Global Cloud Fax Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Cloud Fax Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Cloud Fax is a feature that allows a machine to send and receive faxes via a cloud fax service provided by an Internet fax service provider.

Market Overview:

The latest research study on the global Cloud Fax market finds that the global Cloud Fax market reached a value of USD 716.74 million in 2022. It’s expected that the market will achieve USD 1324.45 million by 2028, exhibiting a CAGR of 10.78% during the forecast period.

Influence of COVID-19 Outbreak on Cloud Fax Industry Development

The COVID-19 coronavirus pandemic has underscored the importance of cloud faxing. In the early days of the crisis, cloud faxing supported a massive shift to online services for enterprises, governments, and healthcare organizations.

In the first half of the 2020s, many enterprises implemented hybrid IT infrastructures to improve their ability to work remotely. Even though many countries have relaxed restrictions put in place to curb the spread of the coronavirus, there is still uncertainty as to when life may return to relative normalcy. However, cloud faxing has the ability to help them stay productive and connected from home.

Digital services are quickly becoming the most important tool for continuing operations during a mass lockdown. A complicating factor in forecasting future demand is the lack of a clear event horizon for the COVID-19 pandemic, the need to design the IT infrastructure for a world where COVID-19 is likely to rebound, and the need to consider continuity plans for future pandemics. The popularity of cloud faxing is closely tied to its demand, and COVID-19 may drive structural IT change in organizations that have delayed modernization.

Limitations

Cloud fax operators store sensitive proprietary data on their networks, including source code, other intellectual property and other proprietary business information. Maintaining the security of this information is critical to the operations and business strategies of cloud fax companies. Increasingly, companies are subject to a wide variety of attacks on their networks. cloud fax enterprises' information technology and infrastructure can be infiltrated or attacked by computer programmers and hackers, or compromised due to employee error, malfeasance or other disruptions. The market perception of a cloud fax business can be negatively impacted by a breach of cybersecurity. In addition, the economic costs of eliminating or mitigating network or other security problems, vulnerabilities, viruses, worms, malware systems and security breaches can be substantial and may be difficult to predict or measure.
If cloud fax providers are unable to enhance existing products, or to develop or acquire new products that respond to rapidly changing customer requirements, technological developments or evolving industry standards, the existing products may be rendered obsolete and the long-term revenue growth will be harmed. The markets for cloud fax are characterized by rapid technological advances, changes in customer requirements, changes in protocols and evolving industry standards. The long-term growth depends on companies' ability to enhance and improve the existing products and to introduce or acquire new products that respond to these demands promptly. If cloud fax providers are unable to add products and develop enhancements to the existing products that are satisfactory to customers, if customers purchase or develop competing products and technologies or if technical developments render the products or certain features of the products obsolete, demand for cloud fax solutions of the company will decrease, and operating results will be harmed.

Company Overview:

The top companies are CenturyLink, OpenText and Esker with the production value market share of 14.27%, 9.43% and 8.61% in 2019.

CenturyLink Inc. also known as Lumen Technologies, provides digital solutions for home and business premises. The Company offers communications, network security, cloud solutions, voice, and managed services. Lumen Technologies customers worldwide.

Open Text Corporation provides intranet, extranet, and corporate portal solutions to organizations worldwide. The Company manages and analyzes both structured and unstructured data and offers machine-assisted decision making, automation and business optimization in a flexible solution.

Segmentation Overview:

Among different product types, Fax from the Desktop segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Large Enterprises segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Cloud Fax market covered in Chapter 3:

Otelco
GFI Software
OpenText
Upland
Concord
etherFAX
eFax Corporate
Biscom
TELUS
Integra
CenturyLink
Retarus
Esker

In Chapter 4 and Chapter 14.2, on the basis of types, the Cloud Fax market from 2018 to 2029 is primarily split into:

Fax from the Desktop
Fax from Email
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Cloud Fax market from 2018 to 2029 covers:

Individual and Home Office
Small and Medium Enterprises
Large Enterprises

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)