DUBLIN--(BUSINESS WIRE)--The "Correspondence Management System Market by Component, Delivery Channel, Application, Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global correspondence management system market is projected to grow from USD 1.9 billion in 2018 to USD 3.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period.
The key factors driving the correspondence management system market include increasing need for automating and personalizing communication systems, and timely and secured internal and external communications.
Major vendors in the global correspondence management system market, include IBM (US), Microsoft (US), Adobe (US), OpenText (Canada), Pitney Bowes (US) Rosslyn Analytics (England), MicroPact (US), Fabasoft (Austria), NewGen (India), Everteam (France), Xerox (US), Palaxo (UAE), Top Down Systems (US), IT-Blocks (Egypt), and CATEC (UAE).
The study includes an in-depth competitive analysis of these key players in the correspondence management system market with their company profiles, recent developments, and key market strategies.
Cloud deployment mode to grow with the highest CAGR during the forecast period
Cloud-based correspondence management system solutions offer multiple benefits, including rapid implementation, reduced setup and operational costs, less maintenance cost, 24X7 data accessibility, scalability, security, and ease of use for SMEs. Cloud-based correspondence management system solutions Software as a Service (SaaS)-based solutions provided by a service provider hosted within their data centres or other facilities.
On-demand solutions are usually accessible through the internet and can be accessed from anywhere, whenever required. These solutions are subscription based and are easily customizable. Businesses are interested in cloud-based solutions, owing to their multiple advantages, such as low operational expenses, ease of deployment, improved scalability, and integration.
Also, the enterprises with limited resources, especially SMEs, tend to adopt cloud-based solutions as these tools provide them with the ability to integrate with many third-party integrations while constraining cost and resources.
Email-based delivery channel to hold the largest market size during the forecast period
Email-based correspondences are becoming popular with the rising adoption of internet and electronic devices. Organizations find it as an easy, effective, and affordable communication channel, which enables them to reach out to customers without any barriers. The email-based correspondence solutions also help automate the marketing process by offering more sales leads.
The functionalities of the email-based correspondence solutions include templatizing the marketing and sales emails, designing beautiful email campaigns, tracking the feedbacks of customers through survey templates, creating sign-up automation, following up on emails for getting prospect customers, managing the leads, emailing the auto-responders, and managing the subscribers.
Asia Pacific (APAC) to record the highest growth rate during the forecast period
Growing cloud adoption and vendor expansion are expected to drive the APAC correspondence management system market during the forecast period. Due to increasing competition, lower operational costs and higher productivity have become major concerns for organizations operating in the region, which need to be addressed immediately to stay competitive in the market. Companies in APAC continue to focus on improving their customer service to drive competitive differentiation and revenue growth.
The increasing global competition and the high economic growth in the evolving countries, such as China and India, are boosting the growth of the market in APAC. China plays a key role in the technological landscape of APAC and is heavily dependent on technological innovations. Hence, organizations are rapidly adopting correspondence management solutions to increase overall operational efficiency and reduce operating costs.
Key Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency Considered
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Key Data From Secondary Sources
2.3 Market Breakup and Data Triangulation
2.4 Market Size Estimation
2.5 Micro-quadrant Research Methodology
2.6 Vendor Inclusion Criteria
2.7 Market Forecast
2.8 Assumptions for the Study
2.9 Limitations of the Study
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Correspondence Management System Market
4.2 Market Share Across Regions
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Need for Automating and Personalizing Communication Systems
5.2.1.2 Timely and Secured Internal and External Communications
5.2.2 Restraints
5.2.2.1 Siloed Data and Disparate Systems Affecting Data Integration
5.2.3 Opportunities
5.2.3.1 E-correspondence Management System Helps in Reducing Paper Wastage
5.2.3.2 Compliance Adherence to Enhance Customer Trust
5.2.4 Challenges
5.2.4.1 Lack of Technical Expertise
5.3 Industry Trends
5.3.1 Correspondence Management System Market: Regulations
5.3.1.1 Health Insurance Portability and Accountability Act
5.3.1.2 Health Information Technology for Economic and Clinical Health Act
5.3.1.3 Gramm-Leach-Bliley Act
5.3.1.4 Federal Information Security Management Act
5.3.1.5 EU General Data Protection Regulation
6 Correspondence Management System Market, By Component
6.1 Introduction
6.2 Software
6.2.1 Correspondence Management System Software to Become A Vital Tool for Organizations to Quickly Connect With Their Targeted Audience
6.3 Services
6.3.1 Managed Services
