2 min
According to the report “Hosted PBX Market: Global Forecast to 2023”, published by Markets and Markets, the global market for hosted virtual PBXs is expected to grow from 4.73 billion dollars in 2018 to 9.50 billion dollars in 2023, experiencing an annual compound growth rate of 14.9% over a period of 5 years.
The need for business mobility and a growing adoption of the cloud and unified communications are the main factors that, according to the report, will drive the growth of the virtual PBX market, as well as the need for organizations to upgrade their traditional PBXs to virtual PBXs based on the cloud.
Growth of protocol management services
The protocol management services allow the secure administration of those protocols that participate in IP telephony systems housed in order to provide reliable IP communication. The protocol management service is key to managing the IP communication protocol with the tunneling capability, and offers communication from IP-enabled telephones to traditional telephones with high voice quality. In addition, this service evaluates several factors, such as instability, latency and delay, and guarantees the assignment of defined resource levels to voice traffic.
The segment of the virtual configuration will maintain its market size
The installation and virtual configuration service deploys IP telephony based on virtual switchboards hosted through the Internet, and the virtual PBX software is hosted and managed by cloud service providers or external service providers. The implementation and virtual configuration, including the provisioning of IP telephones, is the basic and most important aspect of the implementation of IP telephony systems and hosted virtual PBXs.
This service also helps companies in the implementation and configuration of IP telephony systems and hosted virtual PBXs in a cost-effective manner and with rapid activation of the service.
North America will have the largest share in this market
According to the report, North America will have the largest market share of virtual switchboards hosted between 2018 and 2023. The region has witnessed the emergence of trend technologies, such as ‘cloud’, the Internet of Things (IoT), mobility and unified communications. All of them, technologies that drive the need for secure connectivity and communication.
According to information from Markets and Markets, companies and industries adopt virtual PBX solutions and services hosted at various levels, as part of their commercial operation and their strategy to maintain their market competition and increase their productivity.
The arrival of SMBs and the increase of digitalization in organizations have helped the growth of this market. This is due to the fact that SMBs adopt solutions and hosted virtual PBX services to achieve a reliable communication system, thus improving connectivity within organizations with less investment and minimal maintenance.
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