The global small and medium business (SMB) segment for PBX (IP and TDM) is set to reach US $6.7 bln in 2007 – from about US $5.5 bln in 2005. Between 2005 and 2010, the cumulative growth rate will cross 11%, according to the latest study by Access Market International Partners Inc. Worldwide SMB PBX (IP and TDM) segment is set to grow at a CAGR of over 11% between 2005 and 2010. Worldwide IP-PBX segment is forecast to grow at a spectacular CAGR of about 33% on a cumulative basis up to 2010. In 2007, SMB IP-PBX revenue and shipments will be more than TDM-PBX (including key systems) systems. In 2005, the leading vendors (based on end-user revenue) in the SMB PBX (TDM and IP) market were Avaya, Nortel and Alcatel. In 2005, the leading vendors (based on end-user revenue) in the SMB IP-PBX systems were Avaya, Cisco and Nortel.