Contrary to every thought about the doom of the future of online fax industry, here are some exciting facts, data and reports merged with analytics that says otherwise. The global online fax market is growing unexpectedly at an alarming rate of 11% CAGR and predicted to cross $2.4 billion by 2022.
Coming straight to point from the report suggested that, many institutions around the world still believe that sending fax are considerably more secure than other means of communication. This paves the way for the growth of online fax market for the forecast period. Moreover, it has been noted that the major growth is going to pour in from healthcare industry from North America & Canada.
The data in the report is generated based on the global market, industry leaders and the factors contributing towards the growth. However, there are some latest trends which have been frequently becoming strong market driving forces and will continue to do so for the next five years. Furthermore, we will also see the complete value chain analysis of the online faxing global market.
Online Fax Market: Vendor Analysis
The market for internet faxing is on a constant verge of rising now more than ever because of the inclusive services provided by cloud-based faxing technology. Since this technology has marked its presence uniformly across the world ultimately gave rise to many International online fax service providers attending the needs of small and medium companies and firms.
In a way for small business owners and local enterprises, getting online fax services from the local prominent vendor does get the job done, however, still they need to keep an eye on quality services. Major international players will continue to expand their territory by penetrating into the regional and local market.
Online Fax Market Dynamics
Factors pushing the market growth of internet fax services can be classified into many aspects such as reduced capital and operational cost, flexibility and scalability of internet fax, quick and easy workflow, increased reliability over cloud-based communication and respective platform.
Insights of the report also suggested that the latest trends and opportunities eco-friendly and go-green concepts are already gaining acceptance incorporates & offices.
This limits the consumption of paper up to a large extent which can boost clean and green environment. Few of the other salient characteristics mentioned as per the report are porting and migrating to cloud-based faxing model, availability of hybrid fax solutions, and vendor consolidation.
Online Fax Market: Industry Segment Overview
Research indicated that the when it comes to pure usage of online fax services, the two industry sectors which have ruled the chart are Healthcare and Financial Sectors. Quite clear because of the said industries are indulged in much complex regulatory compliance such as HIPAA and data protection laws.
The industry list also had few strong contributors from government, education institutions, manufacturing, law firms and small and medium enterprises. These industries are in the forefront to bring in highest revenue of the online faxing market from across the globe.
Few sectors such as small-scale manufacturing, transportation and logistics providers have started adopting internet faxing services and their overwhelming participation is going to boost the growth of online fax service market during the forecast period.
Moreover, considering the full potential and entire market share, a whopping 48.6% of share to the online faxing industry comes from large enterprises and companies. Rest of the revenue was pitched in by home office users which is supposedly decline during the forecast period because of the growth of their organizations and hence will result in adding more revenue stream to the SME markets.
Online Fax Market: Geographical Analysis
As mentioned above, because of the compliance and data regulation laws, the healthcare sector is going to contribute maximum revenue to the online fax market from the North America region, followed by Europe other geographical regions. With good service plan and availability of local and international toll-free number seems to be a major boost to the market in North America & Canada region.
On the contrary, Europe has witnessed an immense growth in the past few years and seems to gain popularity in sheer revenue numbers. The major growth was reported in the UK, Germany and France. Not only APAC region will observe tremendous growth along with RoW region during the forecast period but also, the adoption of online fax service is expected to grow during the forecast period only through the integration of fax solutions with document management or cloud-based communication software.