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DUBLIN, March 18, 2024 /PRNewswire/ --The"Global Fax Services Market - Outlook & Forecast 2023-2028" report has been added toResearchAndMarkets.com's offering.

The global fax services market was valued at USD 3.18 billion in 2022 and is expected to reach a value of $5.96 billion by 2028, growing at a CAGR of 11.05%

The global fax services market leaders are directing their efforts towards various essential business approaches, encompassing partnerships, mergers and acquisitions, product advancements, and collaborative ventures, all designed to broaden their product offerings and augment their market presence across diverse geographical regions.

The strategies related to expansion and investments encompass a spectrum of strategic initiatives, ranging from investments in research and development endeavors to establishing new manufacturing facilities and optimizing supply chains. Moreover, numerous vendors focus on improving their services by investing in R&D, technological advancements, and product development.

North America is experiencing robust growth in the fax services market, owing to the increasing demand for high-speed internet access and the widespread adoption of advanced fax technologies. Moreover, North America held the largest global fax services market share in 2022. The rapid proliferation of accessible and affordable internet connections, the rising popularity of cloud-based software and services, and businesses' imperative to enhance workflow efficiency and reduce operational costs contribute to regional market growth.

In fax services, technological convergence involves the incorporation of fax functionalities into enterprise resource planning (ERP), systems applications and products (SAP), and customer relationship management (CRM) systems. The emergence of various cutting-edge technologies, including 5G, Machine-to-machine (M2M) communication, IoT, automated intelligence, cloud computing, and digital fax solutions, drive the fax services market. These innovations are expected to propel the market's growth during the forecast period.

Key drivers for the fax services market include the attributes of cloud-based fax services, which offer flexibility, high performance, and reliability to organizations seeking seamless fax communication from their ERPs, desktops, or other business applications. Automation, particularly as a feature of computer-based fax services, is in high demand, notably among small and medium-sized businesses (SMBs) and large enterprises operating in transaction-intensive environments.

Compared to alternative methods such as e-mail and web-based document transfer, the robust privacy advantages make the faxing services stand out compared to its competitors and are anticipated to catalyze market growth. Numerous vendors are offering HIPAA-compliant fax solutions, a move aimed at enticing healthcare providers to adopt fax services, thereby contributing to the robust market growth.

FAX SERVICES MARKET TRENDS & DRIVERS

Increasing Online Scam and Data Breaches

For numerous corporations today, faxing remains an essential mode of communication, as fax is considered more than e-mail. Moreover, law enforcement and healthcare sectors are the major drivers of the fax services market because of stringent legal requirements governing the secure transfer of sensitive data.

Additionally, in 2022, nearly 3.6 million Russian internet users experienced breaches, marking an 11% increase. Such instances further propel the use of fax and its respective services to protect organizations from growing online scams and security concerns.

Rising Telecom Industry

The increasing telecom industry drives the global fax services market, using reliable, secure, cost-effective communication solutions to secure customer data.

Further, the rising expenditure on the implementation of 5G infrastructures, driven by changing consumer preferences toward cutting-edge technologies and smartphone devices, has increased the adoption of cloud-based fax services by the telecom industry because this service enables the transmission of exact documents over telecommunications networks and internet, which act a bridge among traditional and digital fax technology.

INDUSTRY RESTRAINTS

Unstructured Data

One of the reasons businesses continue to use fax is its extensive acceptance across numerous IT systems. However, since fax is a frequently supported messaging protocol, it is a capable interoperability standard. Although one of the downsides of fax is the nature of the file, it is an image file that might contain data.

SEGMENTATION INSIGHTS

INSIGHTS BY USER TYPE

The global fax services market by user type is segmented into large enterprises, small & medium enterprises (SMEs), and individuals & home offices. The large enterprises segment dominated the global market in 2022.

Large enterprises are characterized by a workforce exceeding 50 individuals and often encompassing Fortune 1000 companies, representing a substantial revenue source in the global automated fax market. They are primary contributors to international faxing revenue as well. Regardless of the deployment model, the large enterprises segment is one of the highest revenue contributors to the global market.

The major factors driving the migration to cloud-based fax services are reduced operational cost, improved productivity through automation, and increased flexibility and scalability. Large enterprises are involved in transferring thousands of faxes every month. Moreover, Apple uses the secure and reliable online fax service Fax App, which can turn an iPhone or iPad into a powerful fax machine and send faxes anytime, anywhere. All sent and received faxes are stored in a fully encrypted archive for further use and can be easily accessed without delay when required.

INSIGHTS BY SERVICE TYPE

The on-premises service type segment dominated the global fax services market in 2022. Enhanced control over data storage, high configurability, and customizability are prominent factors that propel the segment growth. These solutions also present integration options that can be tailored to align with the specific operational requirements of end-user businesses.

Furthermore, organizations operating in-house fax infrastructure and owning data centers and colocation facilities will likely prefer this operation mode. This will probably drive revenue growth in this segment during the forecast period. Open Text is the major player in this market, installing more than 100,000 RightFax on-premises fax servers. Vendors also offer desktop software solutions that can be integrated with the existing office mail system and other applications to transfer fax documents.

INSIGHTS BY INDUSTRY-USERS

The global fax services market by industry users is segmented as healthcare, banking, financial services, & insurance (BFSI), legal, manufacturing, and others. The healthcare industry user segment held the largest segmental share in the market. The healthcare sector is highly regulated, and securing patient information and maintaining privacy is important.

Although e-mails are an alternative to fax services, they are highly vulnerable, risking privacy. Many healthcare organizations use fax server (FOIP) solutions to transfer fax documents. Increased operational expenditure and initiatives towards operating a green environment are aiding the growth of the cloud-based fax services market.

Fax Services Market Overview

Market Opportunities & Trends

Market Growth Enablers

Market Restraints

Key Company Profiles

Other Prominent Vendors

For more information about this report visit https://www.researchandmarkets.com/r/43owxf

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Global Fax Services Market Outlook & Forecast 2023-2028: Cloud-Based Fax Solutions Gain Traction, Online Scams ... - PR Newswire