Fax Services Market Size by Revenue to Reach USD 5.47 Billion by 2027 - Arizton

CHICAGO, Dec. 8, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this fax services market report.

The fax services market is expected to grow at a CAGR of over 11.03% during the period 2021−2027.

Key Highlights Offered in the Report:  

• The global fax services market would realize an absolute growth of 87.33% in terms of revenue in the period between 2021-2027.
• On-premises fax solutions segment accounted for majority share of the fax services market in 2021 and is expected to grow with an 9.80% CAGR during the forecast period in terms of revenue.
• SMEs segment dominated the market with a share of 55.94% in 2021 in terms of revenue and is expected to grow at a CAGR of 11.89% during 2021-2027.
• In terms of industry users, healthcare segment dominated the global fax services market in 2021 and is expected to add over USD 1.46 billion revenue during the forecast period.
• North America dominates the overall fax services market with a share of 49.70% in 2021 in terms of revenue. Many leading vendors generate revenue through this region, and the competition is also on the higher side because of the inexpensive pricing plans offered by local and global vendors.
• APAC fax services market is the fastest growing with a CAGR of 12.80%. The overall fax services market in APAC will continue to grow in revenue because of the increased adoption of cloud-based communication and collaboration platforms.

Key Offerings:

• Market Size & Forecast by Revenue | 2021−2027
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by user type, service type, industry users, and geography
• Competitive Landscape – 5 key vendors, and 20 other vendors are profiled in the report

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Fax Services Market – Segmentation

• The large enterprises segment is the highest revenue contributor to the global automated fax market. In 2021, the large enterprises segment accounted for a 45.94% share of the market revenue and is expected to witness high growth in the fax services market.
• The on-premises infrastructure provides better control over data storage. Basically, end-users require to install fax servers in-house and operate through operating systems and fax software. The use of virtual servers is also higher than physical servers in the on-premises fax deployment model.
• The increased adoption of applications to manage healthcare records among small & medium healthcare service providers such as physicians and specialists will continue to drive the fax services market in the coming years.
• The growth of the online portals for communications between external and internal healthcare partis will emerge as a major challenge. Thereby, the security concerns of web portal-based solutions will aid in the growth of fax services.

Fax Services Market by User Type

• Large Enterprises
• SMEs
• Individual and Home Office

Fax Services Market by Service Type

• On-Premises Fax Solutions
• Cloud-Based Fax Services
• Hybrid Fax Solutions

Fax Services Market by Industry-Users

• Healthcare
• BFSI
• Legal
• Manufacturing
• Others

Fax Services Market – Dynamics

During the impact of COVID-19 pandemic, companies were unable to use physical fax machines, hence digital offerings are helping to transit organizations to the future of fax services. The eFax Corporate digital cloud fax technology offers several benefits over traditional fax servers. Replacing fax servers with cloud fax helps to eliminate major capital expenditures associated with faxing equipment and fax servers. Several organizations offer fax solutions as part of their communication and collaboration platforms such as data and voice services. Enterprises that are planning to shift to cloud-based communication and collaboration platforms will also consider the migration of their existing fax solutions to the cloud.

Key Drivers and Trends fueling Market Growth:

• Rising Acceptance of Technological Convergence
• Replacement of On-Premises with Cloud Fax
• Flexibility & Scalability of Internet Fax
• Increasing Concern Towards data security & portability

Fax Services Market – Geography

The fax services market is growing due to the increasing cloud-based communication and collaboration platforms. Large enterprises in the region are strong contributors to the growth of fax usage. The fax services market in North America was the highest revenue contributor with a 49.70% share in 2021. Many vendors are involved in providing fax services in North America offering HIPPA- compliant solutions. In the US, eFax, Biscom, RingCentral, and Open Text have a strong customer base for their HIPPA-compliant faxing solutions. Considerable growth of fax services is witnessed in the government, retail, education, and real estate sectors, which are creating buzz in the digitalization and cloud-based communication services across the region. The migration to hybrid fax services will be aided by the need for scalability and adoption of cloud-based SaaS applications in the upcoming years.

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Fax Services Market by Geography

• North America
• US
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Russia
• APAC
• Australia
• Japan
• China
• India
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• South Africa
• UAE

Prominent Vendors

• Consensus Cloud Solutions
• Biscom
• Dropbox
• RingCentral
• OpenText

Other Prominent Vendors

• 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

Explore our IT and media profile to know more about the industry.

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