Correspondence Management System Market to Reach US$ 57.4 Bn at a CAGR of 14.0% in 2027

Correspondence Management System Market to 2027 - Global Analysis and Forecasts by Form (Paper Documents and Letters, Emails and FAX, Web Contents, and Electronic Documents); End-User (BFSI, IT & Telecommunications, Public Sector, Retail & e-Commerce, Healthcare, Others); Organization Size (Small & Medium Enterprise and Large Enterprise); Application (Diplomatic Bag, Mailroom Automation, Engineering Document Control, Others)

Publication Month : Aug 2019

  • Report Code : TIPRE00004098
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 248
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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.

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.

Lucrative Regional Correspondence Management System Market

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Market Insights

Enormous amount of digital content stimulating demand of correspondence management system

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.

Acceptance by SMEs to provide better growth opportunities

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.

Correspondence Form Insights

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.

Organization Size Insights

The correspondence management system market by end user is further segmented into SMEs and large enterprises. The large enterprises segment of the correspondence management system market dominated the organiation size segment and is anticipated to continue its dominance throughout the forecast period from 2019 – 2027. The advantages provided by correspondence management system vendors are enough to attract large enterprises to integrate the correspondence management system into their organizations.

End-User Insights

The correspondence management system market by application is further segmented into BFSI, IT & telecommunications, public sector, retail & ecommerce, healthcare, and others. BFSI segment of the correspondence management system market dominated the end user segment and is expected to dominante the market throughout the forecast period from 2019 – 2027. 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.

Application Insights

The correspondence management system market by application is further segmented into diplomatic bag, mailroom automation, engineering document control, and others. The mailroom automation segment of the correspondence management system market dominated the application segment and is expected to dominante the market throughout the forecast period from 2019 – 2027. An increase in adoption of automation in mail processing and distribution is thereby contributing to the growth of correspondence management system market.

Rest of Asia Pacific Correspondence Management System Market by Application

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Correspondence Management System Market: Strategic Insights

correspondence-management-system-market
Market Size Value inUS$ 18.4 Billion in 2018
Market Size Value byUS$ 57.4 Billion by 2027
Growth rateCAGR of 14.0% from 2019-2027
Forecast Period2019-2027
Base Year2019
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Some of the market Initiatives were observed to be most adopted strategy in the global correspondence management system market. Few of the recent market initiatives are listed below:

2019:Hyland Software, Inc., launched Enterprise Search federator for OnBase. With this new release, users can leverage Enterprise Search to discover OnBase documents along with other content sources across a business. Enterprise Search allows users with a flexible interface which supports all mobile devices, browsers, and operating systems.
2018:Ideagen to expand its operations in Southeast Asia. The project involves offices in Malaysia, Kuala Lumpur and is expected to provide development, service and support for its client base.
2018:Xerox’s Flex cloud content management platform allows users to collaborate on projects, work from anywhere, track business transactions, connect with customers, automate paper-based workflows and automatically organize documents and data without IT support. The platform integrates with DocuSign and would soon grow to integrate with Salesforce.com and QuickBooks Online.
2017:SpringCM achieved FedRAMP authorization for Document Management Solutions. The company would help the federal agencies to streamline the complex business processes while managing billions of documents and cutting down review and approval time. 

GLOBAL CORRESPONDENCE MANAGEMENT SYSTEM MARKET SEGMENTATION

Global Correspondence Management System Market - By Correspondence Form

  • Paper Documents and Letters
  • Emails and FAX
  • Web Contents
  • Electronic Documents

Global Correspondence Management System Market - By End User

  • BFSI
  • IT & Telecommunications
  • Public Sector
  • Retail & e-Commerce
  • Healthcare
  • Others

Global Correspondence Management System Market - By Organization Size

  • Small & Medium Enterprises
  • Large Enterprises

Global Correspondence Management System Market - By Application

  • Diplomatic Bag
  • Mailroom Automation
  • Engineering Document Control 
  • Others

Global Correspondence Management System Market - By Geography

  • North America

    • U.S.
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • Russia
    • UK
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of APAC
  • Middle East and Africa (MEA)

    • South Africa
    • Saudi Arabia
    • U.A.E.
    • Egypt
    • Kuwait
    • Qatar
    • Rest of MEA
  • South America

    • Brazil
    • Argentina
    • Rest of South America (SAM)

Company Profiles

  • 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
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Form ; End-User ; Organization Size ; Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

The List of Companies

  1. Ademero, Inc.
  2. Adobe, Inc.
  3. Blue Project Software
  4. Cantec Ireland
  5. DocPoint Solutions, Inc.
  6. Fabricated Software, Inc.
  7. Gulf Business Machines
  8. Hyland Software, Inc.
  9. Ideagen PLC
  10. MasterControl, Inc.
  11. New Vision Systems LLC (NVSSoft)
  12. Next IT and Systems
  13. OpenText Corporation
  14. SpringCM
  15. Xerox Corporation

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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