The fax services market is projected to grow from $1.7 billion in 2016 to $2.8 billion by 2022, growing at a CAGR of 9.18%
The leading three drivers and trends of the fax services market are discussed below:
The growing focus on reducing the use of paper and other stationery at offices and workplaces and the initiation of a green office environment will boost the demand for fax services in the global market. The research analysts at Arizton state that online faxing services help reduce 75% of paper usage in offices and workplaces. With the penetration of on-premises and online faxing services, the paper requirement has been reducing considerably in the last decade. The growing adoption of computer-based faxing will help promote a greener and cleaner environment. The offices are focusing on reducing the consumption of less power and using recycled or refurbished office supplies such as toner and ink cartridges. The promotion of BYOD and home-office concepts will help reduce carbon emission levels and promote a sustainable environment.
The benefits of using online fax solutions include flexibility, availability, reliability, and scalability. Such advantages of using online fax solutions will promote the use of computer-based fax services over the traditional fax machine infrastructure. Vendors are launching new fax solutions that enable end-users to send and receive faxes via e-mail and mobile-based applications. These solutions can also be integrated with existing applications through APIs, Microsoft Office, SAP, ERP, and CRM services. The use of cloud-based fax services allows end-users to immediately start using fax operations without installing hardware or software on-premises. Moreover, cloud-based solutions also offer unlimited storage of fax documents on servers that can be accessed at a later period. These services help increase the productivity of operations by automating the transmission of documents that can be scheduled in advance. The affordability and scalability of these fax services will aid organizations to reduce cost and improve the operational productivity.
Hybrid fax solutions have the capabilities of both on-premises fax servers and cloud-based fax services. Vendors are adding the capability to aid customers to migrate their entire fax service system to the cloud or enable hybrid operations. The adoption of hybrid solutions offers benefits such as cost savings, scalability, and improved security. Hybrid fax models are designed to help organizations transfer thousands of files through servers easily and enable cost savings by reducing the telephone line charges, fax gateways, fax channels, fax boards, maintenance contracts, and other such expenses.
Biscom, eFax, HelloFax, SRFax, Nextiva, Open Text, RingCentral, and XMedius are the leading vendors in the fax services market.
The complete overview of the latest market research report on Fax Services Market - Global Outlook and Forecast 2017-2022 by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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