The global Correspondence Management System market size is expected 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 an increased need for automating and personalizing the communication system and timely and secured internal and external communication.
Major global vendors offering correspondence Management System 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). These players have executed different growth strategies to expand their global presence and increase their market shares. New product launches and upgrades; and partnerships, agreements, and collaborations, have been the major strategies adopted by the key players, which helped them innovate their offerings and expand their reach.
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OpenText is one of the major providers of correspondence Management System solutions. The company provides its offerings to a diverse customer base. It adopts both organic and inorganic growth strategies to sustain its leading position in the market. In January 2019, the company acquired Liaison, a cloud-based integration, and data management company. This acquisition would strengthen OpenText’s application network product offerings in the areas of SaaS, cloud, mobile, and omnichannel. Moreover, ALLOY platform of Liaison would be integrated into OpenText Business Network.
MicroPact is another key player in the market providing correspondence management system solutions. The company has adopted new product launches, product upgrades, partnership, and collaboration strategies to upgrade its product portfolio and expand its market reach. For instance, in February 2019, MicroPact upgraded its platform by launching a new version entellitrak 3.30. The new upgrade would help customers build their applications.
Correspondence Management System Market by Component, Delivery Channel (Email, Web, and SMS/MMS), Application (Mailroom Automation, Engineering Document Control), Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2023
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