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3. RingCentral (US) and 8x8 (US) are leading players in Hosted PBX Market

The global hosted PBX market size is projected to grow from USD 11.5 billion in 2023 to USD 24.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 16.8%. The ascendancy of the hosted PBX market is fueled by its inherent capacity to prevent the necessity for substantial initial investments inherent in traditional phone systems. By adopting a hosted PBX solution, businesses can eschew the financial burdens associated with procuring and maintaining extensive on-premises telephony infrastructure. This cost-effective alternative streamlines budgetary considerations and provides a pathway for organizations, regardless of size, to access advanced communication features without the weighty capital expenditure typically associated with conventional systems. This financial agility, characterized by eliminating significant upfront costs, stands as a potent driving force behind the burgeoning popularity and growth of the hosted PBX market.

Key and innovative vendors in the hosted PBX market include AT&T (US), Verizon Communications (US), Cisco Systems (US), BT Group (US), RingCentral (US), Comcast Corporation (US), 8x8 (US), Sangoma Technologies (US), Lumen Technologies (US), Nextiva (US), Fusion Connect (US), Avaya (US), Mitel Networks (US), Lingo Telecom (US), TPx Communications (US), Telesystem (US), Ozonotel Communications (India), OneConnect (US), InterGlobe Communications (US), CloudTalk (US), Datavo (US), Nexge Technologies (US), NovoLink Communications (US), 3CX (Cpryus), AstraQom International (US). The market players have adopted various strategies, such as developing advanced products, partnerships, contracts, expansions, and acquisitions to strengthen their hosted PBX market position. The organic and inorganic strategies have helped the market players expand globally by providing advanced hosted PBX solutions.

To know about the assumptions considered for the study download the pdf brochure

RingCentral

RingCentral, Inc. stands out as a prominent global enterprise cloud communications provider, delivering innovative software-as-a-service (SaaS) solutions for communication, collaboration, video meetings, and contact centers. Disrupting the business communications and collaboration market, RingCentral offers flexible and cost-effective solutions tailored to support mobile and distributed workforces. The platform facilitates seamless connectivity, allowing organizations to enhance communication and collaboration across diverse teams, irrespective of geographical locations. With a commitment to innovation and customer satisfaction, RingCentral provides a cloud-based communication and customer engagement platform that accommodates the needs of modern, mobile, and global enterprises. Notably, their solutions are designed to be user-friendly, offering a consistent global identity across various devices. Rapid deployment, easy configuration, and device-independent functionality distinguish RingCentral's cloud-based solutions from traditional on-premises systems. Furthermore, the company's open platform encourages third-party developers and customers to create integrations and workflows using robust Application Programming Interfaces (APIs) and software developers' kits (SDKs). As of 2022, RingCentral had ~3,902 employees and a revenue of USD 1.99 Billion. RingCentral has geographical presence in North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

8x8

8x8, Inc. stands as a prominent Software-as-a-Service (SaaS) provider, offering a comprehensive suite of communication solutions including voice, team chat, video meetings, contact center services, and embeddable communication APIs. Operating on a global cloud communications platform, 8x8 connects individuals and teams, fostering faster collaboration and enhanced productivity from any location. With a focus on real-time business analytics and intelligence, 8x8 empowers its customers with unique insights across all interactions and channels. The company's XCaaS ("eXperience Communications as a Service") platform, characterized by high availability and full redundancy, operates under a standardized Service Level Agreement, encompassing unified communications and contact center services. Leveraging AI/ML algorithms, 8x8's platform delivers data-driven business insights, driving employee productivity, resource optimization, and improved end customer interactions. The platform, designed for easy deployment and management across multiple devices and global environments, enables organizations to rely on a single provider for their communication, video meeting, and customer support requirements. The company's business segments include communication services subscriptions, platform, UCaaS, CCaaS, and CPaaS offerings, with additional revenue from professional services and IP telephone rentals supporting cloud telephony services. With over 2.5 million paid business users, 8x8 continues to position itself as a pivotal player in the cloud communications landscape. As of 2022, 8x8 had ~ 2216 employees and a revenue of USD 638 Billion and reportedly spent USD 112.3 Million in R&D.

Related Reports:

Hosted PBX Market by Offering (Solution and Services), Application (Unified Communication & Collaboration, Mobility, Contact Center), Vertical (BFSI, Retail & eCommerce, Manufacturing, Healthcare & Life Sciences) and Region - Global forecast to 2028

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]