Even before the COVID-19 pandemic disrupted the economic world, hosted phone systems were on the rise as businesses embraced cloud-based and unified communications solutions. These virtual or cloud-based PBX, which replace traditional on-premises PBX, are projected by Technavio to grow by almost $24 billion by 2024.
“Factors such as high operational flexibility of cloud-based PBX, and the convergence of VoIP, PBX, and UC (Unified Communications) for effective communication will have a significant impact on the growth of the cloud-based PBX market value during the forecast period,” said a senior analyst at Technavio.
Hosted Phone Systems on Path to Capture Half of PBX Market
The Eastern Management Group has charted the rise of hosted phone systems, which accounted for only 3.6 percent of the total PBX market worldwide in 2010, but are now estimated at 28 percent of the total market and on a path to capture 50 percent of the PBX market.
“Hosted PBX is now in place on every continent, and it is quickly displacing premises PBXs,” said the Eastern Management Group “Worldwide Hosted PBX Market 2020-2027” report.
The publication No Jitter delved into the numbers in the Eastern Management Group report and found that:
- In 2019-2020 40 percent of all PBX purchases by mid-market companies were hosted phone systems, and 20 percent of purchases by enterprises.
- Hosted phone systems were the fastest growing PBX purchase segment for businesses with 300 or more employees.
- By 2022, hosted phone systems will make up 18 percent of calls at businesses worldwide, and 23 percent of all business calls made in the United States.
Virtual PBX Throw Companies a Lifeline During Pandemic
Hosted phone systems integration with unified communications as a service (UCaaS) helped businesses transition smoothly to work-from-home during the coronavirus pandemic, with professional services, communications, and healthcare-life sciences the top three vertical markets taking advantage of the cloud-based solutions.
“Unified communications as a service is proving invaluable for enterprises needing to support mass numbers of work-from-home employees in the wake of the COVID-19 crisis,” said Diane Myers, chief analyst at Omdia, in her presentation “UCaaS Report: Leading the Way Forward”.
The mobility and portability of hosted phone systems proved to be a key cog in business continuity strategy as companies had to shift overnight to remote work during the early days of the COVID-19 crisis.
Keeping your business up and running when the unexpected happens is just one of the advantages of a hosted phone system.
Six Advantages of Hosted Phone Systems
We can think of six reasons why it makes sense to move from your traditional office phone system to a virtual PBX.
- Easy Installation
You do not have to be Nikola Tesla to use a hosted phone system. A cloud-based PBX is simple to use and manage with no special training or skills needed. You will save on installation costs as setting up a virtual PBX can be as easy as plug-and-play with a handset and an internet connection.
- Cost Savings
Initial set-up costs are slashed with hosted phone systems as costly traditional PBX hardware is not needed. Maintenance costs are also eliminated as your phone system is hosted by a provider like PS LIGHTWAVE.
- UCaaS Platform
Take advantage of a UCaaS platform such as PS LIGHTWAVE’S Accession Software, which is a full-fledged unified communications tool on your laptop or desktop. UCaaS enables users to seamlessly integrate voice, video, IM, and email.
If you have an Internet connection, you have your phone system at hand. Hosted phone systems can link up remote workers with those in the field and in satellite offices.
Hosted phone systems are ready to grow as your business grows as you can easily add new users to your account without equipment upgrades.
Strong identity management tools keep hackers away from your hosted phone system and built-in encryption prevents prying ears from eavesdropping on your business calls.
PS LIGHTWAVE is ready to help your Houston-area business take advantage of cloud-based PBX with our best-in-class hosted phone system.
PS LIGHTWAVE provides high-speed, fiber Internet for public and private commercial entities in the Greater Houston and surrounding areas.
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