The global online fax market is expected to cross $2.4 billion, growing impressively at a CAGR close to 11% during 2016−2022. Many organizations across the world still believe faxing is a securer way of communication than other modern methods. This is likely to aid in the growth of the market during the forecast period. The healthcare sector in North America will witness a healthy CAGR during the forecast period.
RingCentral, eFax, HelloFax, SRFax, Nextiva, Open Text are the major players in the market
Global Online Fax Market at Glance
The report provides a holistic view of the global market, the companies involved in the market, and the factors driving its growth. It also provides information on some of the latest trends that have started to surface and are likely to become strong market driving forces over the next five years. This report also provides the Porter’s Five Forces analysis along with a description of each force and its impact on the market. Further, the report also provides complete value chain analysis of the global market.
International players are likely to grow inorganically by acquiring regional or local players
The market for internet faxing is becoming competitive due to the evolution of cloud-based faxing technology. J2 Global, the owner of eFax, is a leader in the global online fax market. RingCentral, eFax, HelloFax, SRFax, Nextiva, Open Text are major vendors profiled in the report
Other prominent vendors include FaxAge, MetroFax, MyFax, Sfax, Fax.to, FAXZERO, SpeedFax, iFax, Biscom, Phaxio, Messagenet, InterFAX, PamFax, FaxBetter, Vonage, GoldFax, Moove, Retarus, XMedius, EtherFax, Esker, Softlinx, Neotel (Lqiuid Telecom), Alohi SA (FAX.PLUS), Crosby Fax, MonFax, ComFax, eComfax (Cloud Worldwide Services), OceanX Technology, Utbox, GoLogic Group (GoFax).
Increased adoption of cloud-based communication and collaboration platforms to drive the market growth
Reduced capital and operational expenditure through internet fax services, flexibility and scalability of internet fax, automation of fax workflow, and increased adoption of cloud-based communication and collaboration platform are the major factors that are going to boost the market growth. Further, the report includes the latest trends and opportunities such as high preference of green offices. With increasing adoption of online fax, the consumption of paper can be controlled to a large extent, which can lead to the greener and cleaner environment. Other trends explained in the report are migration to the cloud-based faxing model, availability of hybrid fax solutions, and vendor consolidation.
Healthcare sector will contribute maximum revenue
In terms of industry sectors, the use of online fax services is higher in the healthcare and financial sectors because of the regulatory compliance such as HIPPA and data protection laws. This trend will also continue during the forecast period. There is also a strong contribution from government, education institutions, manufacturing, and law firms to the revenue of the market from across the globe. Small-scale manufacturing, transportation, and logistics providers will enable the growth of the market through adoption of online fax services during the forecast period.
Large enterprises are the major contributors of online fax with 48.6% of share to the market. The market for home office users will decline during the forecast period because of the growth of their organizations, and hence adding more revenue to the SME markets.
North America to account for the largest market share
North America is likely to be the largest market followed by Europe. The availability of local and toll-free number in the North America region at no extra cost for the basic plan is major boost to the market. The healthcare sector in North America is likely to contribute the maximum revenue chunk to the online fax market in the region. In Europe, the online fax services market has witness a high growth in the UK, Germany, and France. The APAC region will witness tremendous growth during the forecast period. In the RoW region, the adoption of online fax service is expected to grow during the forecast period only through integration of fax solutions with document management or cloud communication software.
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