The global cloud PBX market was valued at approximately US$ 5.07 billion in 2018 and is projected to experience a compound annual growth rate (CAGR) of 15.5% from 2019 to 2027, ultimately reaching around US$ 18.2 billion by the end of the forecast period.
Several factors are contributing to the growth of the cloud PBX market, including significant advancements in cloud technology and a high rate of adoption among small and medium-sized enterprises (SMEs).
Over the years, the global cloud PBX market has expanded considerably, largely due to a notable shift in consumer behavior regarding purchasing and payment methods. The Asia Pacific region stands out as a crucial market for cloud PBX solutions, driven by evolving economies and ongoing technological innovations within its countries. The demand for cloud PBX systems is expected to surge among SMEs during the forecast period, particularly as the number of SMEs in developing nations within Asia-Pacific continues to rise. Additionally, government initiatives aimed at enhancing IT infrastructure in countries like China and India are positively influencing the growth of the cloud PBX market.
North America also holds a significant share of the cloud PBX market, characterized by early adopters of advanced technologies and a robust supporting infrastructure. Furthermore, governmental efforts in this region are focused on improving telecommunication frameworks. The Asia-Pacific region is anticipated to experience substantial year-on-year growth throughout the forecast period, as developing countries within this area rapidly adopt advanced technologies such as unified communications, the Internet of Things (IoT), mobility solutions, and cloud technologies. The increasing number of SMEs in both China and India is expected to significantly boost the cloud PBX market during this time frame. Continuous technological advancements and enhancements in IT infrastructure are likely to further propel the cloud PBX market in Asia-Pacific countries.
In terms of market share, the most prominent regions in the global cloud PBX market include North America, Europe, and Asia Pacific. The Middle East and Africa and South America rank fourth and fifth, respectively, in terms of market shares within the cloud PBX sector. North America's dominance can be attributed to the presence of a large number of cloud PBX providers in the United States, where the adoption of new technologies is consistently high. The U.S. is home to a dense population of organizations across various industries, further solidifying its position in the market. Meanwhile, the Asia Pacific region is expected to be the fastest-growing area from 2019 to 2027, as countries within this region continue to see the establishment of multinational corporations alongside the rise of local enterprises.
The overall size of the cloud PBX market has been determined through a combination of primary and secondary research methods. The research process begins with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the cloud PBX market. This research also includes an overview and forecast of the global cloud PBX market based on various segments categorized by five major regions: North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Additionally, primary interviews with industry participants and commentators are conducted to validate the data and analysis. Participants typically include industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the cloud PBX sector.
Some of the key players in the global cloud PBX market include 3CX, 8x8, Inc., AT&T Inc., Comcast Corporation, SORS Global, Avaya Inc., Voyced Ltd., Cisco, Microsoft, RingCentral, Inc., among others.