Cloud PBX Market Moving Towards A Brighter Future 2020-2030

 

Hoteliers Adopt Cloud PBX to Enable Clear Communication amid COVID-19 Recovery

Companies in the cloud PBX market have been at a profitable position during and post the COVID-19 outbreak. Since most businesses have been working remotely due to work from home protocols, the demand for cloud PBX (Private Branch Exchange) has witnessed a spike in 2020. Even as offices in countries such as India and the U.S. are reopening, countries including Saudi Arabia, France, Germany, and Spain are still facing challenges in controlling the pandemic.

Nomadix Inc. – a California-based developer of network gateway equipment is acquiring recognition for its new cloud PBX service meant for reliable and clear communications in hotels. Since the hospitality industry is navigating through the challenges imposed by the coronavirus pandemic, hoteliers are adopting cloud PBX solutions to cut costs without compromising on quality and safety. This is expected to drive the cloud PBX market during the forecast period.

cloud pbx market segmentation

In-house Knowledge, Right Support Partner Help Ease Transition toward Cloud

The cloud PBX market is estimated to reach a revenue of US$ 68.3 Bn by the end of 2030. However, the transition from traditional PBX to cloud poses common challenges such as recognizing proper resource collaboration and limitations in bandwidth may affect market growth. Hence, there is a need for training of employees to increase in-house knowledge of users and collaborating with the right support partner to ensure high quality connection in corporate networks.

Defending against the constant threat of cyber-attacks has become a top priority for stakeholders in the BFSI, retail, and government sectors. Companies in the cloud PBX market are capitalizing on this issue and increasing the availability of software solutions.

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Integrated Communication Platforms to be Next Step for Cloud PBX

The cloud PBX market is projected to advance at a striking CAGR of ~14% during the forecast period. Software developers are creating new integrated platforms to combine different communication tools within a single package. Companies such as Nextiva, RingCentral, Avaya, and GotoConnect are gaining recognition for their integrated cloud PBX platforms.

The proliferation of artificial intelligence (AI) and learning algorithms in the cloud PBX market is creating long-term business opportunities for companies. Modern chat-bots hold promising capabilities for speech to text, sentiment analysis, and natural language processing. These technologies are being used to transcript conversations, identify what a caller is asking, and understand the intent behind those requests.

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UCaaS Gaining Prominence in India’s Small Businesses Due to Cost Efficiency

India holds lucrative growth opportunities for companies in the cloud PBX market. Servetel— a cloud telephony service provider in India is gaining popularity for its economical, innovative, and handy cloud solutions. Since the IT sector in India is growing at a rapid pace, startups in the cloud PBX market can explore revenue opportunities by creating new cloud PBX platforms.

The decrease in costs is one of the major advantages of cloud PBX solutions over traditional phone systems. Software innovations for video and messaging in the cloud and the Voice over Internet Protocol (VoIP) technology for calls & communications are being preferred by users. The trend of Unified Communications as a Service (UCaaS) is gaining prominence even in small businesses, owing to its cost efficiency. Small businesses are adapting toward cloud-based call centers for more accessibility and flexibility in communications.

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