Is PBX still relevant?

Hello there, I'm curious to know your thoughts on PBX systems in today's tech landscape. With the rise of cloud-based communication solutions and advancements in VoIP technology, does PBX still hold a relevant place in the business world? Are there specific industries or use cases where PBX systems might still be the better option? And if so, what are the key advantages that PBX offers over more modern alternatives? Looking forward to hearing your insights on this topic.