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Multichannel Marketing Market Report 2024 - Multichannel Marketing Market Share And Size
Multichannel Marketing Market
According to The Business Research Company's, The multichannel marketing market size has grown exponentially in recent years. It will grow from $7.38 billion in 2023 to $9.25 billion in 2024 at a compound annual growth rate (CAGR) of 25.4%. The growth in the historic period can be attributed to rise of e-commerce, proliferation of mobile devices, advancements in digital advertising technologies, expansion of social media platforms and rise of data analytics and personalization.
The multichannel marketing market size is expected to see exponential growth in the next few years. It will grow to $23.20 billion in 2028 at a compound annual growth rate (CAGR) of 25.8%. The growth in the forecast period can be attributed to artificial intelligence and machine learning integration, expansion of voice and visual search, blockchain for data security and transparency and emergence of 5G technology. Major trends in the forecast period include hyper-personalization, omnichannel customer journeys, interactive and immersive experiences, data privacy and consent management and sustainability and social responsibility.
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Market Drivers and Trends:
The growing adoption of digital channels is expected to propel the growth of the multichannel marketing market going forward. Digital channels refer to the various online platforms and mediums through which information, communication, and transactions are conducted electronically. The adoption arises because of increased internet penetration, convenience and accessibility, cost-effectiveness, and rapid innovation. Multichannel marketing utilizes a combination of digital channels to reach and engage with target audiences across various touchpoints to create cohesive, consistent, and personalized experiences for their audience, driving engagement, conversions, and long-term loyalty. For instance, in February 2022, according to reports published by Avacado Social, a UK-based social media firm, the projected total number of social media users increased by 424 million users in 2021, an increase of 10% compared to the previous year. Therefore, rising digital channels are driving the growth of the multichannel marketing market.
Major companies operating in the multichannel marketing market are developing innovative multichannel texting platforms to address the growing need for a seamless and integrated customer experience across various channels. Multichannel texting platforms are software solutions that enable businesses to send and receive text messages across various communication channels. These platforms provide businesses with the ability to engage with their customers, clients, or employees via text messaging through multiple channels simultaneously. For instance, in May 2021, Squaretalk, an Israel-based software company, launched the Express, a new multichannel texting platform and its multi-channel messaging service. This service allows customers to interact instantly and securely by SMS or via call back to confirm or reschedule appointments, rate services, agree to terms and conditions, and more. It is designed to optimize the customer journey by integrating various communication methods, including voice, video, messaging, or social media, at any given time, from one unified, cross-channel platform. Additionally, this platform offers a range of features to optimize the customer journey and simplify automations and integrations, enabling businesses to deliver personalized, swift, and effective interactions with their customers across all platforms, anytime, anywhere.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Mailchimp Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce Inc, Adobe Inc., SAS Institute Inc., Act-On Software Inc., HubSpot Inc., Market*o Inc, Zoho Corporation, Constant Contact Inc, Hootsuite Inc., ActiveCampaign LLC, Sendinblue, Acoustic, SharpSpring Inc., Pardot Inc, Eloqua Inc., Infusionsoft, Klaviyo Inc, ClickDimensions Inc, Campaign Monitor, ConvertKit, GetResponse, AWeber Communications
Multichannel Marketing Market 2024 Key Insights:
• The multichannel marketing market size is expected to see exponential growth in the next few years. It will grow to $23.20 billion in 2028 at a compound annual growth rate (CAGR) of 25.8%.
• Rising Digital Channels Fueling Growth of The Multichannel Marketing Market
• Innovative Multichannel Texting Platforms Revolutionizing Customer Engagement
• North America was the largest region in the multichannel marketing market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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