According to a press release from Transparency Market Research, the global Virtual PBX market is projected to reach $14,368,400,000 by 2026. This is driven by the reduced costs businesses can find by deploying virtual PBX and increased adoption of cloud-based models.
Per the release:
A hosted PBX system helps reduce the total cost of ownership by bringing capital expenditure to the minimal as the system requires only the yearly fees of phones unlike an on-premise PBX solution which requires a PBX server, annual maintenance, and in-house IT staff. There are numerous additional benefits apart from the quantifiable benefits of a hosted PBX solution that are hard to quantify, such as freeing up staff time who would have been managing on-premise PBX, increased employee productivity, and improved customer satisfaction as the companies could reach an individual quickly.
Check out the full article
here.
HPA took a look at the pros and cons of cloud vs. premise telecom back in February. If you missed it then, take a look
here.