The global hosted PBX market size is expected to grow from USD 4.73 billion in 2018 to USD 9.50 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period. The rising adoption of cloud and unified communication is a major driving factor for the hosted PBX market.

Hosted PBX solutions and services help enterprises in saving on installation, operation, and maintenance costs, which are involved in a traditional PBX system, thereby offering reliable and centralized cost-effective telephone systems. Furthermore, hosted PBX provides the flexibility and scalability to enterprises for easily upscaling and downscaling their virtual cloud-based telephone accounts and extensions as per real-time requirements.

Hosted PBX removes the burden of the regular maintenance of the existing traditional phone system and frees up the core IT team to focus on their primary processes and business operations.

The number of hosted PBX players in the market has also grown exponentially in line with the evolution of the new communication technology. With the advancements in this technology, the CAPEX required for setting up the telephony system and the OPEX for managing on-premises PBX system decline, thereby boosting the growth of the hosted PBX market.

Hosted PBX solution and services are instrumental in offering a reliable and appropriate choice for enterprises that are demanding for a centralized and reliable phone system, without the hassles of onsite setup and maintenance costs.

The healthcare vertical is at the forefront in adopting hosted PBX solution and associated services, as these solutions and services provide reliable hosted PBX and cloud-based communication solutions to empower healthcare institutions to improve patient service. Cloud-based telecommunications, in the form of hosted PBX services and VoIP telephony, enable medical professionals to have access to their patients and centers of operations from heterogeneous locations, at any time of the day.