Global Virtual PBX Market Size By Component, By Deployment, By End-User, By Geographic Scope And Forecast

Virtual PBX Market Size And Forecast

Virtual PBX Market size was valued at USD 5.65 Billion in 2022 and is projected to reach USD 20.66 Billion by 2030, growing at a CAGR of 15.74% from 2023 to 2030.

Growing usage of advanced call routing technology and reduced data storage costs are a few of the critical Virtual PBX Market drivers and trends fueling the growth of the market. The Global Virtual PBX Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Virtual PBX Market Definition

Virtual PBX service helps in the transmission of calls over the internet using cellular data. The calls may be sent to a smartphone, tablet, PC, etc. A Virtual PBX provides inexpensive service to organizations by providing internet calls and other services at lower costs. PBX stands for private branch exchange, where the exchange of information takes place using the telephonic mode of communication.

Built around Voice over Internet Protocol (VoIP), Virtual PBX helps organizations add to their efficiency, optimization, and speed. Some features of Virtual PBX are voicemail, unlimited call handling, fax mail, auto-attendant, and centralized voice. It also provides additional benefits like chat, video conferencing, and status updates for various operating systems.

Global Virtual PBX Market Overview

The growing usage of advanced call routing technology and reduced data storage costs are important drivers for the Global Virtual PBX Market. Other important drivers are the increasing adoption of telco cloud computing, high growth rate data, and the cost savings achieved through reduced phone and fax charges. Implementation of AI and blockchain technology along with growing e-commerce business are expected to provide new profitable opportunities leading to the growth of the Virtual PBX Market.

Further, AI services-based unified communications are growing which is expected to propel the growth. Thus, there are ample growth opportunities for the market. However, there are some restraints like the concerns related to the security of these software solutions and high dependence on Internet service. Any issue with the internet results in loss of phone service.

Global Virtual PBX Market Segmentation Analysis

The Global Virtual PBX Market is segmented on the basis of Component, Deployment, End-User, And Geography.

Virtual PBX Market, By Component

• Solution
• Services

Based on Component, the market is segmented into Solution and Services.

Virtual PBX Market, By Deployment

• Cloud
• On-premise

Based on Deployment, the market is segmented into Cloud and On-premise.

Virtual PBX Market, By End-User

• IT
• BFSI
• Healthcare
• Manufacturing
• Others

Based on End-User, the market is segmented into IT, BFSI, Healthcare, Manufacturing, and Others.

Virtual PBX Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the Global Virtual PBX Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America is expected to lead the market share by geography going forward due to the low total cost of ownership and operating expenses. The Asia Pacific region is expected to grow fast driven by the rapid industrial growth in China and India, technological advancements, and the increasing trend of implementing VoIP solutions.

Key Players

The “Global Virtual PBX Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are VirtualPBX.com Inc., RingCentral Inc., 8×8 Inc., Intermedia.net Inc., TelePacific Communications, 3CX, Bullseye Telecom, Nextiva, Digium, Vonage, and Mitel Networks Corporation. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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