Hosted PBX is a telephone exchange system that works on the IP concept. Unlike the conventional PBX systems which require additional telephone systems for extension, the extensions in a hosted PBX system are connected through the internet and do not require additional equipment. Furthermore, both the incoming and outgoing phone calls are connected through virtual system which simplifies the communication processes.
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.
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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.