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Correspondence Management System Market by Component, Delivery Channel, Application, Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2023

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    Report

  • 142 Pages
  • April 2019
  • Region: Global
  • Markets and Markets
  • ID: 4769070
Description Jump to:

Accelerated adoption of cloud services among enterprises to drive the global Correspondence management system market

The author expects the global correspondence management system market size 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.

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.

In-depth interviews were conducted with the Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the Correspondence management system market.

  • By Company - Tier 1 - 22%, Tier 2 - 30%, and Tier 3 - 48%
  • By Designation - C-Level - 25%, Director Level - 30%, and Others - 45%
  • By Region - North America - 12%, Europe - 42%, APAC - 26%, and RoW - 20%

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.

Research coverage

The correspondence management system market revenue is primarily classified into revenues from solutions, software, tools, and platforms. The revenue is associated with software and platform offerings associated with support and maintenance and training and education in addition to the consulting services. Other segmentation comprises delivery channel, component, application, deployment mode, organization size, industry vertical, and region.

Key benefits of the report

The report would help the market leaders or new entrants in the market with the information on the closest approximations of the revenue numbers for the correspondence management system market and the subsegments. The report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.

Table of Contents

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regions Covered
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
2.2.1 Secondary Data
2.2.2 Primary Data
2.2.2.1 Breakup of Primary Profiles
2.2.2.2 Key Industry Insights
2.3 Market Breakup and Data Triangulation
2.4 Market Size Estimation
2.5 Microquadrant 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 Startups to Accelerate the Market Growth in Africa
13 Competitive Landscape
13.1 Microquadrant 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
*Details on Business Overview, Platforms and Services Offered, Recent Developments, SWOT Analysis, and View Might Not Be Captured in Case of Unlisted Companies.
List of Tables
Table 1 United States Dollar Exchange Rate, 2016-2018
Table 2 Evaluation Criteria
Table 3 Factor Analysis
Table 4 Correspondence Management System Market Size and Growth Rate, 2016-2023 (USD Million, Y-O-Y %)
Table 5 Market Size By Component, 2016-2023 (USD Million)
Table 6 Software: Market Size By Region, 2016-2023 (USD Million)
Table 7 Services: Market Size By Type, 2016-2023 (USD Million)
Table 8 Services: Market Size By Region, 2016-2023 (USD Million)
Table 9 Managed Services Market Size, By Region, 2016-2023 (USD Million)
Table 10 Professional Services Market Size, By Type, 2016-2023 (USD Million)
Table 11 Professional Services Market Size, By Region, 2016-2023 (USD Million)
Table 12 Deployment and Integration Market Size, By Region, 2016-2023 (USD Million)
Table 13 Support and Maintenance Market Size, By Region, 2016-2023 (USD Million)
Table 14 Correspondence Management System Market Size, By Delivery Channel, 2016-2023 (USD Million)
Table 15 Email-Based: Market Size By Region, 2016-2023 (USD Million)
Table 16 Web-Based: Market Size By Region, 2016-2023 (USD Million)
Table 17 SMS/MMS-Based: Market Size By Region, 2016-2023 (USD Million)
Table 18 Market Size By Deployment Model, 2016-2023 (USD Million)
Table 19 On-Premises: Market Size By Region, 2016-2023 (USD Million)
Table 20 Cloud: Market Size By Region, 2016-2023 (USD Million)
