Europe Cloud PBX Market Prophesied to Grow at a Faster Pace by 2027
The Europe cloud PBX market accounted
for US$ 1.37 Bn in 2018 and is expected to grow at a CAGR of 14.6% over the
forecast period 2018–2027, to account for US$ 4.58 Bn in 2027.
Factors including the
increasing focus of enterprises towards effective communication and reduced
operational costs are driving the growth of Europe cloud PBX market. The cloud
PBX has reformed and revolutionized the communication process in the business organizations
by enabling access to various forms of communication (audio, video, text
messaging) through an IP network. This communication technology offers myriad
benefits over tradition PBX, but the cost-effectiveness provided by the cloud
PBX over on-premise PBX is the primary factor, that has driven its demand in
the past years and is expected to influence the market growth in the coming
years.
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Since the cloud PBX market entered its growth phase (as per the
product lifecycle) 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 Europe cloud PBX market is fragmented with the presence of
several industries, and the competitive dynamics in the market is expected to
change during the upcoming years. In addition to this, various initiatives are
undertaken by the governmental bodies to accelerate the Europe cloud PBX market
further. For instance, the current policy on cloud computing is set within the
Digital Single Market Strategy for Europe where it plays a vital role through
the European Cloud Initiative, the European Free Flow of Data Initiative and
the emerging issues related to access, ownership, portability of data and switching of cloud
service providers. These initiatives on cloud computing build on the strategy
unveiled by the Commission in 2012 for unleashing the potential of cloud
computing in Europe. The strategy is expected to speed up and increase the use
of cloud computing across all economic sectors. 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 Europe cloud PBX market.
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The cloud PBX market by end-user is segmented into IT &
telecom, BFSI, healthcare, retail, manufacturing, and others. In the rapidly
expanding retail industry, the communication between the suppliers, stores,
warehouses, sales teams, and buyers, plays a vital role to develop enhanced
supply management and customer service. And the traditional telephone system
with high maintenance cost has been incapable of fulfilling the needs of the
retail chain. Retailers, with a motive to stay ahead, are shifting towards
cloud POX for a reliable phone system to keep their retail business run
smoothly along with enhancing customer satisfaction. The trend is anticipated
to significantly contribute to the growth of cloud POX in the retail industry.
The overall Europe 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 Europe cloud PBX market. It also
provides an overview and forecast for the Europe cloud PBX market based on all
the segmentation provided for Europe 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 Europe 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., Sors Global, Voyce Ltd., among others.
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