The global correspondence management system market accounted to US$ 18.4 Bn in 2018 and is expected to grow at a CAGR of 14.0% during the forecast period 2019 – 2027, to account to US$ 57.4 Bn by 2027.
Geographically, the correspondence management system market is segmented into North America, APAC, Europe, MEA, and SAM. North America led the correspondence management system market in 2018 with a significant market share, while Asia Pacific is anticipated to continue its dominance in the coming years to during the forecast period. the correspondence management system is being widely used in paper-intensive industry verticals such as BFSI, government, and IT & telecommunication.
Some of the leading players in global market are Ademero, Inc., Adobe, Inc., Blue Project Software, Cantec Ireland, DocPoint Solutions, Inc., Fabricated Software, Inc., Gulf Business Machines, Hyland Software, Inc., Ideagen PLC, MasterControl, Inc., New Vision Systems LLC (NVSSoft), Next IT and Systems, OpenText Corporation, SpringCM, Xerox Corporation
Europe is the second-largest market in the correspondence management system market. Apart from North America and Europe, Asia Pacific remains at the third-largest geographic segment in the correspondence management system market. In Asia Pacific, In the Asia Pacific region as the adoption of technology is on the rise, there is an increase in the demand for automated solutions. To avoid manual processes in business that might bring down operations in significant industry verticals such as BFSI and IT & telecom would require to adopt the correspondence management system. The correspondence management system efficiently organizes, manage, search, track, and report on correspondence and action plans.
The easy availability of internet, and the advent of smart workplaces are some of the major reasons for the exponential increase in digital content. The digitization revolution worldwide is facilitating the increased adoption of content management solutions such as correspondence management system among enterprises in order to efficiently communicate and manage the documents. This factor is subsequently anticipated to encourage the correspondence management system market growth during the forecast period.
Companies are now focusing on small and medium-sized enterprises in order to increase revenue and market share. Rising trend of digitization among enterprises to improve operational workflow and reduce costs will offer massive growth opportunity for market players in both developed and developing regions during the forecast period. The players operating in the correspondence management system market are now offering various cloud-based solutions at affordable prices This is expected to provide huge opportunities to the companies providing this systems and thus, positively impacting the correspondence management system market.
The global correspondence management system market by type is segmented into paper documents and letters, emails and fax, web contents, and electronic documents. Emails and FAX segment dominates the correspondence management system market heavily and is projected to continue its dominance throughout the forecast period from 2019 – 2027. The exhaustive usage of emails and fax to communicate within organization as well as with different organizations, for quality and privacy management of all the related files. Due to this, demand for correspondence management system among the industries to manage their emails and fax is rising.
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