Asia Pacific Hosted PBX Market size crossed USD 1 billion in 2020 and is set to witness over 10% CAGR between 2021 and 2027.
The market growth is owing to an increase in the number of internet users and a growing start-up ecosystem. According to a data published by the International Telecommunication Union (ITU), in January 2021, China registered 939.8 million internet users along with 624 million in India and 117.4 million in Japan. The region has also witnessed a rising penetration of smartphones and the increased demand for international voice calls.
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The demand for managed services in the Asia Pacific hosted PBX market is expected to expand at a CAGR of 15% through 2027. The managed PBX phone services are provided over the cloud infrastructure by software vendors. The service helps businesses to eliminate the deployment of additional software components and operational expenditure. As the services are provided either as Software-as-a-Service (SaaS) or Platform-as-a-Service (PaaS), they reduce the responsibility to manage and maintain the operational efficiency.
In Asia Pacific, the hosted PBX market demand from large enterprises will rise at a substantial rate till 2027. The adoption rate of hosted PBX solutions across large enterprises has increased exponentially. Due to the COVID-19 outbreak, large enterprises have instructed their employees to work remotely from home. Additionally, the IP-based voice calling solution helps remote employees to connect across and communicate.
The government sector is projected to register 15% growth rate during the forecast timeline. Government authorities are partnered with external agencies for reports, resources, and tenders. The hosted PBX system helps governments to connect and communicate with external agencies and partners to share knowledge & resources. With the help of hosted PBX solutions, governments and external agencies can communicate and engage effectively.
The India hosted PBX market is poised to observe significant growth from 2021 to 2027. The companies operating in the market are focusing on new product launches to address customer demand. For instance, in February 2020, CloudConnect Communication launched a cloud-based mobile PBX plus Unified Communication system based on a PaaS model. The new solution provides audio/video conferencing, call location tracking, and business process integration. This collaboration helped the company to strengthen its portfolio and to acquire a competitive position in the market.
The region is reporting a significant growth since pandemic in terms of technology development and innovations. For instance, in April 2020, NEC Corporation signed a partnership agreement with Intermedia, a provider of cloud-based Unified Communications. Together, both the companies launched NEC Univerge Blue Connect, a cloud UCaaS solution for enterprises. This launch helped the company to strengthen its UC solution portfolio and acquire a competitive position in the market.