According to the report titled ‘North America Hosted PBX Market Forecast 2027 By Component, By Organization Size, By Industry Vertical, Research Report, Country Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, North America hosted PBX Market is expected to accumulate more than USD 2.5 billion by the year 2027.
 

Reduced operating expenses due to cloud-based communication infrastructure, commercialization of 5G technology, increased use of VoIP networks, and an upsurge in Bring Your Own Device (BYOD) trend across the offices, given the remote working environment post the advent of Covid-19 pandemic, are driving the growth of North America hosted PBX Market.
 

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Citing an instance, Avaya Inc. revealed in the first week of September 2021 that the company had experienced its fifth consecutive year of annual growth as a result of its cloud-based, PBX, contact center, and collaboration software, with its OneCloud product accounting for more than half of its earnings in the third quarter.
 

Furthermore, with ever-changing corporate demands and incorporation of remote working environment, countries such as Canada has experienced a record-high data breaches this year, compelling the enterprises to adopt cloud-based services for streamlined communication within & outside the organizations. Focus on determining how to go digital without jeopardizing necessary security is accelerating North America hosted PBX industry development.
 

In terms of component terrain, the hosted PBX solution segment accounted for 35% market share in 2020 and is projected to grow considerably during the forecast period, owing to the augmenting partnerships and contracts between industry players. 
 

Based on organization size, the small & medium enterprise segment is anticipated to grow at 9% CAGR during 2021-2027, attributed to ease of implementation, maintenance, and administration offered by hosted PBX. Also, the solution allows lowered communication & administration expenses, increased cooperation, and productivity boost in the SMEs.
 

From a regional standpoint, Canada market is poised to reach a valuation of USD 500 million by the end of 2027, owing to the country’s growing remote workforce, and corresponding requirement to manage effective & secure communications in organizations. 
 

Major North America hosted PBX market players are RingCentral, Inc., Avaya, Inc., Comcast Corporation, Fusion Connect, Inc., 8x8, Inc., Cisco Systems, Inc., NEC Corporation, BullsEye Telecom, AT&T, Inc., Lumen Technologies, Inc., Datavo, Mitel Networks Corporation, and BT Group plc among others.