What is Correspondence Management System Market?
A correspondence management system is defined as the process of receiving, recording, appropriately processing as well as creating an audit trail of correspondence received. Furthermore, it also provides an electronic means of storing, retrieving, as well as routing correspondence for approval. Increasing necessity for secured customer communication, a requirement for effective communication channel and others are likely to drive the correspondence management system market in the upcoming years. The market for the correspondence management system is anticipated to register a CAGR of over 13.6% during the forecast period.
The market study is being classified, by Application (Diplomatic Bag, Mailroom Automation, Bureau, Engineering Document Control, Intelligent File and Others) and major geographies with country level break-up.
IBM Corporation (United States), Microsoft Corporation (United States), Adobe Systems, Inc. (United States), Opentext Corporation (Canada), Pitney Bowes (United States), Rosslyn Analytics (United Kingdom), Micropact (United States), Fabasoft AG (Austria), Newgen Software Technologies Limited (India) and Top Down Systems Corporation (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Everteam (France), Xerox Corporation (United States), Palaxo International LTD (United Arab Emirates) and Catec (United Arab Emirates).
The market is fragmented with numerous players focusing on technique and quality of the product due to which the global correspondence management system market can witness an upsurge in the forecast period. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Correspondence Management System market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Correspondence Management System market by Type, Application and Region.
On the basis of geography, the market of Correspondence Management System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing Need for Automating and Personalizing Communication Systems
- Timely and Secured Internal and External Communications
Market Trend
- Technology Advancement regarding Correspondence Management System
Restraints
- Siloed Data and Disparate Systems Affecting Data Integration
Opportunities
- Correspondence Management System Helps in Reducing Paper Wastage
- Compliance Adherence to Enhance Customer Trust
Challenges
- Lack of Technical Expertise
Market Leaders and some development strategies
In January 2019, the OpenText Corporation (Canada) has acquired Liaison (United States) Company, a cloud-based integration and data Management Company. It would also help in OpenText’s application network product offerings in the areas of SaaS, cloud, mobile, omnichannel, among others., and In November 2017, the Microsoft Corporation (United States) Company has partnered with Systems Applications and Products (SAP) in order to give customers a trusted path to digital transformation in the cloud.
In February 2017, the Fabasoft AG (Austria) Company has upgraded its cloud offerings by adding new Cloud features. In addition, it also brings unlimited digital records management in an organization to a new level., and In February 2019, the Micropact (United States) Company has upgraded its platform by launching a new version entellitrak 3.30. Moreover, this new upgrade also helps customers build their applications.
Key Target Audience
Manufacturers of Correspondence Management System, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others