North America Occupies Over 49% of the Fax Services Market
Arizton’s recent market research report on the Fax Services Market - Global Outlook and Forecast 2017-2022, segments the market by user type (individuals and home office, SMEs, and large enterprises), by industry sector (healthcare, financial services and mortgage companies, legal, manufacturing, transportation, and logistics, and others), by application (production and end-users), by deployment model (on-premises fax solutions, cloud-based fax services, and hybrid fax solutions), and by geography (APAC, Europe, North America, and ROW).
The fax services market is projected to grow from $17 billion in 2016 to $2.8 billion by 2022. The market is forecasted to grow at a CAGR of 9.18%
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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:
Fax services market - by deployment model
- On-premises fax services
- Cloud-based fax services
- Hybrid fax services
The hybrid fax services deployment model segment is the fastest growing market segment in the global fax services market with an impressive CAGR of 11.39% by 2022. This model integrates on-premises fax server software with the portability feature of cloud faxing. The elimination of connecting fax servers to telephone networks, on-premises control over fax services, flexibility, scalability, disaster recovery, and automatic failover for fax transmissions are some of the major benefits offered by this hybrid fax solution. This deployment model enables organizations to operate fax services with advanced features and allows companies to adhere to regulatory compliance such as HIPPA. Open Text, Biscom, and XMedius are the prominent market players in the hybrid fax services deployment model segment.
Fax Services Market - by Industry Sector
- Healthcare
- BFSI
- Legal
- Manufacturing, transportation, and logistics
- Others
The healthcare industry sector was the highest revenue generator and occupied around 30% of the total market share of the global fax services market in 2016. Hospitals, clinics, and pharmaceutical companies are the major end-users of fax services in the healthcare segment. The demand for technologically advanced fax systems from the healthcare segment is primarily driven by the growth need to comply with regulatory compliance, for secure transmission of patient documents, and to automate the document management process. The growing need to transfer documents and the patient information with maintaining maximum privacy is driving the demand for fax server (FOIP) solutions in the healthcare sector. The increasing number of initiatives undertaken by healthcare organizations toward the promotion of a green environment will drive the growth of cloud-based fax services in the global market.
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Fax Services Market - by Geography
- North America
- Europe
- APAC
- ROW
North America occupied close to 50% of the total market share and dominated the global fax services market in 2016. The US held 85% of the market share in North America in 2016. The development efforts to launch online fax services by leading vendors in Canada will also help the country gain new consumers during the forecast period. The growing adoption of cloud-based and hybrid faxing, collaboration platforms, and cloud-based communication will boost the demand for advanced fax services in North America. The integration of API features and the growing need for automating back-office operations will drive the demand for fax services in the region over the next few years.
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 the 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 also provides the market size and forecast for major geographical regions and key countries.
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