CHICAGO, April 17, 2019 /PRNewswire/ --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.
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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.
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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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