Virtual PBX Market Size, Share and Global Trend By Component (Solution & services), By Product (Network Traffic Management, Virtual Assistance and Support and others) and Regional Forecast, 2024-2032

Virtual PBX is a system that uses cellular data to transmit calls over the Internet to smartphones, tablets, and PC, etc. Unified Communication is the technology that provides different communications platforms, and considered as one of the major drivers to drift the growth of virtual PBX market. According to IEEE, (the institute of electrical and electronics), the global market of unified communication would grow at 8%, to reach market value at US$ 108 Bn in 2019. 

A virtual PBX provides inexpensive service to the organization by offering lower costs internet calls and other services. The Virtual PBX Office is built around Voice over Internet Protocol (VoIP) and helps the companies to increase efficiency, optimization, speed and timings of logistic services by providing business-oriented call controls in organizations. Some features of virtual PBX include voicemail, auto attendant, unlimited call handling, centralized voice, and fax mail and advanced departmental queuing. Further, it provides benefits such as status, chat, video conferencing, queues, for iOS and Android and more operating system.

Rising adoption of telco cloud computing, lower data storage costs, high growth rate data, and increasing adoption of advanced call routing technology are expected to propel the global virtual PBX market significantly, during the forecasted period. In predicted period. Other drivers such as evolution in AI and blockchain technology coupled with a rise in e-commerce business are expected to drive the growth of the virtual PBX market globally. Furthermore, growth in unified communications backed by AI services is expected to drive the growth of virtual PBX systems market.

KEY PLAYERS COVERED

Some of the major players in virtual PBX market include: 3CX Ltd., Alpha Telecom Services Inc., RingCentral, Inc., BroadSoft, Inc., BCE Inc., Mitel Networks Corporation, 8x8, Inc., Digitcom, AllStream, Inc., Voysis IP Solutions Inc., Birch Communications, Inc., and TeraGo Networks Inc. among others.

SEGMENTATION

REGIONAL ANALYSIS

North America is expected to hold the major market share and dominate the virtual PBX market during the forecasted period. Further, the growth in the North American region is due to the low cost of TCO (total cost of ownership) and OPEX (operating expenses) set by the government, required for hosted PBX as compared to the traditional telephony system