According to the report titled ‘Asia Pacific Hosted PBX Market Forecast 2027 By Industry Vertical, By Organization Size, By Component, Research Report, Country Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, Asia Pacific hosted PBX market is expected to accumulate USD 3 billion by the year 2027.
 

Increased internet penetration, adaptation to IP-based telecommunication services, expanding use of smartphones, and cost-effective connectivity solutions attributing to development of international voice calls are propelling the growth of Asia Pacific hosted PBX market.
 

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In this regard, International Telecommunication Union (ITU) reported that the number of internet users in developing countries such as India, Japan, and China were 624 million, 117.4 million, and 939.8 million, respectively, in January 2021.
 

Furthermore, massive investments in hosted PBX systems for scalability & effectiveness to keep up with customer relationship management is generating lucrative opportunities for businesses in this domain.
 

Speaking of the impact of Covid-19, even though the pandemic posed challenges for manufacturing, retail, and BFSI sectors, demand for hosted PBX increased, transforming barriers into opportunities. Citing an instance, the healthcare sector has amplified investments in IP PBX solutions to secure communication infrastructure amongst hospitals, healthcare workers, and telecommunication devices. 
 

Concerning the component terrain, the solution segment is poised to account for over 35% share Asia Pacific hosted PBX market during the projected timeline, owing to preference among small & medium enterprises for integrating VoIP solutions save on telephony systems investment and to minimize maintenance & training costs.
 

Based on organization size, the large enterprise segment is predicted to exhibit considerable growth through 2027, due to widely accepted work from home trend which necessitated IP-based voice calling solutions. 
 

In terms of industry verticals, the industry share from healthcare sector is anticipated to grow at 10% CAGR between 2021 and 2027, owing to rising demand for secure communication.
 

From a regional standpoint, India market is projected to grow substantially over the study period, owing to emphasis on technological advancements, and extensive adoption of cloud-based solutions. For instance, CloudConnect Communication Pvt. Ltd., in February 2020, introduced a cloud-based mobile PBX & unified communication system based on a Platform as a service (PaaS) model, which renders audio/video conferencing, business process integration, and call location tracking.
 

The competitive landscape of Asia Pacific hosted PBX industry is defined by companies such as Ozonetel Systems Pvt. Ltd., Mitel Networks Corporation, Cisco Systems, Inc., Lumen Technologies, Inc., NextGen Healthcare, Inc., 8x8, Inc., Avaya, Inc., Comcast Corporation, NEC Corporation, BT Group Plc, 3CX, and AT&T, Inc. among others.