Major contributing sectors are healthcare, financial services, and individual and home users. The US is the leading revenue generator for the online fax market.
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The online fax market in North American was the highest contributor with a market share of 50.52% to the global market. The market includes the US and Canada. Many leading vendors generate revenue through this region, and the competition is also on the higher side because of the availability of cheap pricing plans by local and global vendors. The availability of local and toll-free number in the region at no extra cost for the basic plans is a major boost to the market.
Online Fax Market in North America By Various Industries
The healthcare sector is the most profitable segment for online fax services. Many vendors involved in providing online fax service in North America offer HIPPA compliant solutions. In the US, eFax, RingCentral, MyFax, and Open Text have a strong customer base for their HIPPA compliant fax solutions.
It is expected that market will experience a steady growth during the forecast period. Many healthcare providers will shift from the old fax infrastructure to online fax services.
Financial Institution and Mortgage Companies
The existence of fax servers still exists in financial services, mortgage, and insurance companies across the North American region. The major revenue contributors are small, medium, and large enterprise customers who are migrating to the online fax service due to increased need to reduce operational expenditure.
The use of old fax infrastructure still exists predominantly in small and medium legal firms such as advocate offices. The awareness among legal entities in using online faxing services with their official email systems is also moderately aiding the slow growth of the market.
Manufacturing, Transportation, and Logistics Sector
In the manufacturing, transportation, and logistics sector, the companies receive thousands of invoices per month, and these invoices are identified to match the purchase order. The growth of online services depends on the integration of services with the existing document management software system. Some of the manufacturing organizations involved in the use of online fax are MarJam Supply Company, Tessuto Vertical, Brady Corp., and Fabcon.
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