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Cloud PBX Market Size Is Estimated At USD 20.19 Billion In 2022 And Is Expected To Reach USD 85.14 Billion By 2031

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Global Cloud PBX Market Growing On the Back of Rising demand for Integrated communication platforms and cloud-based collaboration software and better voice communication services

Modern businesses view cloud technology as an accelerator since it provides more flexible and affordable alternatives. One of the cornerstones of a business, communication, is using cloud technology as well with the help of products like cloud PBX.

A cloud-based phone system, sometimes known as a cloud PBX, is a phone system that runs entirely over the internet. Because the maintenance is carried out via the cloud, there is no need for on-site infrastructure, which further reduces overhead costs. Simply said, it is a simple, rapid, cost-effective, and efficient replacement for conventional fixed-line phone systems. Organisations may pay a service provider on a subscription basis for a cloud-based PBX solution. Companies across the globe from different industry segments such as BFSI, healthcare, retail, government and real estate, have already started switching to cloud PBX solutions.

The worldwide demand for Cloud PBX market was estimated at around USD 20 billion in 2022, and by the end of 2031, existing and expected developments would hit valuations of around USD 85 billion. The industry players and analysts predict the global Cloud PBX market growth of around 18% in terms of CAGR. During the upcoming years, it is crucial to select a scalable solution due to a business's expanding needs. By enabling the addition or removal of users as needed, cloud-based phone systems cater to the demands of organisations. Scalability was a major issue in conventional phone systems because it demanded more hardware investment and was location-specific. Cloud PBX are more scalable and reliable, this in turn projected to raise demand for the Cloud PBX market.  However, security and privacy concern is one of the major challenge presented to Cloud PBX market development and growth.

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Some of the leading and top Cloud PBX companies in the global Cloud PBX market include Allworx Corporations, AT&T, Inc., Avaya Inc., Barracuda Networks Inc. (CudaTel), BullsEye Telecom Inc, Centurylink, Cisco Systems, Inc., D-Link System Inc., Five9 Inc., MegaPath Inc., Microsoft Corporation, Mitel Networks Inc., NEC Corporation, Nextiva Inc., Panasonic Corporation, Polycom, RingCentral Inc., T Group, and Vonage America Inc., Others among others. The leading five players such as Cisco Systems, Inc., RingCentral Inc, Five9, Inc. and AT&T, Inc. are expected to hold around 20% market share of the global Cloud PBX market.

On the basis of service, the worldwide Cloud PBX market can be segmented into Managed Services, Professional Services, Network Services and IT & Cloud Services, with the 'Manged services' category having the leading market share of about 50 percent, closely followed by the “Professional Services” category in the worldwide Cloud PBX market share. In terms of enterprise size, global Cloud PBX market can be segmented into small and medium enterprise, and Large enterprise. On the basis of end-user, the market can be bifurcated into BFSI, Retail & E-commerce, Healthcare, Government, Real Estate, and Others. In terms of geography, North America region held the leading market share of around 65% among other regions such as Asia Pacifc, Europe, Latin America, and Middle East & Africa in the global Cloud PBX market.

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