Cloud Fax Market Size, Share, Growth, and Industry Analysis by Type (Fax from the Desktop, Fax from Email, and Fax from Web) By Application (Individual and Home Office, Small and Medium Enterprises, Large Enterprises, and Global), Regional Insights, and Forecast To 2031

Updated On: 20 November 2023

Cloud Fax Market REPORT OVERVIEW

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The global cloud fax market size was USD 633.3 million in 2021 and market is expected to reach USD 1701.4 million in 2031, exhibiting a compound annual growth rate (CAGR) of 10.3% during the forecast period.

A straightforward, affordable cloud-based replacement for conventional fax machines and servers is Cloud Fax. It offers a simpler faxing process and significantly reduces your overall faxing costs, making it appropriate for enterprises of all sizes. It is totally compatible with all email systems and enables you to send and receive faxes via email to and from anywhere in the world. It is secure, dependable, and does not require fax servers, fax machines, toner, paper, or dedicated fax lines.

COVID-19 Impact: Pandemic boosted the Adaptation of Digital Technology

Companies were unable to utilize physical fax machines because to the COVID-19 epidemic, thus digital offerings are assisting in the transition of businesses to the future of fax services. Over conventional fax servers, the digital cloud fax technology used by eFax Corporate has a number of advantages. By using cloud fax instead of fax servers, significant capital expenses related to faxing equipment and fax servers can be reduced or even eliminated. Many businesses use fax solutions with their data and phone services for collaboration and communication.

LATEST TRENDS

"Increasing Adoption from Various Applications to Boost Market Demand"

Fax is still an important part of the technological landscape and is still used for communications in a variety of sectors, including industry, healthcare, and finance, among others. This is a key factor that has fueled the expansion of the fax market and, ultimately, the expansion of the global online fax industry. However, one major factor preventing some small and medium-sized businesses from implementing online fax solutions is the shortage of qualified operators with thorough working knowledge and comprehension of features and applications.

Cloud Fax Market SEGMENTATION 

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• By Type

Based on type; the market is divided into Fax from the Desktop, Fax from Email, and Fax from Web.

• By Application

Based on the application; the market is divided into Individual and Home Office, Small and Medium Enterprises, Large Enterprises, and Global.

DRIVING FACTORS

"Technological Advancements to Assist Market Evolution"

The main drivers influencing the growth of the cloud fax market include decreased capital and operational costs due to internet fax solutions, flexibility and scalability of internet fax, automation of the fax process, and increasing use of cloud-based communication and collaboration platforms. Increased usage of cloud-based services, the Internet of Things (IoT), and linked devices are some factors that have contributed to the market expansion. By 2025, 75.44 billion IoT-linked devices are anticipated to be installed globally, according to Forbes. Furthermore, IoT end-user solutions' global market is expected to reach US$212 billion by the end of 2019 according to Finch Capital, opening up opportunities for cloud communication service providers to get into this untapped global market, which is expected to spur cloud fax market growth.

"SMEs to Nurture Market Share"

The government, educational institutions, manufacturing, legal firms, and small and medium-sized businesses all made significant contributions to the industrial list. These sectors are leading the charge to capture the largest share of the global online faxing market in terms of revenue. During the anticipated period, a small number of industries, including small-scale manufacturing, transportation, and logistics providers, will significantly contribute to the expansion of the cloud fax service market.

RESTRAINING FACTORS

"High Investments and Maintenance Costs Factors to Diminish Market Growth"

Cloud Fax Market REGIONAL INSIGHTS

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"Highest Revenue from Healthcare Sector to Foster Market Growth in North America"

Over the projection period, North America is anticipated to hold the largest cloud fax market share. This is due to the security and dependability for safer delivery of information and documents. The North American cloud fax market is predicted to generate the highest revenue from the healthcare sector. The growing popularity of cloud-based services and the availability of numerous cloud-based service providers in this area may be attributed to the growth of the cloud fax industry.

Because of the tech-savvy generation and expanding mobile device consumption among potential customers, the Asia-Pacific market is growing. Employers are embracing BYOD trends by offering perks like flexible scheduling, internet access, and mobile technology for both personal and professional use in an effort to keep employees. Additionally, this has helped to mobilize organizational data, which has raised the demand for cloud fax equipment.

KEY INDUSTRY PLAYERS

"Notable Players in the Industry to Promote Market Expansion "

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanization, innovative techniques, making the most money, and using their products to have a large social impact.

List of Market Players Profiled 

• OpenText (Canada) 
• CenturyLink (U.S.)
• Esker (France)
• eFax Corporate (U.S.)
• Concord (U.S.)
• Biscom (U.S.)
• Xmedius (Canada)
• TELUS (Canada)
• GFI Software (U.S.)
• Integra (U.S.)
• Retarus (U.S.)

REPORT COVERAGE

The industry report examines the global market, geographic and country-level market sizes, categorization market expansion, market share, competitor analysis, sales trends, influence of domestic and international market players, supply chain enhancement, trade laws, latest developments, possibilities analysis, business strategy market expansion analysis, product releases, area competitive landscape expanding, and technological advancements.