Hosted PBX Market Segmentation:
End User Segment Analysis
The BFSI segment is predicted to hold 35% share of the global hosted PBX market during the time period. The growth of the segment can be attributed to growing financial services, followed by the rising economy. One of the economies in the world with the quickest growth rates was India. Real GDP increased by 7.7 percent annually over the first three quarters of the fiscal year 2022-2023, maintaining its strong overall growth, which is projected to be 6.9 percent for the entire year. During the second half of FY 22/23, there were some indications of moderation. Hosted PBX solutions frequently provide cutting-edge capabilities including call routing, call recording, and voicemail-to-email, which could be very valuable for financial services that largely rely on phone communication.
Organization Segment Analysis
Hosted PBX market from the SMEs segment is expected to have the significant growth over the forecast period. SMEs frequently lack funding for traditional PBX systems as well as employees and infrastructure in the IT department. As a result, they are more inclined to use hosted PBX systems to gain access to cutting-edge communication technologies, lower expenses, and enhance customer experience. Moreover, for SMEs who depend on mobile and remote workers, hosted PBX systems enable employees to operate remotely or while on the go. This enables them to stay in contact and keep up a high level of production regardless of where they are. Additionally, hosted PBX systems are easy to set up and administer, making them a popular solution for SMEs that don't have dedicated IT employees.
Our in-depth analysis of the global hosted PBX market includes the following segments:
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