According to a recent study published in Telecom Reseller, a leading publication of the telecommunications industry, the global market for virtual switchboards in the cloud is forecast to continue with a significant increase over the next four years, experiencing a compound annual growth rate (CAGR) of 13.2%.
This increase in the Virtual PBX market in the cloud is mainly driven by the growing demand for VoIP networks (Voice over Internet Protocol) through telephone lines and unified communications in the corporate sector.
What Is A Virtual PBX
A Virtual PBX is an advanced IP telephony system that allows companies to have several telephone stations or extensions, both fixed and mobile. Its main advantage is that it facilitates organizing calls from wherever employees are located.
For example, if an organization has a customer service employee who works from their home in Madrid, but they want to pass calls from the company’s main phone (located in Barcelona) to their IP voice software, The only thing that It is necessary to dial the extension number to move the conversation to the other line quickly and easily.
A Virtual PBX provides as many extensions as is convenient, so that it allows you to better manage the company’s telephone system.
3 Main Benefits Of Virtual PBX In The Cloud
The use of a telephone system over the Internet has three advantages for end users:
1) Low initial cost of installing Virtual PBX systems in the cloud in the existing business infrastructure, as well as benefits of not needing to maintain and update telephone lines.
2) Understand the ease of managing telephone networks with the help of Virtual PBX in the cloud, as it simplifies the available telephone networks and reduces complexity.
3) Ability of Virtual PBX in the cloud to host multiple virtual networks without the need for separation or isolation methods, which further helps efficiency and cost savings.
It is likely that the growing demand to improve CRM capabilities in sectors such as health, public administrations and BFSI (banking, financial services and insurance) boosts the Virtual PBX market in the cloud until 2023. The combination of telephony in the cloud with the CRM software increases the capacity of the latter and makes interactions with the user easier.
How Is The Market Going To Be Segmented?
The global Virtual PBX market in the cloud is segmented according to the service, the size of the organization, the end user and the region.
Based on the service, the Virtual PBX market in the cloud is segmented into managed services, professional services, network services and IT and cloud services.
Depending on the size of the organization, the Virtual PBX market in the cloud is classified into small and medium enterprises (SMBs) and large corporations. Large organizations are likely to dominate the market in the next four years due to their greater need for cloud calls.
End user segments the Virtual PBX market in the cloud segmented into BFSI (banking, financial and insurance services), medical care, retail and public administrations, among others.
Which Region Will Be The Dominant One?
North America is likely to dominate the global Virtual PBX market in the cloud until 2023 due to the widespread adoption of cloud technology and the installation of cloud infrastructure.
The presence of many large companies in the United States and Canada is also likely to be an important engine for this market in the region over the next four years. North America had a 40.8% stake in the global Virtual PBX market in the cloud in 2017 and is expected to exhibit the fastest compound annual growth rate.
It is also likely that Asia Pacific will emerge as a leading regional market for virtual PBX solutions in the cloud until 2023, led by China. It is possible that the growing demand for advanced telecommunications technology in the emerging economies of the region will play a key role in the development of the market in this region.