Table 21 Correspondence Management System Market Size, By Organization Size, 2016-2023 (USD Million)
Table 22 Large Enterprises: Market Size By Region, 2016-2023 (USD Million)
Table 23 Small and Medium-Sized Enterprises: Market Size By Region, 2016-2023 (USD Million)
Table 24 Market Size By Industry Vertical, 2016-2023 (USD Million)
Table 25 Banking, Financial Services, and Insurance: Market Size By Region, 2016-2023 (USD Million)
Table 26 Telecom and IT: Market Size By Region, 2016-2023 (USD Million)
Table 27 Government and Public Sector: Market Size By Region, 2016-2023 (USD Million)
Table 28 Energy and Utilities: Market Size By Region, 2016-2023 (USD Million)
Table 29 Manufacturing and Automotive: Market Size By Region, 2016-2023 (USD Million)
Table 30 Retail and eCommerce: Market Size By Region, 2016-2023 (USD Million)
Table 31 Healthcare: Market Size By Region, 2016-2023 (USD Million)
Table 32 Real Estate: Market Size By Region, 2016-2023 (USD Million)
Table 33 Others: Market Size By Region, 2016-2023 (USD Million)
Table 34 Correspondence Management System Market Size, By Application, 2016-2023 (USD Million)
Table 35 Mailroom Automation: Market Size By Region, 2016-2023 (USD Million)
Table 36 Diplomatic Bag: Market Size By Region, 2016-2023 (USD Million)
Table 37 Engineering Document Control: Market Size By Region, 2016-2023 (USD Million)
Table 38 Market Size By Region, 2016-2023 (USD Million)
Table 39 North America: Correspondence Management System Market Size, By Component, 2016-2023 (USD Million)
Table 40 North America: Market Size By Service, 2016-2023 (USD Million)
Table 41 North America: Market Size By Professional Service, 2016-2023 (USD Million)
Table 42 North America: Market Size By Delivery Channel, 2016-2023 (USD Million)
Table 43 North America: Market Size By Application, 2016-2023 (USD Million)
Table 44 North America: Market Size By Deployment Model, 2016-2023 (USD Million)
Table 45 North America: Market Size By Organization Size, 2016-2023 (USD Million)
Table 46 North America: Market Size By Industry Vertical, 2016-2023 (USD Million)
Table 47 North America: Market Size By Country, 2016-2023 (USD Million)
Table 48 Europe: Correspondence Management System Market Size, By Component, 2016-2023 (USD Million)
Table 49 Europe: Market Size By Service, 2016-2023 (USD Million)
Table 50 Europe: Market Size By Professional Service, 2016-2023 (USD Million)
Table 51 Europe: Market Size By Delivery Channel, 2016-2023 (USD Million)
Table 52 Europe: Market Size By Application, 2016-2023 (USD Million)
Table 53 Europe: Market Size By Deployment Model, 2016-2023 (USD Million)
Table 54 Europe: Market Size By Organization Size, 2016-2023 (USD Million)
Table 55 Europe: Market Size By Industry Vertical, 2016-2023 (USD Million)
Table 56 Europe: Market Size By Country, 2016-2023 (USD Million)
Table 57 Asia Pacific: Correspondence Management System Market Size, By Component, 2016-2023 (USD Million)
Table 58 Asia Pacific: Market Size By Delivery Channel, 2016-2023 (USD Million)
Table 59 Asia Pacific: Market Size By Service, 2016-2023 (USD Million)
Table 60 Asia Pacific: Market Size By Application, 2016-2023 (USD Million)
Table 61 Asia Pacific: Market Size By Deployment Model, 2016-2023 (USD Million)
Table 62 Asia Pacific: Market Size By Organization Size, 2016-2023 (USD Million)
Table 63 Asia Pacific: Market Size By Industry Vertical, 2016-2023 (USD Million)
Table 64 Asia Pacific: Market Size By Country, 2016-2023 (USD Million)
Table 65 Latin America: Correspondence Management System Market Size, By Component, 2016-2023 (USD Million)
Table 66 Latin America: Market Size By Delivery Channel, 2016-2023 (USD Million)
Table 67 Latin America: Market Size By Service, 2016-2023 (USD Million)
Table 68 Latin America: Market Size By Application, 2016-2023 (USD Million)
Table 69 Latin America: Market Size By Deployment Model, 2016-2023 (USD Million)
