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New report examines the hosted PBX market projected to reach USD 4.73 billion by 2023

The overall hosted PBX market revenue stream has been derived considering the revenue generated by vendors offering dedicated hosted PBX solution and associated services. The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further split into regions.

The global hosted PBX market size is expected to grow from USD 4.73 billion in 2018 to USD 9.50billion by 2023, at a CAGR of 14.9% during the forecast period.

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The key players in the Hosted PBX Market include –    Cisco Systems (US), AT&T (US), Avaya (US), BT Group (UK), Mitel Networks (Canada), 8x8 (US), Polycom (US), Comcast Business (US), MegaPath (US), Century Link (US), RingCentral (US), and XO Communications (US). The other players include Ozonetel (India), Nexge Technologies (India), BullsEye Telecom (US), TPx Communications (US), Telesystem (US), OneConnect (Canada), InterGlobe Communications (US), 3CX (Turkey), Star2Star Communications (US), Nextiva (US), NovoLink Communications (US), Datavo (US), and Digium (US).

The report includes an in-depth competitive analysis of the key players in the hosted PBX market along with their company profiles, recent developments, and key market strategies.The report segments the hosted PBX market by component (solution and service),organization size, vertical, and region.

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The global hosted PBX market size is expected to grow from USD 4.73 billion in 2018 to USD 9.50billion by 2023, at a CAGR of 14.9% during the forecast period. The hosted PBX market is gaining traction due to the rising need of enterprise mobility and rising adoption of the cloud and unified communications.

Furthermore, low CAPEX and TCO, and the necessity to upgrade from traditional PBX to cloud-based PBX are driving the market. However, security and privacy concerns are restraining the hosted PBX market growth.

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The healthcare vertical is leading in the adoption of hosted PBX solution and associated services, as these solutions and services provide reliable communication in providing care to patients. Hosted PBX solutions offer features and functionalities, such as instant messaging and real-time communications, to enable practitioners to stay connected in the high-paced complex healthcare environment.

Cloud-based telecommunications, in the form of hosted PBX services and VoIP telephony, enable medical professionals to have access to their patients and centers of operations from heterogeneous locations, at any time of the day. Hosted PBX extends real-time and cost-effective communication functionality to not only doctors and nursing staff, but also to the group involved in paramedical and emergency response services, such as ambulance crews and firefighters.

In the healthcare vertical, communication and collaboration among staff members is critical to provide immediate care, which is also a factor driving the adoption of hosted PBX and UCaaS (including features, such as IP telephony, real-time location system, and dual-mode phones) in this vertical.

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