The estimated worth of the global PBX market is around $40 billion dollars. What was once a tightly locked market, a significant shift to hosted PBX solutions is under way. These hosted PBX alternatives are becoming popular options for businesses worldwide and there are five key reasons this is happening.
Business Buying Power Is Improving
Businesses looking to switch to a hosted PBX solution are experiencing favorable purchasing conditions in 2015. This is due to the amount of substitutes available, such as on-premise PBX and traditional phone systems. Businesses are now able to negotiate service plans with price and feature combinations at ideal prices. The leverage being enjoyed by businesses looking to purchase is strengthened by the large number of hosted PBX providers fighting for customers in the marketplace. So far, no hosted PBX provider has been able to cement them self as the standard in hosted PBX service. Figures indicate that more than 75% of providers maintain a service staff of fewer than 20 employees. The competition within the hosted PBX market is amplified due to the low barriers for entry into the segment. These factors are making it look like the hosted PBX snowball will not be melting anytime soon.
Support Services Increasing For VoIP
In the past, many businesses were finding that the VoIP system they were using had failures at critical times, as Quality Of Service was not up to traditional phone system levels. Conference calls would end up in a mess of static and dropped connections, but those days are long gone, as available bandwidth and connection speeds have greatly improved over the last decade. This connection to the Internet is of course the bread and butter of any VoIP system, so it is natural that as Internet technology improves, VoIP communication follows suit.
Additionally, using a hosted PBX to move VoIP operations to the cloud has resulted in multiple redundancy systems, which are very reliable and not prone to failure. A handful of providers are also offering a 4G back up in case a network fails. This enhanced VoIP support has led to cutting edge cloud systems and further reduced risk and costs for business. This factor will greatly help hosted PBX continue its upward momentum.
Advanced Communication
VoIP offers communication capabilities that are far advanced compared to what is available through traditional telephone systems, for much less cost. In terms of its feature set, VoIP is just the tip of the iceberg. The real advancement for your business is Unified Communications (UC). Voice, data, video, text, virtual call centers and more have all been combined into a single line, reducing the need for large infrastructure investment or maintenance. Typically installed as on-site systems for businesses, these UC systems are now taking advantage of the scalable, flexible and cost effective cloud hosting solutions. The beauty with hosted PBX is that a business need not transfer its entire system to the cloud, but can maintain a traditional landline system alongside. Many providers also offer free trials of their systems so as to showcase the benefits that can be derived for your business. As a hosted PBX system requires no capital investment, floor space or wiring for your business to take advantage of the system, a trial is extremely easy to pursue.
Time For An Update
Many large businesses have found that it is time to overhaul their communications network. An example of this is Oxford University, which is replacing its system with a unified communications system, and will feature built-in videoconference, find and call features as well as a host of regular communication advancements. This update shows a market shift towards hosted PBX, VoIP and unified communications. Businesses are looking for a simpler, more cost efficient method to deliver high quality communications.
The Face Of Your Business
The biggest benefit of any hosted PBX solution is the ability to project a larger and more professional image to your customers. A single contact phone number can connect customers to your business in any market location, at any time. Previously this was not available for smaller sized businesses, as the capital expenditure on hardware was prohibitive. Therefore, a smaller company could not maintain a communication system necessary to compete with the larger businesses.
As more business and industries begin to adopt hosted PBX, VoIP and unified communications, the mainstream public will catch on and start to use the systems themselves. The trend has started and shows no signs of stopping, meaning we are on the cusp of a market shift in the communications landscape. Whether you are a business or an individual consumer you are poised to benefit from these systems.