The Radicati Group has issued another study, “Microsoft Exchange Server and Outlook Market Analysis, 2010-2021,” provides an in-depth analysis of the market for Microsoft Exchange Server and Microsoft Outlook, including market share, installed base by version, as well as breakouts by vertical industry, business size, and region.

According to said report, Microsoft will have a t otal installed base of over 300 million on-premises and hosted mailboxes by year-end 2010, and is expected to grow to a total of 470 million by 2021. This represents an average annual growth rate of 12%. Not bad Microsoft, not bad.

Read the full report here.