Correspondence Management Solution Market to Witness Comprehensive Growth by 2020
Real adoption of correspondence management solutions not only save cost, but also provide enterprise with options like compliance with ever changing government regulations, enhanced content efficiency, & better employee productivity. As going gets tough for enterprises and they are trying to save dollars from every opportunity, increasing uptake of correspondence management solutions can certainly improve the bottom line.
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Overall, the market for correspondence management solution market size is close to US$1 billion in 2014 and is expected to register growth of 10.5% till 2020 and will reach US$ 1.8 billion by 2020. For vendors it will represent an incremental correspondence management opportunity of US$820 million during the forecast period. In terms of regional adoption, North America is leading the pie of correspondence management by occupying more than 30% of the total market opportunity. At a country level, USA represents the highest potential market for correspondence management, followed by UK and Germany. Within Europe, Scandinavian countries have also demonstrated their interest for the solution in the recent past. Among emerging geographies, Brazil is slightly green field geography, in process of dramatically reducing paper correspondence however, interestingly Middle East Africa is a growing market for correspondence management solution.
In terms of vertical adoption of correspondence management, Financial Services and Public Sector entities are leading the charge and constitute more than 60% of the total market share in 2014. The key drivers for increasing uptake of correspondence management among public sector are increasing traction of electronic communication systems along with emphasis on digitization where old processes are getting streamlined by implementing new technologies. For financial services, increasing requirement of adhering to compliance is driving the correspondence management solution uptake.
Software License revenue primarily dominates the correspondence management market by holding more than 35% of the total correspondence management solution market opportunity; however for vendors this is an opportunity as the providers need to showcase this as an end-to-end solution; combination of software & services; FMI also noted that Service Providers with Case as a Service portfolio is witnessing preference in the market.
Several categories of providers are targeting correspondence management solution market;
System Integrators like Cognizant, Accenture, Capgemini, CGI & Infosys
Large Software houses like Adobe, EMC, HP, OPENTEXT, Oracle, Pitney Bowes, Metavanteetc
Niche & Specialized vendors like Top Down Systems, Afa, Merlin, CEDAR etc
Boutique System Integrators like SWORD, Gimmal, SynApps
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FMI in the upcoming report highlighted that there are several options how vendor can tap this opportunity. The Service Providers should try to go to the market through a solution approach by tying up with software houses and providing it as an end to end solution and behaving like a one stop shop for the correspondence management solution. Also, service providers can evaluate options of offering correspondence management solution as a service under their BPO portfolios.
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.
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