Faxing might seem like a thing of the past, but businesses and customers alike still find faxing to be a useful and even essential part of modern business. A 2012 survey conducted by fax software vendor GFI Software demonstrated that 72 percent of small business employees still send paper faxes. That demand has kept 17 million fax machines in use across the U.S.
But there is a better, more efficient way to fax than maintaining bulky and often difficult machines. In 2014, a survey of small businesses conducted by j2 Global, the largest electronic fax service provider, found that 27 percent of respondents wanted to get rid of their machines. The answer is online fax services, which wholly digitize the process, making it cheaper and less cumbersome. A report from Arizton estimates that the global online fax market will eclipse $2.4 billion by 2022. There are multiple reasons for the increase in adoption, the report reads, and the major companies of RingCentral, eFax, HelloFax, SRFax, Nextiva and OpenText are poised to lead the way.
"The advancement in technology and flexibility provided by online fax vendors enable organizations to automate their fax solutions and hence is a major driver for the growth of the market. North America leads the market, constituting the largest share," the report said. "While the healthcare sector is likely to contribute maximum revenue to the market, the manufacturing, transportation and logistics sectors are going to post the highest-growth CAGR during the forecast period."
There are several reasons why adoption of these services is on the rise. Online fax services increase security, speed up the transmission of information, help with archiving and filing, reduce an organization's paper footprint, and decrease maintenance costs. Digitizing your faxing needs could impact your bottom line and streamline a component of office life. Large corporations are driving the bulk of adoption as well, according to the report.
"Large enterprises are the major contributors of online fax services with 48.6% of share to the market," the report reads. "The market for home office users will decline during the forecast period because of the growth of their organizations, and hence adding more revenue to the SME markets."