The global correspondence management system market accounted for US$ 18.4 Bn in 2018 and is expected to grow at a CAGR of 14.0% over the forecast period 2019-2027, to account for US$ 57.4 Bn by 2027.
Currently, the correspondence management system market is gaining high momentum across the globe owing to the increase in adoption of digital working culture in organizations worldwide coupled with the content explosion in enterprises. This factor is creating enormous demand for correspondence management system and services is growing at a good pace and therefore, offers worthy growth opportunity to the correspondence management system market during the forecast period.
Globally, correspondence management system market is experiencing an intense growth with regards to continuous investments in the correspondence management system by companies. The investments are made across major industry verticals such as BFSI, government, and IT & Telecommunication has fueled the growth of correspondence management system market growth.
Some of the key providers in the correspondence management system market across the globe include Xerox Corporation, OpenText Corporation, Adobe, Inc., Hyland Software, Inc., and Gulf Business Machines, among others. North America holds the largest market share in terms of revenue, whereas the Asia Pacific is anticipated to be the fastest-growing region in the correspondence management system market during the forecast period. The majority of industries in North America are already working toward implementing a correspondence management system to manage the data effectively, improve customer relations, and reduce the cost of handling complex correspondence programs. In the Asia Pacific, the region is observing a strong growth in the market during the forecast period as the region consist of a huge population with internet access and growing awareness among businesses for an automated solution. The region has strong IT infrastructure and strong software and services offerings along with leadership positions in developing areas. Through the booming, IT industry in APAC and North America, the correspondence management systems market is expected to grow.
The overall correspondence management system market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the correspondence management system market. It also provides the overview and forecast for the global correspondence management system market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the correspondence management system market.