DUBAI, UAE, Sept. 11, 2023 /PRNewswire/ -- As per the report released by Kings Research, the global Online Fax Market size was recorded at USD 4.70 Bn in 2022 and is estimated to grow to USD 12.32 Bn by 2030, exhibiting a CAGR of 12.75% over the forecast period of 2023-2030. The industry is experiencing rapid growth due to the rising adoption of cloud-based storage and archiving functionalities, enabling users to access their faxes remotely. The increasing use of online faxing in a wide range of sectors can be attributed to factors such as the escalating demand for secure and fast communication.
Electronic signatures are one of the features that online fax services use to assist in authenticating incoming and outgoing faxes, which also include other functions such as email and virtual phone numbers through an internet connection. It guarantees easy transfer of data, such as pictures and audio files that can be incorporated into existing programs. By using Internet protocols instead of conventional fax machines and phone lines, online fax is a technology that enables users to send and receive faxes digitally over the Internet. By eliminating the need for physical paper documents and fax machines, the procedure is simplified and made more effective.
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Competitive Landscape
The key strategy adopted by prominent companies in the global online fax market for expanding their customer base revolves around prioritizing product launches. For instance, The Salesforce AppExchange listing of Concord Technologies' CloudFax suite of solutions was announced in May 2022, enabling customers to deliver documents more quickly using Salesforce. The tool simplifies the reception of faxes, even those containing large photos, directly into Salesforce, aiming to eliminate the laborious manual process and save time.
Market participants leading the global online fax industry include:
- Amplify Ventures Ltd.
- Cloud Worldwide Services
- Concord Technologies
- Consensus Cloud Solutions Inc.
- Nextiva
- Ooma, Inc.
- Open Text Corporation
- RedSail Technologies, LLC
- RingCentral, Inc.
- Softlinx Inc.
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The global Online Fax Market is segmented as:
By Type
- Subscription-Based Service
- Pay-Per-Use Fax Service
Increasing Focus of Companies on Offering Subscription-based Online Fax Services to Propel Sales
Based on type, the subscription-based service segment dominated the global online fax market in 2022 and is anticipated to experience robust growth of USD 6.13 billion by 2030. The primary way that many online fax firms offer their services is through subscription-based contracts. These plans often have a predetermined monthly fax page limit with the opportunity to add additional pages.
These services include capabilities such as sending faxes via email or a web portal, integration with different corporate tools and software, and safety measures, including encryption and password-protected delivery. These aspects are standard in subscription-based online fax services.
By Application
- Large Enterprises
- Small and Medium Enterprises (SMEs)
- Individual and Home Office
Rising Adoption of Online Fax Services in Large Enterprises to Boost Demand
Based on application, the large enterprises segment is expected to lead the online fax market through the projected period, accounting for a valuation of USD 5.62 billion by 2030. The increased use of faxes as an email substitute in large enterprises is contributing to the segment's growth. In recent years, the necessity to simultaneously send big faxes to numerous locations has raised the need for e-faxes in larger organizations.
The increasing engagement of major corporations across various geopolitical regions is fueling the need for cloud-based fax solutions. Moreover, as big companies adopt concepts such as BYOD (bring your own device) and remote work to accommodate their expanding staff, the demand for online fax services is escalating.
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Surging Emphasis on Eco-Friendly Products Drives Expansion of the Online Fax Market
By eliminating the need for paper-based faxing, online fax services can assist in decreasing paper usage and the subsequent impact on the environment. These services can assist in reducing the need for dedicated phone lines and further minimize energy and resource usage by giving users local or toll-free numbers that can be used to both send and receive faxes.
In addition, these services, by emphasizing secure and reliable digital communication, can play a role in advancing overall information security and privacy. This aspect aligns with the significant component of environmental sustainability. As consumers become increasingly aware of the ecological consequences of their business choices and investments, the attractiveness of these systems might increase. This is due to their potential to reduce overall environmental impact, thereby driving the market growth.
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By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
North America to Dominate Online Fax Market with Notable Cloud-Based Service Innovations
North America is projected to be the largest market for online fax over the forecast period, accruing USD 4.5 billion in revenue by 2030. Cloud-based service innovations are becoming more prevalent in the domestic market. These services offer flexible workflows, automated features, and other benefits that could help firms become more productive and cost-effective. Users may easily send and receive faxes due to the easy interfaces that many providers have offered, whether they're working from a desktop or a mobile device.
Additionally, some service providers offer drag-and-drop capabilities, editable cover pages, and other features that make e-faxing easier and more productive. Companies are adopting new and inventive security measures as they recognize the value of data protection, which is accelerating regional market growth.
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Key Points from TOC:
Chapter 1 Introduction of the Global Online Fax Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Online Fax Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Online Fax Market, By Type
Chapter 7 Global Online Fax Market, By Application
Chapter 8 Global Online Fax Market, By Geography
Chapter 9 North America
Chapter 10 Europe
Chapter 11 Asia Pacific
Chapter 12 Middle East & Africa
Chapter 13 Latin America
Chapter 14 Global Online Fax Market Competitive Landscape
14.1 Overview
14.2 Key Developments
14.3 Key Strategic Developments
14.4 Company Market Ranking
14.5 Regional Footprint
14.6 Industry Footprint
Chapter 15 Company Profiles
15.1 Amplify Ventures Ltd.
15.1.1 Key Facts
15.1.2 Financial Overview
15.1.3 Product Benchmarking
15.1.4 Recent Developments
15.1.5 Winning Imperatives
15.1.6 Current Focus & Strategies
15.1.7 Threat from competition
15.1.8 SWOT Analysis
15.2 Cloud Worldwide Services
15.2.1 Key Facts
15.2.2 Financial Overview
15.2.3 Product Benchmarking
15.2.4 Recent Developments
15.2.5 Winning Imperatives
15.2.6 Current Focus & Strategies
15.2.7 Threat from competition
15.2.8 SWOT Analysis
15.3 Concord Technologies
15.3.1 Key Facts
15.3.2 Financial Overview
15.3.3 Product Benchmarking
15.3.4 Recent Developments
15.3.5 Winning Imperatives
15.3.6 Current Focus & Strategies
15.3.7 Threat from competition
15.3.8 SWOT Analysis
15.4 Consensus Cloud Solutions Inc.
15.4.1 Key Facts
15.4.2 Financial Overview
15.4.3 Product Benchmarking
15.4.4 Recent Developments
15.4.5 Winning Imperatives
15.4.6 Current Focus & Strategies
15.4.7 Threat from competition
15.4.8 SWOT Analysis
Browse Complete TOC: https://www.kingsresearch.com/toc/online-fax-market-114
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