At a CAGR of 12.6% Correspondence Management System Market expected to exceed $3.5 billion by 2023

1. At a CAGR of 12.6% Correspondence Management System Market expected to exceed $3.5 billion by 2023 According to market research report on "Correspondence Management System Market by Component, Delivery Channel (Email, Web, and SMS/MMS), Application (Mailroom Automation, Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, expects the global Correspondence Management System Market 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. Browse and in-depth TOC on “Correspondence Management System Market” 80 - Tables 36 - Figures 141 - Pages Download PDF Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=31377935 Correspondence Management Systems are playing a crucial role in business communication since there is an increasing need for automating and personalizing the communication system. These systems have fairly impactedday- to-day business communication. Additionally, these systems have helped manage the huge amount of correspondence electronically, improved the timely and secured internal and external communication, structured processes and tracking, and improved efficiency. This would be successfully achieved when both the digital and physical correspondence are centralized and supervised in creation, to assembly, processing, archiving, retrieving, tracking, and creating reports and up until their final disposal. The Banking, Financial service and insurance (BFSI) industry vertical is projected to grow at the highest CAGR in the Correspondence Management System Market during the forecast period. BFSI companies use different document templates for customer communication and introduce many new documents each month. Though the industry has tried Engineering Document Control),

2. to reduce the use of papers in recent years, the managing paper-based documentation stays a major challenge for them. Correspondence management system vendors focus on providing a solution that is widely used by consumers and requires direct, real-time access to customers to stay ahead in the competition. To excel in the competitive market, the BFSI organizations are implementing improved communication process and minimize costs in business functions with the implementation of correspondence management system solutions. There are various companies including, IBM, Newgen, and ISIS Papyrus that have been developing banking focused correspondence management system solutions, which help organizations in managing the internal and external correspondences in the BFSI industry. These initiatives are increasing the adoption rate of these solutions across SMEs operating in the BFSI industry. Speak to our Expert Analyst@ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=31377935 The geographic analysis of the Correspondence Management System Market covers 5 major regions, namely, NorthAmerica, Europe, the Middle East and Africa (MEA), Asia Pacific (APAC), and Latin America. North America constitutes the highest market share in the Correspondence Management System Market. Enterprises in this region have been the early adopters of correspondence management system solutions, including email-based, web-based, and SMS or MMS-based. The region has mature economies, which empower them to strongly invest in Research and Development (R&D) activities, thereby, contributing to the development of innovative technologies in the era of network service providers. The region has also witnessed increased adoption of correspondence management system solutions by SMEs. Major global vendors of Correspondence Management System Market are 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). About MarketsandMarkets™

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