IP PBX Software Statistics & Trends: An In-depth Analysis
If you’re considering investing in IP PBX Software, then you may have a lot of questions in your mind right now. Some of them are likely to be:
“Will IP PBX software be the right solution for my business?”
“What’s the growth potential of the global IP PBX software market?”
“Which industries are more likely to benefit from IP PBX software?”
“Which type of businesses use IP PBX software the most?”
“To what extent can IP PBX software enhance my business’s productivity?”
“How cost-effective is IP PBX software compared to another type of phone system?”
Apart from finding answers to these questions, you might be looking for more knowledge about IP PBX software and overall outlook.
At HoduSoft, we provide high-quality and sophisticated IP PBX software to all types and sizes of businesses. In this blog post, we provide some valuable insights into the global IP PBX market as well as some key statistics on IP PBX software. Read on to gain.
The state of the global IP PBX market
The global IP PBX market is growing at a rapid pace owing to the introduction of new applications that are suitable for various large businesses such as the hospitality, education, and healthcare sector.
According to a report released by Analytics Market Research, the global IP PBX market size, which was estimated at USD 20.19 billion in 2022, is expected to reach USD 85.14 billion by 2031, a compounded annual growth rate (CAGR) of 17.3 percent during the nine years. The growth is attributed to increasing demand for IP PBX systems.
The global IP PBX market is segmented based on region type, industry type (end users), businesses size, and services type.
Usage of IP PBX in different regions
The international IP PBX market is segmented into six regions—Asia-Pacific, Central and South America, Europe, the Middle East and Africa, and North America.
When it comes to the most lucrative and opportunistic region, North America contributes to a global market share of nearly 65 percent. In the North American market, the United States is the center of advanced technology and is the home to the most number of startups in the world. The organizations that predominantly use IP PBX Software are mainly startups and small and medium businesses followed by big enterprise-level organizations.
Canada is another important market in the North American region where a large number of small and medium businesses use multi-tenant IP PBX systems. Even though the adoption of IP PBX in Mexico is not as huge as in the U.S. and Canada, the country is making some big strides when it comes to adoption of IP PBX software.
After North America, the Asia-Pacific region is projected to be the fastest-growing IP PBX market in nine years. The region also has a considerable number of startups, especially in countries like China, India, Singapore, Japan, South Korea, Taiwan, and more. The digitization trends in these countries have also increased the demand for IP PBX.
Read More: Top 10 IP PBX Software
As per Future Market Insights, Europe is projected to account for nearly a fifth of the total global IP PBX demand in 2023. In Europe, the growth of the IP PBX market is due to the rising demand for video-conferencing platforms among businesses, which can be cloud-hosted, self-hosted, and have multi-tenant deployment options. When it comes to enterprise multi-tenant IP PBX systems, some of the leading countries are the United Kingdom, Switzerland, France, Italy, Spain, Germany, Netherlands, Belgium, and Turkey, to name a few.
In the Middle East and Africa, the demand for IP PBX software is also robust. The growth in the startup ecosystem in Israel, South Africa, Kenya, Nigeria, and other rapidly-growing economies in the region are expected to drive the growth. Also, the rising demand for reliable and secure Unified Communication systems in the countries makes IP PBX an excellent choice for businesses that need cost-effective and trustworthy business phone systems that provide high levels of technical support. Being easier to install and maintain, IP PBX systems and software enable small and mid-sized businesses in the Middle East and Africa to get world-class communication services for extremely affordable costs.
Last but not the least, businesses based in the Central and South America region also increasingly adopt IP PBX software. Some of the leading countries in the region are Argentina, Brazil, Costa Rica, Colombia, and the rest of South America.
Usage of IP PBX in different industries
In the global IP PBX market, the banking and financial services industry held the majority market share and is estimated to grow at a compounded annual growth rate of 18.4 percent from 2022 to 2031. The adoption of IP PBX software is the highest in banking, insurance, and financial services institutions.
The IP PBX adoption in the retail and e-commerce sector is projected to expand at a compounded annual growth rate of 17.4 percent in the period. The rise in the IP PBX adoption in the retail and e-commerce space is mainly driven by the increasing adoption of internet and digital platforms among customers and end-users.
Another industry that accounts for the third highest IP PBX market share is the hospitality and travel industry. Many players in the sector are investing in IP PBX phone systems and software to provide efficient communications and services to guests. Moreover, the cost-effectiveness of PBX system enables hotels, resorts, and travel agencies to operate at their optimal capacity while keeping costs down.
Business size insights
In the global IP PBX market, small and mid-sized businesses held the majority market share of nearly 75 percent and it is estimated to expand at a compound annual growth rate of 17.7 percent in the forecast period.
Small and mid-sized businesses invest heavily in IP PBX globally because of many benefits such as lower communication costs, more flexibility and scalability, enhanced productivity of customer service representatives, single-tenancy and multi-tenancy options, sophisticated features, and many more.
As per SpectrumVoIP, mobile IP PBX is one of the most sought-after VoIP features for small businesses around the world. Three out of every five small businesses deem mobile IP PBX as one of the most important VoIP features.
When it comes to services, the global IP PBX market is segmented into managed services, IT and cloud services, and network services. In 2022, the market share of the managed services segment was dominant with a little over 51 percent.
Even though IT and cloud services trailed behind managed services, the segment is projected to witness a higher compounded annual growth rate during the 2022 to 2031 forecast period.
The global IP PBX Software market is growing rapidly and as per reliable projections, the estimated market size of IP PBX is going to cross USD 85 billion by 2031. The use of IP PBX software is not only high in the North American market or the Asia-Pacific region but it’s growing all over the world.
If you’re looking to invest in reliable and high-quality IP PBX software, the right time is now. At HoduSoft, our HoduPBX – IP PBX software has helped many types and sizes of businesses around the world enhance overall performance, agents’ productivity, and customer experience. To know more about HoduPBX or book a free demo, contact us today.