Over a decade ago, we were told that the fax industry was on its last limbs. Just a few years ago, we were told the Internet had all but a put the final nail in the coffin of fax machines. Today, we are still told fax is dead.
“Experts” will say the same thing a few years from now, and again in over a decade.
The simple fact is, although we’ve been consistently told for more than a decade that faxing is an outdated technology, faxing is still alive and well in some of the most major global industries.
The Numbers Tell a Compelling Story
Don’t take our word for it; look at the numbers. The most up-to-date statistics come from the International Data Corporation’s (IDC) Fax Market Pulse: Trends, Growth and Opportunities report. Their 2017 analysis of the fax industry spanned the Financial Services, Healthcare, Government and Manufacturing sectors. It showed that 82% of companies saw their fax usage either increase or stay the same over the previous year. Of the companies who saw fax usage grow, the average fax volume increased by 27%, and a quarter of respondents reported growth between 50-74%.
Companies in every sector that was analyzed reported growth, proving that fax remains at the heart of some of the most major industries in the world. On top of their previous year-over-year growth, nearly half of companies in the study expected to see growth again over the next year.
Cloud Faxing is Leading the Way
Fax server software has successfully adapted to and integrated with new technology, transforming itself and leveraging the new features of modern email, the cloud and analytics programs. The IDC report found that only 36% of faxed pages came from standalone machines, and cloud-based fax services were quickly becoming the most popular format.
According to an in depth study on the Cloud Fax Market, the size of the market in 2017 was $420 million dollars. By 2025 the industry is expected to pull in $920 million, with a compound average growth rate of 10.3% from 2018-2025.
The rise in popularity of Cloud-based faxing is due to its simple, cost-effective and streamlined faxing process. It’s the inevitable step for organizations who need to fax but also are looking to fully transition to all-digital solutions.
Get a Quote on a Fax Server Today
Looking to upgrade your fax server? Want to make the switch over to Cloud-based faxing? Contact The Fax Guys today for a customized quote for your solutions.