Fax market survey revealed that the revenue is most likely be approximately $3 billion by 2022. Many major fax service providers have adopted cloud-based fax service which has led to the growth of hybrid fax services and hence, there is a drastic reduction in traditional or conventional on-premises fax service. However, for the projected period, fax services are likely to go through a whole lot of change and also can predict an increase in the use of these hybrid models for the forecast period.
Table of Contents
- Fax Services Market: Vendor Analysis
- Fax Services Market: Dynamics
- Fax Services Market: Overview
- Fax Service Market: Geolocation Analysis
- Wrap Up
When it comes to faxing industry, there are multifarious industry segments that it serves but the major ones are healthcare, financial and banking, manufacturing, logistics, and transportation sectors. With different end-users and variable needs, revenue generated by the government is higher than the private industry sectors. Global geographical data for the said period suggests that North America is expected to remain at the forefront followed by the European fax market.
Fax Services Market: Vendor Analysis
Fax industry has grown massively over the past years and also become more competitive due to the rise of cloud-based faxing technology. There are many vendors who were offering on-premise solutions combining office and individual fax machine are now providing cloud-based faxing solutions.
Fax Services Market: Dynamics
The fax market dynamics and growth are is directly proportional to the increased use of cloud-based communication and collaboration platform. Research revealed that the major factors which contributed to the fax market growth are regulatory compliance, flexibility, and scalability of the internet or online fax, awareness of green office culture and increased usage of cloud-based communication. With paperless faxing, online fax service is best in supporting the greener and cleaner environment. Few other factors that said to be contributing to fax market dynamics are the migration to cloud-based faxing, availability of hybrid fax solution and vendor consolidation.
Fax Services Market: Overview
It said to be believed that the healthcare sector and legal industry will contribute higher revenue as compared to other industry segments. The usage of fax services is high in the healthcare and legal and financial sectors due to the regulatory compliance such as HIPAA and data protection laws. This trend is said to be growing for the forecast period. Moreover, government offices, education institutions, manufacturing, law firms are also among the lead contributors in generating revenue from across the globe. Additionally, SME’s including transportation, logistics & manufacturing will also cater to the ongoing growth in the internet fax industry. More importantly, large enterprises were amongst the highest contribution in the overall fax services with almost half of the market share.
Fax Service Market: Geolocation Analysis
North America and Europe led the trail of being the largest market leaders in providing online fax services. Well, still in some parts, conventional fax machine and related faxing solutions had a stronghold, however, this scenario is changing soon. The certain region also recorded good turnout and high growth in the use of desktop software faxing services such as fax web apps for faxing needs.
The iFax app is available on 5 major platforms i.e, iOS, MacOS, Android, Windows, and Web. It’s presence spanned across 17 countries and already comes equipped with a state-of-the-art integrated document scanner. Additionally, it features fax image editing with automated fax image optimization. With annotate PDFs, fill forms, and adding a digital signature – iFax comes as a clear winner when it comes to the pool of companies offering online fax services. With nothing more than just an active internet connection and a fax app, you can smartly turn your smartphone into a functional fax machine to execute your faxing needs even while you are on the go.