The fax services market by revenue is expected to grow at a CAGR of 11.03% during the period 2022–2027
In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Fax Services Market Report. The fax services market by revenue is expected to grow at a CAGR of 11.
New York, Dec. 16, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fax Services Market - Global Outlook & Forecast 2022-2027" - https://www.reportlinker.com/p05151521/?utm_source=GNW
03% during the period 2022–2027.
Fax services have evolved significantly over the past two decades, and organizations are still using around 10% of conventional fax. Thereby, the use of fax machines still exists among users across the world. A major development of the modern fax system was the result of digital technology, where the analog signal from scanners was digitized and then compressed, resulting in the ability to transmit high rates of data across standard phone lines. The use of on-premises FOIP solutions is still higher among large enterprises worldwide. The increase in the adoption of cloud-based VOIP services can lead to the growth of hybrid fax services, thereby anticipated to increase the fax services market.
The following factors are likely to contribute to the growth of the fax services market during the forecast period:
• Technological Convergence
• Role of New Technologies
• Digital Transformation
• Replacement of On-premises with Cloud Fax
• Flexibility & Scalability of Internet Fax
• Automation of Fax Workflow
• Regulatory Compliance
• Data Security and Portability
The report considers the present scenario of the fax services market and its market dynamics for the period 2022?2027. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyses leading companies and several other prominent companies operating in the market.
FAX SERVICES MARKET SEGMENTATION
This research report includes a detailed segmentation by:
• User Type
• Service Type
• Large enterprises consist of an employee base of more than 50 and include Fortune 1000 companies. The large enterprise segment is one of the highest revenue contributors to the global automated fax market. In addition, large enterprises are the major contributor to the international faxing revenue.
• The revenue for the online fax market is generated through small and medium healthcare clinics, insurance companies, and legal adversaries. There are atleast 30-35% of SMEs still using on-premises fax infrastructure solutions. Several individual users with frequent fax requirements (10 pages per month) will opt for services that cost less than USD 5 per month with no hidden cost, which in turn, will boost the market demand across the globe.
Market Segmentation by User Type
• Large Enterprises
• Individual and Home Office
Market Segmentation by Service Type
• On-Premises Fax Solutions
• Cloud-Based Fax Services
• Hybrid Fax Solutions
Market Segmentation by Industry-Users
• The Canadian market is expected to grow significantly in the upcoming years. According to the leading Canadian online fax provider, it witnesses at least 1,000 new customers for its services every month in the North American region. Therefore, North America will continue to be a major revenue-generating region in the fax service market during the forecasted period.
• Increasing adoption of online fax services through the integration of fax solutions with document management or cloud communication software is expected to accelerate the market for fax services in the Middle East and Africa.
Market Segmentation by Geography
• North America
o South Korea
• Latin America
• Middle East and Africa
o South Africa
• Prominent players with a dominant presence in the market include Consensus Cloud Solutions, Biscom, Dropbox, RingCentral, and OpenText. Major vendors are adopting innovative technologies to retain their market position.
• Biscom, a provider of computer-based enterprise fax management and document conversion and communications solutions, acquired vVault, one of the leaders in providing mobile productivity applications and software infrastructure.
• Consensus Cloud Solutions
Other Prominent Vendors
• MDaemon Technologies
• EC Data Systems
• GFI Software
• OceanX Technology
KEY QUESTIONS ANSWERED:
1. How big is the fax services market?
2. What are the factors driving the fax services market?
3. Who are the key players in the fax services market?
4. Who are the industry users in the fax services market?
5. Which region has the highest market share in the fax services market?
Read the full report: https://www.reportlinker.com/p05151521/?utm_source=GNW
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