6.3.2 Professional Services
6.3.2.1 Deployment and Integration
6.3.2.1.1 Increasing Need for Effective Deployment to Drive the Deployment and Integration Segment
6.3.2.2 Support and Maintenance
6.3.2.2.1 Increasing Complexity of Operations and Need for Regular Assistance During the Software Life Cycle to Boost the Growth of the Support and Maintenance Segment
7 Correspondence Management System Market, By Delivery Channel
7.1 Introduction
7.2 Email-Based
7.2.1 Need for Effective Communication Channel to Boost the Growth of Email-Based Correspondence Management System
7.3 Web-Based
7.3.1 Increasing Need for Secured Customer Communication to Fuel the Growth of Web-Based Correspondence
7.4 SMS/MMS-Based
7.4.1 Growing BYOD Adoption to Spur Demand for SMS/MMS-Based Correspondences
8 Correspondence Management System Market, By Deployment Model
8.1 Introduction
8.2 On-Premises
8.2.1 Data Privacy and Security to Aid the Growth of On-Premises Deployment
8.3 Cloud
8.3.1 Universal Access to Correspondence Management System Platform to Drive the Adoption of Cloud Deployment Model
9 Correspondence Management System Market, By Organization Size
9.1 Introduction
9.2 Large Enterprises
9.2.1 Regulations to Boost Large Enterprises' Adoption of Correspondence Management Systems
9.3 Small and Medium-Sized Enterprises
9.3.1 Cost Efficient Cloud Based Solutions to Drive Adoption of Correspondence Management Systems
10 Correspondence Management System Market, By Industry Vertical
10.1 Introduction
10.2 Banking, Financial Services, and Insurance
10.2.1 Focus on Offering Real-Time Customer Services and Growth of Fintech to Have A Huge Impact on the BFSI Industry Vertical
10.3 Telecom and IT
10.3.1 Focus on Managing Customer Communications Through Voluminous Content to Drive the Adoption of the Correspondence Management System
10.4 Government and Public Sector
10.4.1 Re-Engineered Traditional Models and Improvement in Real-Time Interactions to Drive the Adoption of Correspondence Management System
10.5 Energy and Utilities
10.5.1 Need for Effective Communication Solution to Drive Adoption of Correspondence Management System in Energy and Utilities Vertical
10.6 Manufacturing and Automotive
10.6.1 Correspondence Management System Tools to Help Companies Understand and Identify Early Warning Signals and Reduce the Overall Cost
10.7 Retail and eCommerce
10.7.1 Increasing Adoption of Advanced Technologies By Retail and eCommerce Enterprises to Drive Market
10.8 Healthcare
10.8.1 Digital Revolution in Healthcare to Drive the Adoption of Correspondence Management System
10.9 Real Estate
10.9.1 Increasing Need for Managing Data to Drive the Adoption of Correspondence Management System
10.10 Others
11 Correspondence Management System Market, By Application
11.1 Introduction
11.2 Mailroom Automation
11.2.1 Advantage of Faster Turn Around Time for Customers to Drive Mailroom Automation
11.3 Diplomatic Bag
11.3.1 Increased Need for Secured Customer Communication to Boost Diplomatic Bag Application Growth
11.4 Engineering Document Control
11.4.1 Growing Need for Managing Critical Correspondences to Fuel the Growth of Engineering Document Control
12 Correspondence Management System Market, By Region
12.1 Introduction
12.2 North America
12.2.1 United States
12.2.1.1 Demand for High-Performance Communication Management Solution to Drive the US Market
12.2.2 Canada
12.2.2.1 Rising Adoption of Innovative Delivery Methods to Drive Market in Canada
12.3 Europe
12.3.1 United Kingdom
12.3.1.1 Need to Improve Customer Experience and Steady Performance in Abnormal Conditions to Drive the Market
12.3.2 France
12.3.2.1 Supportive Government Initiatives and Increased Spending to Boost the Market Growth in France
12.3.3 Germany
12.3.3.1 Government Regulations and Digitalization to Fuel the Market Growth in Germany
12.3.4 Spain
12.3.4.1 Adoption of Advanced Technologies to Drive the Market in Spain
12.3.5 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.1.1 Need to Further Enhance Customer Experience to Drive the Market in Japan
12.4.2 Singapore
12.4.2.1 Digitization to Lead for Efficient Business Process Management in Singapore
12.4.3 China
12.4.3.1 Adoption of Emerging Technologies to Drive the Market in China
12.4.4 India
12.4.4.1 Growing Technological Investments to Accelerate Adoption of Correspondence Management System in India
12.4.5 Rest of Asia Pacific
12.5 Latin America
12.5.1 Brazil
12.5.1.1 Growing Online Businesses to Spur Demand for Correspondence Management System
12.5.2 Mexico
12.5.2.1 Growing Investments and Business Expansions to Fuel the Market Growth in Mexico
12.5.3 Rest of Latin America
12.6 Middle East and Africa
12.6.1 Middle East
12.6.1.1 Business Automation to Drive the Market in the Region
12.6.2 Africa
12.6.2.1 Rapidly Transforming Business Landscape and Start-ups to Accelerate the Market Growth in Africa
13 Competitive Landscape
13.1 Micro-quadrant Overview
13.1.1 Visionaries
13.1.2 Innovators
13.1.3 Dynamic Differentiators
13.1.4 Emerging Companies
13.1.5 Strength of Product Portfolio Adopted By Major Players in the Market
13.1.6 Business Strategy Excellence Adopted By Major Players in the Correspondence Management System Market
14 Company Profiles
(Business Overview, Platforms and Services Offered, Recent Developments, SWOT Analysis, and View)
14.1 IBM
14.2 Adobe
14.3 Microsoft
14.4 OpenText
14.5 Rosslyn Analytics
14.6 Pitney Bowes
14.7 Fabasoft
14.8 NewGen
14.9 MicroPact
14.10 CATEC
14.11 Everteam
14.12 Xerox
14.13 Palaxo
14.14 Top Down Systems
14.15 IT-Blocks
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