Table 70 Latin America: Market Size By Organization Size, 2016-2023 (USD Million)
Table 71 Latin America: Market Size By Industry Vertical, 2016-2023 (USD Million)
Table 72 Latin America: Market Size By Country, 2016-2023 (USD Million)
Table 73 Middle East and Africa: Correspondence Management System Market Size, By Component, 2016-2023 (USD Million)
Table 74 Middle East and Africa: Market Size By Delivery Channel, 2016-2023 (USD Million)
Table 75 Middle East and Africa: Market Size By Service, 2016-2023 (USD Million)
Table 76 Middle East and Africa: Market Size By Application, 2016-2023 (USD Million)
Table 77 Middle East and Africa: Market Size By Deployment Model, 2016-2023 (USD Million)
Table 78 Middle East and Africa: Market Size By Organization Size, 2016-2023 (USD Million)
Table 79 Middle East and Africa: Market Size By Industry Vertical, 2016-2023 (USD Million)
Table 80 Middle East and Africa: Market Size By Sub-Region, 2016-2023 (USD Million)
List of Figures
Figure 1 Correspondence Management System Market: Research Design
Figure 2 Market Bottom-Up and Top-Down Approaches
Figure 3 Market to Witness Prominent Growth During the Forecast Period
Figure 4 Market By Component (2018-2023)
Figure 5 Market By Delivery Channel (2018-2023)
Figure 6 Market By Organization Size (2018-2023)
Figure 7 Market By Deployment Model (2018-2023)
Figure 8 Market By Industry Vertical (2018-2023)
Figure 9 Increasing Automation Across Industries to Help Accelerate the Growth of the Correspondence Management System Market
Figure 10 Asia Pacific to Grow at the Highest CAGR During the Forecast Period
Figure 11 Drivers, Restraints, Opportunities, and Challenges: Correspondence Management System Market
Figure 12 Software Segment to Account for A Larger Market Size During the Forecast Period
Figure 13 Professional Services Segment to Hold A Larger Market Size During the Forecast Period
Figure 14 Deployment and Integration Segment to Account for A Larger Market Size By 2023
Figure 15 Email-Based Segment to Account for the Largest Market Size During the Forecast Period
Figure 16 Cloud Deployment Model to Grow at A Higher CAGR During the Forecast Period
Figure 17 Small and Medium-Sized Enterprises to Grow at A Higher CAGR During the Forecast Period
Figure 18 Banking, Financial Services, and Insurance Industry Vertical to Account for the Largest Market Size During the Forecast Period
Figure 19 Mailroom Automation Segment to Account for the Largest Market Size During the Forecast Period
Figure 20 North America to Lead the Correspondence Management System Market in 2018
Figure 21 North America: Market Snapshot
Figure 22 Asia Pacific: Market Snapshot
Figure 23 Correspondence Management System Market, Competitive Leadership Mapping, 2018
Figure 24 IBM: Company Snapshot
Figure 25 SWOT Analysis: IBM
Figure 26 Adobe: Company Snapshot
Figure 27 SWOT Analysis: Adobe
Figure 28 Microsoft: Company Snapshot
Figure 29 SWOT Analysis: Microsoft
Figure 30 OpenText: Company Snapshot
Figure 31 SWOT Analysis: OpenText
Figure 32 Rosslyn Analytics: Company Snapshot
Figure 33 Pitney Bowes: Company Snapshot
Figure 34 SWOT Analysis: Pitney Bowes
Figure 35 Fabasoft: Company Snapshot
Figure 36 Newgen: Company Snapshot

Samples

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Executive Summary

Companies Mentioned

  • Adobe
  • CATEC
  • Everteam
  • Fabasoft
  • IBM
  • IT-Blocks
  • MicroPact
  • Microsoft
  • NewGen
  • OpenText
  • Palaxo
  • Pitney Bowes
  • Rosslyn Analytics
  • Top Down Systems
  • Xerox

Table Information

Report AttributeDetails
No. of Pages142
PublishedApril 2019
Forecast Period2018 - 2023
Estimated Market Value ( USD ) in 2018 $ 1.9 billion
Forecasted Market Value ( USD ) by 2023 $ 3.5 billion
Compound Annual Growth Rate13.0%
Regions CoveredGlobal
No. of Companies Mentioned15

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