The fax services market is projected to grow from $1.7 billion in 2016 to $2.8 billion by 2022. The market is forecasted to grow at a CAGR of 9.18%
Arizton’s recent market research report on Fax Services market - Global Outlook and Forecast 2017-2022, segments the market by industry sector (healthcare, financial services and mortgage companies, legal sector, manufacturing, transportation, and logistics, and other sectors), application (production and end-user), deployment model (on-premises fax solutions, cloud-based fax services, and hybrid fax solutions), user type (individuals and home office, SMEs, and large enterprises), and geography (APAC, Europe, North America, and ROW).
The fax services market is divided into five major segments –user type, industry, application, deployment model, and geography. The three major segments are discussed below:
Small and Medium Enterprises (SME) user type segment will grow at the highest CAGR during forecast period
The growing need for information technology to drive business growth through integrated communication and collaboration platforms at reduced operational expenditure in the SME user type segment is likely to drive market growth in the global fax services market.
The SME segment is expected to grow at a CAGR of 11.57% during the forecast period.
The integration of cloud-based fax solutions and hybrid fax services will help the SME segment to occupy a higher market share in the global fax services market over the next few years.
Production usage application segment to dominate the market size in the fax services market during forecast period
The production usage application segment in the global fax services market generated revenues of close to $1,067 million in 2016. Healthcare and financial organizations are the leading revenue generators in the market segment. The high fax volume in these industries is primarily due to regulatory compliances which help these industries occupy the largest market share in the global fax services market. The automation and integration of existing fax applications with EHR applications will boost the requirement for these services and attribute to the growth of the global fax services market during the forecast period.
APAC is the fastest growing region with the highest CAGR in the fax services market during forecast period
The fax services market in APAC is growing at an impressive CAGR of 13.48% during the forecast period. Countries such as India, China, and Australia are the major revenue generators in the fax services market in APAC. The growing adoption of cloud-based communication and collaboration platforms, multifunctional devices that are connected with desktop systems to send and receive faxes, and migration to hybrid fax services will drive the fax services market in the APAC region during the forecast period.
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 also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
Read more information on global fax services in the following articles:
- North America Occupies Over 49% of the Fax Services Market
- Green Office Environment to Boost Sales in Fax Services Market
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