Fax Services Market is Set to Reach $5.47 Billion by 2028, Cloud and Hybrid Solutions Leading the Future of the Market - Arizton

CHICAGO, Jan. 31, 2024 /PRNewswire/ -- According to Arizton's latest research report, the fax services market is growing at a CAGR of 11.03% from 2022 to 2028. 

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Browse in-depth TOC on the Fax Services Market       

270 – Pages                  
94 - Tables        
71 - Figures   

The Global Fax Services Market Report Scope

Fax services have undergone significant transformations over the past two decades, yet traditional methods still hold a notable 10% share of usage. Despite the persistence of traditional fax machines globally, the evolution of modern fax systems has seen a remarkable leap due to digital technology. Analog signals from scanners are now converted into digital format and compressed, facilitating the transmission of large data volumes over standard phone lines. While large enterprises predominantly favor on-premises FOIP (Fax Over IP) solutions, the rise of cloud-based VOIP (Voice Over IP) services is expected to drive the emergence of hybrid fax services, thus expanding the fax services market. Moreover, the increasing adoption of Cloud-based fax services across various industries, such as healthcare, automotive, telecom, and retail, is driven by the need for secure and reliable communication solutions amidst digital transformation efforts. Factors like the demand for cost-effective communication solutions, the uptake of cloud-based technologies, and growing awareness of the benefits of cloud-based solutions and integration of AI and ML are poised to propel the market demand.

Fax Services Embrace Cloud and Hybrid Solutions for Modern Communication Needs

The increased adoption of cloud-based communication and collaboration platforms has recently driven the global fax services market. Several organizations offer fax solutions, such as data and voice services, as part of their communication and collaboration platforms. For instance, major vendors, such as RingCentral and eFax (Consensus Cloud Solutions), provide cloud-based phone systems and other voice and data services. In addition, few vendors offer secure information exchange solutions, such as Open Text. Computer-based fax services were introduced around 30 years ago. Faxes were sent in the same manner as a frame of analog television, with each scanned line transmitted as a continuous analog signal. Horizontal resolution depended upon the value of the scanner, transmission line, and printer. Since then, the market has witnessed significant changes with the introduction of fax as part of Voice over Internet Protocol (VOIP) communication and cloud-based faxing services. The use of computer-based analog fax services declines, whereas Fax over Internet Protocol (FOIP) connectivity will likely prevail until the end of the forecast period. A significant development of the modern fax system resulted from digital technology, where the analog signal from scanners was digitized and then compressed, resulting in the ability to transmit a large amount of data across standard phone lines. The use of on-premises FOIP solutions is still higher among large enterprises worldwide. The increased adoption of cloud-based VOIP services will likely lead to the growth of hybrid fax services, thereby reducing the deployment of traditional on-premises fax services. Most providers offer on-premises faxing solutions and cloud-based faxing solutions. Some vendors have innovated their offerings among the on-premises providers by introducing cloud-based and hybrid fax services, namely Open Text and Biscom. On-premise fax providers depend on fax hardware providers, such as Dialogic, for fax board physical and virtual infrastructure solutions. The on-premises deployment of fax services has shifted from standalone physical server deployment modules to virtual server deployment modules.

North America Leading the Market Share

In 2022, with a market share of 48.75%, the North American region dominated the global fax services market. The significant contribution came from the US, with a market share of 62.60%. The Canadian market is expected to grow significantly. A leading Canadian online fax provider added at least 1,000 new customers for its services every month in the North American region. Therefore, North America will remain a major revenue generator during the forecast period, with identified growth among SMEs in all industry sectors. In addition, the use of on-premises fax services is prevalent in the region. With the growth of cloud-based communication and collaboration platforms, the adoption of cloud-based and hybrid faxing will continue to grow over the next few years. In 2022, North America was followed by Europe, with a market share of around 27.49%. The UK, Germany, France, Italy, and Russia led the European region. Ireland and Spain are other countries with considerable growth in adopting online fax services. The contribution from Eastern European countries is still low, and data localization laws in the region are expected to propel the market during the forecast period. In Europe, the migration to cloud-based and hybrid fax services will be a key driver for the market's growth. Some corporate customers use on-premises fax server solutions hosted in data centers.

