comcast Business Services, Digium, Datavo, Ozonetel Communications Pvt Ltd, Interglobe Communications, Mitel Networks Corporation, MegaPath, Nexge Technologies Ltd, NovoLink Communications Inc, Nextiva Inc, OneConnect Inc, and Polycom Inc.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Virtual PBX market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Virtual PBX market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Virtual PBX market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Virtual PBX market?
• Which is the largest regional market for Virtual PBX market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Virtual PBX market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Virtual PBX market worldwide?