The Correspondence Management System Market size is estimated at USD 45.55 billion in 2024, and is expected to reach USD 92.29 billion by 2029, growing at a CAGR of 15.17% during the forecast period (2024-2029).
The rising trends of technology adoption in CMS, such as rising demand for AI in CMS, increasing use of Voice-based search optimization, and rising chatbot usage for content management, are a few factors anticipated to drive the market growth during the forecast period.
The Correspondence Management System Market is moderately competitive and consists of several major players. Some of the key providers across the globe include IBM Corporation, Microsoft Corporation, OpenText Corporation, and Adobe, Inc., among others. The Service Providers are trying to go to the market through a solution approach by tying up with software houses, providing it as an end-to-end solution, and behaving like a one-stop-shop for the correspondence management solution. The players operating in the correspondence management system market are now offering various cloud-based solutions at affordable prices, which are expected to provide considerable opportunities to the companies providing these systems.
February 2023 - SignDesk, a digital documents and contract lifecycle management player, announced a partnership with Microsoft and G7 CR Technologies to enhance the company's cloud deployment capabilities. Through this relationship, businesses will be able to use the Microsoft Azure features integrated with the SignDesk suite of products. The document automation suite from Sign Desk will also be featured in the Microsoft marketplace. The solutions in this portfolio address digital onboarding, contract lifecycle management, and digital document execution.
November 2022 - enChoice, a prominent provider of business automation solutions, and Rosslyn Data Technologies have entered into an asset acquisition agreement for enChoice to buy Rosslyn's Integritie business unit. Customer contracts, proprietary software assets, and a few key personnel of Integritie will transfer to enChoice as part of this acquisition.
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