Fax services that are provided over the internet and make use of cloud based technology is one of the cheapest alternatives to traditional fax services. Cloud based fax services can be incorporated both within the infrastructure of a company or it can also be used as an offsite resource. And this hybrid capability of the service provision makes it a highly preferable mode of faxing for IT companies who require heavy duty faxing operations.
Apart from IT companies cloud fax services are often enabled by home based offices, individuals who deal with fax related operations, and also SMEs. Not only does this process lead to a heightened delivery time but also reduces paperwork and overall infrastructure necessities. The global cloud fax services market is closely tied in with the encryption industry as all fax messages sent over the internet need to be protected with encryption.
North America is the current hot zone of cloud fax services but Asia Pacific countries also stand to be a strong contender of leading this industry. Europe is also to become one of the largest providers of such service by 2024. The need to downscale resource requirements has led towards the boom of the global cloud fax services market. The report published in GlobalInfoResearch on the global cloud fax services market revealed the growth to be at a notable pace. The valuation of the cloud fax services market was further stated to surpass its previous valuation.
Competitive Landscape
The global cloud fax services market comprises a host of key players. This includes names like CenturyLink, OpenText, j2 Global, Concord Technologies, Retarus, Softlinx, TELUS Business, Biscom, XMedius, Otelco, Esker, Integra Group, CallTower, Xerox Corporation, Nex-Tech, and others.
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Market Segmentation
The global cloud fax services market has been segmented in terms of type and applications.
By type, the market breaks down into Pay-Per-Use Fax Service and Subscription-Based Service.
By application, the market divides into Individual and Home Office, SMEs, and Large Enterprises. The large enterprise section of the market is expected to grow profusely in the coming years. Whereas, the home office users are slated to grow at a minimal growth rate over the forecast period due to the increasing number of organizations.
Regional Analysis
The global cloud fax services market is geographically distributed across the following key regions: Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa. In North America, the availability of local as well as toll-free numbers at absolutely no additional cost for basic plan is one of the major market drivers. The healthcare industry is expected to contribute majorly to the market growth in this region.
In Europe, the market for cloud fax services is expected to showcase considerable growth movement due to the presence of countries like Germany, the UK, and France. The Asia Pacific region is expected to become a major contributory geographic area in the global market landscape.
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