Correspondence Management System Market worth US$ 57.4 Bn, Globally, by 2027 at 14.0% CAGR - Exclusive Report by the Insight Partners

The Insight Partners Published latest research study on "Correspondence Management System Market Forecast 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) 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.

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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.

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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 - 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

Correspondence Management System Market-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.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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