SMEs Sector Contribute Over 30% of Revenues in Global Online fax Services Market | Arizton

Online fax services models enable transfer of fax data through e-mails, and these documents are stored on-premises in the user’s system. Home office users and individuals are using online fax services and are selecting plans that suit their requirements. SMEs and large enterprises are the largest revenue generator in the global market and are also customizing their packages as per their requirements. Factors such as reduced capital and operational expenditure, limited old fax infrastructure, digitalized enterprises business environment, increased fax volume, need for high flexibility and scalability, mobility benefits, safe and secure transfer of documents, and automated business operations are boosting the adoption these services in the global online fax services market. The government, education institutions, manufacturing, and law firms are implementing this model to facilitate secure transfer of documents in the global market. The top vendors are focusing on integrating fax solutions with common business applications such as SAP and Oracle solutions to attract new consumers and gain a larger global market share.

The global online fax services market is estimated to generate revenues of more than $2.4 billion by 2022, growing at a CAGR of approximately 11% during 2017-2022.

Read the full report on Online Fax Market – Global Outlook and Forecast 2017-2022
https://www.arizton.com/market-reports/online-fax-market

Read: North American Market is the Highest Contributor to Global Online Fax Market
https://www.arizton.com/news/press-release/north-american-market-is-the-highest-contributor-to-global-online-fax-market

The three major user types in the online fax services market are discussed in detail below:

1. Individual and Home Users

The home users segment constitutes the workspace of up to 19 employees. Online fax services services provide major cost-saving opportunities for users by reducing the purchase of fax hardware, software, and independent phones lines. The home office user segment consists of a small clinic, legal advisors, and home-business communications. Individual users use this solution to transfer documents to legal and government agencies. The prominent players are investing in solutions that will offer e-mail integration of fax solutions, especially Gmail, Microsoft Office, and cloud-based storage of fax documents to attract new consumers and boost their market revenues in this market segment. The migration from old fax machines to online fax services services among countries, especially in the APAC and ROW regions will augment the growth of this segment in the global market. The availability of alternative fax solutions and the dynamic individual and home office faxing requirement might impose a growth restraint in this segment. The online fax services market in the individual and home users segment is projected to grow at a CAGR of around 7% during the forecast period.

2. Small and Medium Enterprises (SME)

The SME sector comprised of 20–499 employees and was the main contributor in the online fax services market with 32% of revenue share in 2016. A large number of SMEs operating in the field of healthcare financial, insurance, and legal sector. These businesses are using advanced fax solutions for safe and secure file transfer solutions thereby, propelling the growth of the market. The growing need for information technology to drive business growth through integrated communication and collaboration platforms at reduced operational expenditure is the main driving factor for SMEs to adopt these services in the global market. The SMEs are looking for solutions that reduce time in sending and receiving faxes and improves productivity. The changes in government regulations and data privacy laws will encourage SMEs to use these services in the global market. The need for 99.99% reliability of the solution adopted at no hidden cost and enabling faxing through mobile-based devices will encourage vendors to launch new products in the global market. The automation of faxing process through APIs will result in improved productivity among businesses and boost demand for online fax services services in the global market. The online fax services market in the SMEs segment is estimated to grow at a CAGR of over 12% during 2017-2022.

3. Large Enterprise

Large enterprises have an employee base of more than 500 and include Fortune 1000 companies and are a major revenue generator in the online fax services market. Transportation and logistics customers, healthcare providers, online retail providers, financial, insurance, real estate, government, are the part of the large enterprise segment. The growing demand for communication and collaboration platforms will boost the demand for these services in this segment in the global market. The benefits of reduced operational cost and improved productivity through automation and increased flexibility and scalability will augment the growth of the market in the large enterprises segment. The leading vendors are offering custom solutions that suit enterprise needs to gain larger market share. Companies such as Open Text, Biscom, and eFax are the largest revenues generators in the global market. The online fax services market in the large enterprises segment is expected to grow at a CAGR of more than 11% during the forecast period.

Read: Hybrid Fax Services are Likely to Witness Growth in Medium and Large Enterprise Customer Segment
https://www.arizton.com/news/press-release/hybrid-fax-services-are-likely-to-witness-growth-in-medium-and-large-enterprise-customer-segment

The leading vendors in the online fax services market are RingCentral, eFax, HelloFax, SRFax, Nextiva, and Open Text.

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