Market Trends of Hosted Private Branch Exchange (PBX) Industry
This section covers the major market trends shaping the Hosted Private Branch Exchange Market according to our research experts:
Owing to Increased Consumer Focus BFSI is Expected to Hold Significant Market Share
- Banks are currently engaged with huge amounts of Feedback calls, EMI reminders via SMS and calls, document verification, etc. on a daily basis. The awareness about the products plays a big role in this industry and thus they have to be notified on a regular basis. All the activities can all be automated with the help of hosted Private Branch Exchange (PBX) to reduce manual efforts.
- The outcome of the global financial crisis has seen major changes in the global banking system. Regulatory norms have tightened across global markets, customer experience is becoming the real differentiator in banking, and global capital flows have changed direction moving towards emerging markets. With an increasing number of complaints, the banks have to focus on customer retention in order to succeed.
- To cater to this fast-paced environment, the financial industry needs to usher in transformational changes through modernization of their products, services, and processes. They must increase efficiencies, make business operations transparent, and gain customer trust and loyalty. It is no longer enough to offer simple and automated services. To build loyalty and drive profitability, financial organizations must anticipate customer needs and offer an engaging user experience.
- With hosted PBX, there is no need to buy expensive hardware and software, pay for installation, and manage the system. A user simply pays a monthly fee and enjoys all of the benefits of the service. For a bank with fewer than 300 lines, hosted PBX can provide with a multitude of features and benefits. For instance, a hosted PBX system is much less expensive than a traditional on-site system.
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Asia Pacific Expected to Witness Major Market Growth over the Forecast Period
- With the increasing millennials engaging in the culture of startups, Hosted Private Branch Exchange (PBX) is projected to act as a game changer for the varied business requirements. With low disposable income, the small and medium scale business in nations emerging economies such as India does not have a chunk of money to invest in new upcoming technologies.
- With the help of Hosted PBX, the business owner does not need to make a large upfront investment by purchasing an office telephone system and there is no need to maintain it. With a Hosted PBX solution the office telephone system is operated and maintained by your provider.
- As businesses in India and China are focussing on expansion, they need solutions to facilitate their requirements. With the implementation of Hosted PBX, employees can work from anywhere when their office phone system is virtual. The business can have employees working from home, other offices, mobile phones, and even overseas.
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