Healthcare Users to Occupy Largest Share in the Fax Services Market
In 2022, the healthcare sector emerged as the primary growth driver in the global fax services market. Given the sector's stringent regulations and emphasis on safeguarding patient data, security and privacy remain paramount. While email presents an alternative, its susceptibility to breaches poses significant privacy risks. Many healthcare organizations have turned to fax server (FOIP) solutions for secure document transmission to address these concerns. Furthermore, the rise in operational costs and a growing focus on environmental sustainability have fueled the expansion of cloud-based fax services. The increasing adoption of record management applications among small and medium-sized healthcare providers, including physicians and specialists, is expected to propel market growth further. However, the emergence of online portals for healthcare communication presents a notable challenge. While these portals offer convenience, security concerns may drive continued support on fax services for secure data transmission within the healthcare industry.

The Fax Services Market Report Encompasses Crucial Data, Including:     
CAGR (Compound Annual Growth Rate) during the forecast period: This metric provides insights into the annual growth rate of the fax services market over the specified time frame.     
Detailed information on growth drivers: The report offers in-depth information on the factors that will propel the fax services market growth from 2023 to 2028. This includes an analysis of various market influences.     
Precise estimation of market size: Accurate assessments of the fax services market size and its contribution and focusing on key market segments.     
Predictions about upcoming trends and changes in consumer behavior: The report offers insights into anticipated trends and shifts in consumer behavior that are likely to impact the fax services market, helping businesses prepare for future market dynamics.     
Geographical market growth: The report covers the development of the fax services market across different regions, including North America, Europe, APAC, Latin America, the Middle East, and Africa. This provides a comprehensive understanding of the market's global landscape.     
Competitive landscape analysis: A thorough examination of the market's competitive landscape is presented, including detailed information about companies operating in the fax services market. This includes an overview of key players, their market share, strategies, and key developments.     
Analysis of growth challenges: The report includes a comprehensive analysis of factors that may pose challenges to the growth of companies in the fax services market, providing a well-rounded view of the market dynamics.   

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Key Company Profiles

• Consensus Cloud Solutions
• Biscom
• Dropbox
• RingCentral
• OpenText
• Concord
• ActFax
• Alhambra
• MDaemon Technologies
• Celo
• Copia
• Esker
• etherFAX
• Extracomm
• EC Data Systems
• Faxcore
• GFI Software
• iFAX
• Imagicle
• Upland
• Utbox
• Softlinx
• PamConsult
• Retarus
• OceanX Technology
• Alohi
• Medsender
• FAXAGE
• SRFax
• FAX.PLUS
• FaxBurner

Market Segmentation

User Type

• Large Enterprises
• Small & Medium Enterprises (SMEs)
• Individuals & Home Offices

Service Type

• On-premises Fax Solutions
• Cloud-based Fax Services
• Hybrid Fax Solutions

Industry-users

• Healthcare
• Banking, Financial Services, & Insurance (BFSI)
• Legal
• Manufacturing
• Others

Geography

• North America
• The US
• Canada
• Europe
• The UK
• Germany
• France
• Italy
• Russia
• Spain
• APAC
• Australia
• Japan
• China
• India
• South Korea
• Middle East & Africa
• South Africa
• The UAE
• Saudi Arabia
• Latin America
• Brazil
• Mexico
• Argentina

Check Out Detailed TOC @ https://www.arizton.com/market-reports/fax-services-research-report?details=tableOfContents

Key Questions Answered in the Report
How big is the fax services market?
What is the growth rate of the global fax services market?
Which region dominates the global fax services market share?
What are the significant trends in the fax services market?
Who are the key players in the global fax services market?

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