The Asia-Pacific cloud PBX market accounted for US$ 1.10 Bn in 2018 and is expected to grow at a CAGR of 18.7% over the forecast period 2018-2027, to account for US$ 5.07 Bn in 2027
NEW YORK, Nov. 14, 2019 /PRNewswire/ --
The Asia-Pacific cloud PBX market accounted for US$ 1.10 Bn in 2018 and is expected to grow at a CAGR of 18.7% over the forecast period 2018-2027, to account for US$ 5.07 Bn in 2027. Factors including the growing demand for effective communication and reduced operational costs are driving the growth of Asia-Pacific cloud PBX market. The cloud PBX lays the foundation for technological advancements in organizations by synchronizing a wide range of communication and collaborations tools; also, they enable the organizations to integrate with their critical business applications at a broader level. With the help of unification of numerous locations amid a business firm, for instance, the unification of itinerant workers under a single congregated network, the IP telephony offers flexible and advanced features for the communication process.
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Since the cloud PBX market entered its growth phase there was a drastic increase in the migration rate of the companies from traditionally on-premise PBX to cloud-based PBX, but, the major challenge faced by these companies then was to integrate the technology into their existing environment.Because of the service gap amid the market, there were several instances of inefficient deployment of cloud PBX.
However, in the later years as the adoption of integration services and migration strategies streamlined, the businesses gained confidence regarding their seamless transition to internet telephony (VoIP).This VoIP capitalizes entirely on the benefits provided by the cloud PBX without compromising on values of already existing technology investments.
The expansion in migration strategy not only amplified the cloud PBX deployment but also mitigate the potential of technical issues related to the implementation of technology.
The Asia-Pacific cloud PBX market is fragmented with the presence of several industries, and the competitive dynamics in the cloud PBX market is expected to change during the upcoming years.In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the Asia-Pacific cloud PBX market further.
For instance, the governments of most of the economies in the Asia Pacific region are focusing on the developments of the cloud industry.To this, the Malaysian government supports the development of data centers under the guidance of Multimedia Development Corporation (MDeC).
Also, the government of Singapore constructed a data center hub/park in the country called Tanjong Kling, for multinational companies to set their headquarters as well as data centers there.Furthermore, the "Digital India" initiative started by the government of India has led to accelerating IT shift in the country, thus, positively affecting the growth of cloud technology.
This growth in cloud technology adoption would enable enterprises to adopt advanced cloud-based software systems. The initiatives taken by state governing organizations across the region is expected to drive the adoption of cloud technology, which in turn would elevate the Asia-Pacific cloud PBX market.
The cloud PBX market by end-user is segmented into IT & telecom, BFSI, healthcare, retail, manufacturing, and others.The Banking and Financial Services (BFSI) companies across the globe have been facing aggressive competition and persistent pressures to meet the increasing demand for enlightening operational efficiency and make the most of enterprise the benefits.
Amidst the several operational costs, costly long distance call charges within branches and offices account for a major portion.In the meantime, the BFSI companies are also looking into the new potential methods to improve and accomplish client relationships efficiently.
Rising demand for a user-friendly and feature-rich telephone system enhancing customer experience is expected to fuel the growth of cloud PBX in the BFSI sector.
The overall Asia-Pacific cloud PBX market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Asia-Pacific cloud PBX market.
It also provides an overview and forecast for the Asia-Pacific cloud PBX market based on all the segmentation provided for the Asia-Pacific region.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia-Pacific cloud PBX industry. Some of the players present in cloud PBX market are 3CX, INC, 8x8, Inc., AT&T INC, Avaya, Cisco System, Inc., Comcast Corporation, Microsoft Corporation, RingCentral, Inc., CenturyLink, Inc., Voyce Ltd., among others.
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