Albany, NY -- (SBWIRE) -- 07/20/2017 -- Canada Hosted PBX Market: Snapshot
Adoption of cloud and related services has elevated due to the competitive advantages offered by cloud in business communication, operations and other crucial organizational functions. Enterprises with higher employee size would require huge communication set up to work efficiently. Moreover, with hosted PBX the efforts required to set-up new equipment for business communication is drastically reduced. With the increasing enterprise size, need for robust communication tools has also increased. Such factors have led to increase in demand of hosted PBX market in Canada. The hosted PBX market in Canada is expected to experience higher demand during the forecast period 2017 to 2025.
Canada's hosted PBX market is driven by increasing demand for enterprise mobility and workforce as well as multiple benefits offered by hosted PBX services such as minimized operational expenses, elimination of additional set up costs among others. Growing adoption of wireless services in small, medium and large enterprises is also expected to fuel the demand for hosted PBX market in Canada. It is projected to generate US$459.6 mn in 2017. Furthermore, the market is projected to expand at a CAGR of 18.2% during the forecast period 2017 to 2025 reaching US$1.75 bn by 2025.
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Large Enterprises to Account for Leading Share in Canada Hosted PBX Market
The hosted PBX market in Canada can be broadly classified on the basis of enterprise size and end-use application. Based on enterprise size, the market can be bifurcated into small and medium enterprises and large enterprises. Of these, large enterprises held dominance and is expected to continue boating the larger share through the course of the forecast period. By the end of 2017, overall shares held by the segment is expected to reach 68.7%. However, over the coming years, growth in the small and medium enterprises segment is expected to elevate as they exhibit a higher adoption of hosted PBX with an aim of minimizing operational expenses.
Telecom & IT to Continue Leading Market as Dominant Application Segment
Based on application, the key segments in the Canada hosted PBX market are include banking, financial services and insurance (BFSI), telecom and IT, healthcare, government, retail, hospitality, education and others such as manufacturing and transportation. As Canada holds the reputation of one of the earliest adopters of the latest technologies, it boasts a highly sophisticated telecom & IT infrastructure. Hence the country exhibits a rising adoption of advanced information technology. The companies located in Canada are mostly looking for cost-effective and advanced communication solutions. While this fuels the demand for hosted PBX, similarly given the scenario the telecom and IT sector has emerged as a key contributor to the market. In 2016, the telecom and IT sector held the dominant share of 20.1% in the market. It is expected to remain the market lead through the forecast period.
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Besides this the Canada hosted PBX market is also expected to witness rising demand in government, BFSI, hospitality, and retail sectors. The rising demand for better enterprise and workforce mobility, besides the growing awareness about multiple benefits offered by PBX such as elimination of additional set-up cost and minimizing operational expected, will aid the market's expansion in Canada.
Some of the key service providers engaged in Canada's hosted PBX were, 3CX, Mitel Networks Corporation, Bell Canada, BroadConnect Technologies Inc., Cisco Systems Inc., Microsoft Corporation, Allstream, Inc., Alpha Telecom Services Inc., Birch Communications, AstraQom International, Voysis IP solution Inc.,Ringcentral and Telus Communications.