According
to market research report on "Correspondence Management
System Market by Component, Delivery Channel
(Email, Web, and SMS/MMS), Application (Mailroom Automation, Engineering
Document Control), Deployment Model, Organization Size, Industry Vertical, and
Region - Global Forecast to 2023", published
by MarketsandMarkets™, the Global Correspondence Management System Market size
is expected to grow from USD 1.9 billion in 2018 to USD 3.5 billion by 2023, at
a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period.
The key
factors driving the Correspondence Management System Market include increasing
need for automating and personalizing communication systems and timely and
secured internal and external communications.
Browse and
in-depth TOC on “Correspondence Management System
Market”
80
- Tables
36
- Figures
141
- Pages
Government and Public Sector industry
vertical to grow at the second highest CAGR during the forecast period
The
government and public sector industry vertical cover all the government
organizations and agencies. The responsibilities of these organizations are to
interact with tax collection, safety, public interest, education, and others.
These communications are conducted through various correspondences, such as
letters, emails, fax, bills, invoice, agreements, and contracts. Most of the
organizations pertaining to government and public sector lose hundreds of daily
interactions. Moreover, they fail to follow up important communications. Hence,
government and public organizations are moving toward effective correspondence
management system to streamline the complete lifecycle of correspondences
Mailroom automation application to hold the
largest market share and highest CAGR during the forecast period
With the
advent of cloud-based technologies and increasing digitalization, organizations
are increasingly adopting mailroom automation to automate their internal and
external business communication processes. The mailroom automation helps
organizations classify their incoming correspondences as per their category,
content and appearance, and send them to the respective department or the person.
An organization receives thousands of correspondences and needs to conduct
internal and external communications. Thus, it is very difficult for any
organization to keep track of all the correspondences and respond to them.
Moreover, the manual mail sorting process is very time-consuming and expensive
to implement. Therefore, many organizations are using mailroom automation to
manage their correspondences.
Software component to account for the largest
market size during the forecast period
The
software segment is growing at a significant rate, due to the increasing demand
for correspondence management, document management, digital asset management,
and eDiscovery by enterprises to achieve strategic advantage and streamline
their internal and external communications. Most of the enterprises are
considering that customer communication data plays a crucial role in acquiring
new customers and sustaining existing ones. All these factors are expected to
propel the adoption of correspondence management system software. The
deployment of various correspondence management solutions is vital in sourcing,
monitoring, and managing communications, and extracting intelligible strategic
business insights from the internal and external communication data generated
by enterprises.
North America to hold the largest market
size during the forecast period
The global
Correspondence Management System Market by region covers 5 major regions: North
America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin
America. North America constitutes the highest market share, owing to the early
adoption of advanced technology solutions as well as prominent initiatives
taken by industry players through partnerships with various technology players.
The US and Canada are witnessing increased adoption among government and public
sector.
Major
global vendors of Correspondence
Management System Market are IBM (US), Microsoft (US), Adobe (US), OpenText
(Canada), Pitney Bowes (US), Rosslyn Analytics (England), MicroPact (US),
Fabasoft (Austria), NewGen (India), Everteam (France), Xerox (US), Palaxo
(UAE), Top Down Systems (US), IT-Blocks (Egypt), and CATEC (UAE).
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Content Source: https://www.marketsandmarkets.com/PressReleases/correspondence-management-system.asp
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/correspondence-management-system.asp
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