The Correspondence Management System Market is expected to register a CAGR of 14% over the forecast period 2020 to 2025. Owing to the growth in the adoption of digital working culture in companies worldwide coupled with the content explosion in businesses, the correspondence management system market is gaining high momentum across the globe. Furthermore, the automation of internal and external communication has been increasing with the growth of big data and analytics solutions. Besides, to efficiently execute real-time communication, companies are quickly adopting correspondence management solutions to manage all the correspondences.
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– Automation stimulates the selection of a correspondence management system, especially for the businesses that follow rule-based processes, diminishing inconsistencies, and terminations of correspondences in the business environment, thereby allowing efficient internal and external communication systems. For instance, according to Morgan Stanley, it is projected that in 2018, the market size of 35 billion U.S. dollars of the overall IT services market is going to be automated.
Key Market Trends
Government and Public Sector to Account for the Dominant Market Share
– The government and public sector industry vertical covering all the government institutions and agencies. These organizations’ responsibilities are to interact with tax collection, public, safety, education, interest, and others. These communications are conducted through several correspondences, such as letters, emails, bills, invoices, fax, agreements, and contracts.
– For instance, organizations like Harvest Technology Group Inc. provides document management solutions for public sector clients in local governments, Health and Human Service, Public Safety, Court Systems, Community Development, and Geographic Information Systems.
– Also, iCasework’s highly configurable Correspondence Management solution allows for secure and scalable management of Parliamentary Questions, Subject Access, Complaints, FOI, Treat Official, Ministerial, and Inter-Departmental correspondence. Now one can manage all correspondence types through a single solution.
– According to Microsoft Corporation, in cases with stringent timelines, such as Freedom of Information Act (FOIA) requests, robust and easy-to-use dashboards to Government and Public Sector, provide users real-time visibility and direct insight into what actions are being taken, when and by whom hence, improving accountability and reducing missed deadlines by up to 30% within a year of deployment.
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