Use of Connected Technology to Ease Workflow shall Expand the Cloud Fax Market Growth
Reduced capital and operational expenditures via internet fax solutions, flexibility and scalability of internet fax, automation of fax process, and rising usage of cloud-based communication and collaboration platforms are the primary factors driving the cloud fax market growth. The market expansion is also attributable to rising acceptance of connected devices, increased penetration of the Internet of Things (IoT), and rising adoption of cloud-based services. According to Forbes, the total installed base of IoT-linked devices worldwide is expected to reach 75.44 billion by 2025. Furthermore, according to Finch Capital, the global market for IoT end-user solutions crossed US$212 Bn by the end of 2019, creating potential prospects for cloud communication service providers to enter the worldwide untapped market, which is projected to drive market development.
The growing tendency of BYOD policies and pay-as-you-go services is propelling the growth of the cloud fax market. Additionally, because of the growing start-ups in both established and developing countries, an increasing number of small and medium-sized businesses are eager to adopt the BYOD processes. According to a Department for Digital, Culture, Media, and Sport (UK) poll, 45 percent of UK firms favoured bringing your own device (BYOD). Among the total number of UK enterprises, 60% of banking or insurance organisations (105 out of 1,519 businesses) used BYOD. This is estimated to increase the demand for cloud fax devices to maintain a seamless workflow, thereby boosting the expansion of cloud fax market.
Large Enterprise Will Dominate Market due to Multiple Work Location
Large Enterprises are expected to witness the highest share in the coming years. The requirement to send high-volume faxes to several locations at the same time has increased the demand for online faxes in large organisations in recent years. Large government, educational institutions, manufacturing, and law businesses contribute significantly to the market's revenue from across the world. The increase of operation in large enterprises from various geopolitical locations is further increasing the demand for cloud fax devices. Moreover, with the increase in the number of workforces, large enterprises are accommodating BYOD and work from home culture, which is further driving cloud fax market forward.
North America Acquired Largest Share due to Growing Use of Cloud Services
North America is expected to have the greatest market share of online fax over the forecast period. The security and dependability for safer transmission of information and documents is a major element driving the adoption of online fax services in North America. The healthcare industry in North America is expected to provide the most revenue to the region's online fax market. The expansion of cloud fax market might be ascribed to the increased popularity of cloud-based services as well as the presence of various cloud-based service providers in this region. The increasing adoption of social media, mobile technology, advanced analytics, cloud, and IoT (SMACT technologies) across various sectors, such as manufacturing, retail, BFSI, healthcare, and government, is expected to drive the adoption of BYOD solutions across North America, thus driving the growth of the region’s cloud fax market in the coming years.
Within, the North American region, the US dominated the market growth. The United States places a high value on digital transformation and is frequently regarded as an early adopter of next-generation connective technologies such as IoT, additive manufacturing, Big Data analytics, connected industries, as well as the most recent telecommunications technologies such as 4G, 5G, and LTE. The rapid adoption of high-speed Internet facilities, coupled with the increased adoption of BYOD culture, will boost the market growth here. According to reports, as of today, there are currently 307.2 million active internet users in the US, with around 120 million households having a permanent broadband connection. This along with the increased incidence of work from home will increase the demand for cloud fax devices in the country, in turn fuelling the US cloud fax market.
The APAC area will experience remarkable expansion during the projection period. The integration of fax solutions with document management or cloud communication software in the regions has boosted the use of online fax services and is projected to rise throughout the projection period. The Asia-Pacific BYOD industry is developing because of the tech-savvy generation and rising mobile device consumption among potential clients. Organisations are embracing BYOD trends to retain employees by giving benefits like as flexible scheduling, internet access, and mobile technology for personal and professional use. This has also aided in the mobilisation of organisational data, thus increasing the demand for cloud fax devices. According to reports, in 2021, the internet penetration in Asia was over 64 percent, with, China accounting for 35.7 percent of Internet users in Asia, followed by India with 27.3 percent. Thus, with the growing number of Internet users and its wide application, the cloud fax market is likely to develop at the fastest rate in the region.
Global Cloud Fax Market: Competitive Landscape
In May 2022, Concord Technologies announced the availability of its CloudFax suite of solutions on the Salesforce AppExchange, allowing clients to expedite document sending using Salesforce. The tool makes it easy to receive faxes — even huge ones with photos – directly to Salesforce, eliminating the time-consuming manual process. For instance, in August 2021, Biscom, a renowned enterprise fax supplier, announced the release of Biscom Cloud Fax Advanced. Biscom Cloud Fax Advanced is a second-generation cloud fax technology that offers significant feature upgrades for small, medium, and big organisations.
Few of the players in global cloud fax market include OpenText, CenturyLink, Esker, eFax Corporate, Concord, Biscom, Xmedius, TELUS, GFI Software, Integra, and Retarus.
Global Cloud Fax Market is Segmented as Below:
Key Elements Included In The Study: Global Cloud Fax Market
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