I think it depends on whether the pros of Ph.D are attractive to you or not.
here are some positive outcomes behind a Ph.D:
1- get your knowledge and understanding to the next level: if you have genuine passion to knowledge, conceptual thoughts and philosophy.
2- promote you to the academic career: if you are planning to shift to teaching career in the future.
3- increase the probability of getting a higher salary: (not always, but improve the chances. Experience is more important. so if you have experience already, Ph.D would be beneficial)
4- Improve your interpersonal skills and understanding: sometimes you reach a point at which you are not learning something new and stuck in repeating tasks while your value and skills are not growing further.
5- it depends o the Ph.D itself: like anything else, it is subjected to supply and demand, so you have to make sure that it has a real demand in the human capital market.
6- Prestige!!: nowadays, it is less prestigious than before (and Ph.D graduates are starting to regret it, in contrary with past decades)
However, all there pros are be achieved through other means, not only through Ph.D.
so, at the end, it depends on your situation and your personality.