Online Fax Market is Expected to Reach USD 12.32 billion by 2030
As per the latest report published by Kings Research, the global Online Fax Market was valued at USD 4.70 billion in 2022 and is projected to reach USD 12.32 billion by 2030, growing at a CAGR of 12.75% from 2023 to 2030.
The online fax market is growing rapidly owing to the increased adoption of cloud-based storage and archiving features that allow users to access their faxes from anywhere. The growth of Internet fax usage in various industries can be attributed to several factors such as the growing need for secure and fast communication. In addition, the convenience of internet faxing and cost-effectiveness is also a major factor driving the growth of the industry. Cloud-based fax services are one of the most prominent innovations that offer businesses a more efficient and cost-effective way to send and receive faxes. These services allow users to manage their faxes using devices from desktop computers to smartphones and tablets which provides lucrative opportunities in the market.
- Based on type, the subscription-based service segment is growing at a CAGR of 10.88% over the forecast period
- Based on application, the large enterprises segment dominated with a market share of USD 2.37 billion in 2022
- On the basis of region, North America accounted for the largest market share of 38.17% in 2022
Cincinnati Bell Launched Cloud-based Virtual Fax Service with Cloud Worldwide Services
February 2020: Cincinnati Bell selected Cloud Worldwide Services' eComFax solution as part of its strategic digital communications services for the Cincinnati Bell Business Marketplace. eComFax, a cloud-based fax solution, allows businesses to easily send and receive faxes on any device in a purely digital manner while maintaining privacy, security, and encryption standards.
Increasing Need for Cost-Effective Faxing Solutions to Drive Market Growth
The need for cost-effective fax solutions has become increasingly prominent for several end-user industries. Traditional faxing methods can be expensive, time-consuming, and often require large hardware investments. This has led to the proliferation of digital faxing solutions as they offer a more cost-effective alternative while maintaining the security and reliability of traditional faxing. The main benefits of cost-effective network fax solutions are lower running costs, for small and medium-sized businesses, purchasing and maintaining traditional fax machines can be a significant expense. These features are propelling the market growth over the forecast period.
Increased Focus on the Usage of Environmentally Friendly Products Propels Market Growth
Online fax services can help reduce paper consumption and the associated environmental impact by eliminating the need for paper-based faxing. By providing users with local or toll-free numbers that can be used to send and receive faxes, these services can help reduce the need for dedicated phone lines and further reduce energy and resource consumption. In addition, by prioritizing secure and reliable digital communication, these services can contribute to the wider development of better information security & privacy, which is a prominent part of environmental sustainability. As consumers become increasingly aware of the environmental impact of their investing in and decisions about businesses, these systems may become more desirable considering they may minimize overall environmental impact, which boosts market growth.
North America is the Most Dominating Region with a Forecasted CAGR of 12.13%
The North America region is expected to grow rapidly owing to the growing demand for online fax for healthcare purposes. The North American online fax industry is experiencing innovations with cloud-based services that offer customizable workflows, automated functions, and other benefits that can save businesses time and money. Several service providers are now offering user-friendly interfaces that allow users to easily send and receive faxes, whether they are using a desktop or a mobile phone. Some providers also offer drag-and-drop features, customizable cover pages, and other features that make e-faxing smoother and more efficient. As companies become more aware of the importance of data protection, the market is experiencing new and innovative security features which accelerates the market growth.
Asia Pacific is the Fastest Growing Region with a Forecasted CAGR of 14.16% Over the Estimated Timeframe
The demand for online fax is growing rapidly owing to the rising awareness of the benefits of environmentally friendly and cost-effective online fax services. The emergence of cloud fax services among businesses as well as consumers in countries such as China and India accelerates market growth. The advancements in healthcare, finance, law, and several other end-user industries have increased the adoption of online faxing. With the growing significance of privacy, online fax service providers offer a variety of security features to help businesses protect their sensitive documents. Market vendors across the region are offering mobile apps and other smart features that make it easy for users to manage faxes from their smartphones or tablets, which propels the market growth.
Key Players in the Market are Launching New Products to Strengthen the Market Foothold
The online fax market is fragmented with key players such as 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. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.