As per the research 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 exceed a valuation of USD 2.5 billion by 2027.

Commercialization of 5G technology, and incorporation of VoIP networks are aiding the augmentation in North America hosted PBX market.

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Incorporation of robust cloud-based infrastructure that facilitates reduction in operational costs for organizations, and increased amount of funding that focuses on catering to remote working in the post pandemic era are also significantly contributing to industry remuneration.

Moving on to component, the solution segment accounted for nearly 35% share of the overall market in 2020, owing to rise in strategic undertakings like partnerships and other kinds of contracts between established companies.

Speaking of organization size, hosted PBX services are increasingly being adopted in small and medium sized enterprise (SMEs) as these services play a crucial role in boosting co-operation and productivity while being comparatively lighter in terms of expenditure. Consequentially the SME segment is expected to record a healthy growth rate of around 9% through the analysis period.

From a regional frame of reference, Canada is an emerging avenue for market expansion during the study period, amassing USD 500 million by 2027, due to the increasing pervasiveness of data breach incidents in the country. A study by IBM Security in July 2021 claimed that the average cost of data breach in Canada amounted up to a staggering USD 6.75 million per incident, as compared to USD 6.35 million per incident in 2020.. Therefore, cloud-based PBX services are being adopted across industries to ensure a secure and seamless communication inside and outside the organization.

The competitive framework of North America hosted PBX marketplace is defined by key players such as RingCentral Inc., NEC Corporation, Mitel Networks Corporation, Comcast Corporation, Cisco Systems Inc., Lumen Technologies Inc. (previously CenturyLink), BT Group plc, Avaya Inc., AT&T Inc., 8x8 Inc., Bullseye Telecom Inc., and MegaPath.