Hosted Private Branch Exchange (PBX) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The hosted Private Branch Exchange (PBX) market is expected to register a CAGR of 15.2% during the forecast period of (2021 - 2026). Unlike a traditional PBX, which requires a large investment and ongoing maintenance and training, a hosted PBX is a cloud-based PBX system accessible via an IP network and thus extends the benefits associated with the cloud services.

• The rising adoption of cloud technology has significantly boosted the adoption rate of hosted PBX. With the added compliance benefits, in addition to scalability, that the cloud provides, the adoption of PBX has been increased substantially by the users.
• There has been a huge rise in demand for efficient mobility at the enterprise level. Hosted PBX solves this problem to a large extent. It provides businesses with the ability to manage their phone systems via a user-friendly control panel.
• Security and privacy concerns have always stopped enterprises from adopting cloud technology. Thus, this also acts as a major restraint for the adoption of hosted PBX technology due to its dependence on the cloud.
• At the time of the COVID-19 pandemic across the world, the market for hosted private branch exchange has shown a significant rise. For instance, in April 2020, ThinkTel, a division of Distributel, announced its hosted PBX unified communications offering called MaX UC, in partnership with Metaswitch. ThinkTel has been providing a fully managed hosted PBX solution since 2010 and announced the evolution of its unified communications suite.

Key Market Trends

Owing to Increased Consumer Focus BFSI is Expected to Hold Significant Market Share

• Banks are currently engaged with huge amounts of Feedback calls, EMI reminders via SMS and calls, document verification, etc. on a daily basis. The awareness about the products plays a big role in this industry and thus they have to be notified on a regular basis. All the activities can all be automated with the help of hosted Private Branch Exchange (PBX) to reduce manual efforts.
• The outcome of the global financial crisis has seen major changes in the global banking system. Regulatory norms have tightened across global markets, customer experience is becoming the real differentiator in banking, and global capital flows have changed direction moving towards emerging markets. With an increasing number of complaints, the banks have to focus on customer retention in order to succeed.
• To cater to this fast-paced environment, the financial industry needs to usher in transformational changes through modernization of their products, services, and processes. They must increase efficiencies, make business operations transparent, and gain customer trust and loyalty. It is no longer enough to offer simple and automated services. To build loyalty and drive profitability, financial organizations must anticipate customer needs and offer an engaging user experience.
• With hosted PBX, there is no need to buy expensive hardware and software, pay for installation, and manage the system. A user simply pays a monthly fee and enjoys all of the benefits of the service. For a bank with fewer than 300 lines, hosted PBX can provide with a multitude of features and benefits. For instance, a hosted PBX system is much less expensive than a traditional on-site system.

Asia Pacific Expected to Witness Major Market Growth over the Forecast Period

• With the increasing millennials engaging in the culture of startups, Hosted Private Branch Exchange (PBX) is projected to act as a game changer for the varied business requirements. With low disposable income, the small and medium scale business in nations emerging economies such as India does not have a chunk of money to invest in new upcoming technologies.
• With the help of Hosted PBX, the business owner does not need to make a large upfront investment by purchasing an office telephone system and there is no need to maintain it. With a Hosted PBX solution the office telephone system is operated and maintained by your provider.
• As businesses in India and China are focussing on expansion, they need solutions to facilitate their requirements. With the implementation of Hosted PBX, employees can work from anywhere when their office phone system is virtual. The business can have employees working from home, other offices, mobile phones, and even overseas.

Competitive Landscape

The hosted Private Branch Exchange (PBX) market consists of several players. In terms of market share, none of the players currently dominate the market. Due to the lucrative benefits that this market provides, new players are entering in large amount and thus, the market is getting fragmented. The players are heavily focussing on product innovation and expansion in order to gain a competitive advantage.

Sept 2020- Atlantech Online announced that they have lit Anthem Row with fiber. The tenants on 700 K Street, NW and 800 K Street, can now enjoy high speed Internet bandwidth at very affordable prices. Atlantech's Hosted PBX Service service can utilized by tenants adding on to the legacy of the company.

Oct 2020- The comoany Vonage partnered with Hacktoberfest to encourage and celebrate contributions to the Open Source community. The company plans to help my giving access to their libraries, code snippets and demos all on GitHub.

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