Arizton Advisory & Intelligence is a market research organization that produces premium market research solutions and customized reports for a wide variety of industries. They track both high growth and niche markets across industries, such as:
- Consumer Goods & Retail Technology
- Automotive & Mobility
- Smart Tech
- Healthcare and Lifesciences
- Industrial Machinery
- Chemicals & Materials
- IT & Media
- Logistics & Packaging
Arizton recently released their “Global Fax Services Market Outlook and Forecast 2017-2022”, and once we heard about it we naturally jumped at the opportunity to get our hands on it! The report is chock-full of industry tidbits and also contains their 5-year forecast of the global fax services market. Here are 4 of what we consider to be the key takeaways from their 2017 report.
1. Fax Services Reduce Carbon Footprint
It’s important to indicate that for the context of this article, the term “fax services” refers to the plethora of on-premise, cloud-based, hybrid, and secure file exchange solutions on the market that have been developed to replace traditional, paper-based faxing. Most people are aware that by switching to a digital fax solution they reduce paper usage within their organization, but Arizton’s findings delve a little deeper. In discussing market growth enablers in their Global Fax Services Market report, Arziton mentions that modern fax services reduce the usage of paper by up to 75% across organizations of all sizes.
Computer-based fax solutions reduce paper use not only by replacing traditional fax machines, but by replacing other workflows involving paper, such as scan-to-email workflows as well. The report estimates that in a single year, 150 billion papers are used for faxing purposes in the US alone.
As awareness and initiatives to create a “green office environment” grow across all industries, on-premise and cloud-based faxing services have helped organization’s paper requirements decrease significantly over the last decade. Every organization that adopts cutting-edge fax solutions not only minimizes their own carbon footprint, they help reduce the need for paper production in general.
2. Fax Automation Workflow is a growing trend
Arizton’s report explains that fax automation has grown to become one of the most popular features of today’s fax solutions for organizations who largely operate in a transaction-based environment. The automated sending of documents is especially appealing to companies whose document processing needs are growing, and is an available feature provided by various fax services vendors in the industry.
Fax automation is achieved by integrating on-premise or cloud-based solutions with existing customer applications, such as CRM. Users can then predefine numerous documents and contacts for automatic transmissions based on their business needs.
3. There’s still a lack of awareness of traditional fax alternatives
Although there are several models of fax solutions on the market to replace the traditional fax infrastructure, the Arizton report explains that lack of awareness of fax services often leads to usage of email as a substitute. Many organizations replace traditional fax by sending documents via email after scanning them through hardware devices.
Email may provide a faster and more convenient alternative to using fax machines, but it isn’t inherently secure and without the right security measures in place, an organization’s data governance may not meet compliance regulations. Fax solutions that integrate directly with user email applications are a modern, secure, and compliant alternative that allow users to continue to send and receive files from the platforms they’re most comfortable working with. Several contain a built-in audit trail function to eliminate any guesswork should an organization come under regulatory audit.
4. The Healthcare industry is leading the fax services adoption pack
Several end-user industries are discovering that modern fax solutions are a great way to increase productivity, save cost, and enable a more compliant environment, but none more than the healthcare sector. Ariston reports that healthcare (which includes hospitals, clinics and pharmaceutical companies) is the biggest revenue contributor for fax services, representing 30% of the global market. Healthcare organizations mainly opt for fax services to ensure the secure transmission of patient documents which helps comply with regulatory compliance like HIPAA in the US, not to mention that fax solutions can also automate several document management processes. In coming years, Arizton expects healthcare revenues to continue to grow as fax solutions become more widely used by individual physicians and the use of fax solutions grows in the APAC regions.
A close runner-up, representing 26% of global revenue for the fax services market is the Banking, Financial services and Insurance (BFSI) sector, with banks and insurance organizations are the leading revenue contributors, followed by mortgage companies. The Arizton report forecasts that by 2022, more organizations in the financial sector are expected to migrate towards hybrid fax solutions. Hybrid fax solutions give companies greater control over their data with on-premise server deployments, yet also offer the flexibility and scalability of cloud fax solutions.
Looking for a fax solution that can boost productivity, automate workflows, and help your organization meet regulatory compliance no matter what industry you’re in? Speak with an expert today to find out which solution would best meet your business needs.