According to the new research report published by The Insight Partners, titled “Correspondence Management System Market - Global Analysis and Forecast to 2027”, the global Correspondence Management System market is expected to reach US$ 57.4 Bn in 2027, registering a CAGR of 14.0% during the forecast period 2019-2027.
The rising need to safeguard correspondence document from any unexpected loss, avoid litigation issues, and to ensure enterprise’s e-governance performance, companies all around the world are investing in the correspondence management system. Factors such as correspondence management system are crucial for regulatory compliance such as HIPAA and GDPR, massive amount of digital content powering the demand of correspondence management system among others are expected to drive the market during the forecast period and have a high impact in the short term. The next generation correspondence management system is crucial for enterprises as they enable the digital strategy by managing the information life cycle from its creation to mobilization to disposition of this information across users and business channels. Industry sectors such as BFSI, government, and IT & Telecommunication have some key content-centric processes and correspondence management system allows these sectors to manage the correspondence documents efficiently. On the contrary, factors such as data privacy & security concerns are anticipated to hinder the market growth in the coming years.
The deployment of on-premise correspondence management system is expensive to build in-house and therefore, sometime it becomes difficult for SMEs to use on-premise correspondence management system. The demand for cloud-based correspondence management system is expected to grow at a fast pace in the coming few years, especially among SMEs in developing regions. In addition to this, the growing digital revolution across the globe is fueling the adoption of cloud-based solutions in various industry verticals. Governments of developing economies such as India and China are taking various initiatives to boost the adoption of digital services among both consumers and industries. The trend is predicted to pitch over the period leading to a huge opportunity for the correspondence management system players.
The correspondence management system market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, and Rest of the World. The Asia Pacific region holds the highest market share, and is projected to be the fastest-growing region as well in the coming years. The APAC region consists of many developing countries which experiences continuous growth in the electronics industry. Due to a rise in the disposable income of individuals, demand for advanced consumer electronics such as smart wearable, smartphones, tablets are increasing. This factor helps the entire electronics industry to boom and henceforth, assists in accelerating the business opportunities for correspondence management system providers. This would ultimately boost the business of correspondence management system market.
The correspondence management system market by end user is segmented into BFSI, IT & telecommunications, public sector, retail & ecommerce, healthcare, and others. The BFSI end user holds a significant share in the market, whereas public sector is expected to be the fastest-growing end user during the forecast period. . The correspondence management solution provides governmental entities and enterprises the power and tools for managing all correspondence type including, email, post, fax and others. These entities also gain the capability of governing the flow of documents into and outside of the organization. Correspondence management system in banking sector efficiently digitizes the documents and reports to streamline business processes, expands the swiftness of business operations, and enhances customer service. This solution for banking help make noteworthy efficiency expansions across the organization.
The major players operating in the market for correspondence management system 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, and Xerox Corporation among others.
Correspondence Management Market - Geographic Breakdown, 2018