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2024 Global Insights: Email Marketing Strategies and Market Dynamics
email marketing market
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According to The Business Research Company's, The email marketing market size has grown rapidly in recent years. It will grow from $8.08 billion in 2023 to $9.34 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to an increase in demand for targeting and personalized communication, growth of numbers of internet users, immense adoption of new and digital marketing solutions, development of the network technology, rise in demand for mobile devices to gain information quickly.
The email marketing market size is expected to see rapid growth in the next few years. It will grow to $16.81 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%. The growth in the forecast period can be attributed to growing demand for new technology and developing infrastructure, demand for email-based marketing, demand for tailored content, growing demand for marketing optimization, increasing presence of email ad businesses for small as well as medium-sized businesses. Major trends in the forecast period include technological advancement, expanding digitalization, introduction of ground-breaking innovations, strategic partnerships to expand business portfolio, strategic mergers and acquisitions .
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Market Drivers and Trends:
The growing number of internet users is expected to propel the growth of the email marketing market going forward. Internet users are individuals who have access to and actively use the Internet to browse websites, access online services, communicate with others through email or social media, consume digital content such as videos or articles, conduct online transactions, and engage in various online activities. The number of Internet users is increasing due to the use of smartphones, initiatives to promote digital inclusion, remote work, online learning, 5G networks, and the Internet of Things (IoT). Increased internet users create a fertile environment for email marketing to thrive by expanding the potential audience, increasing engagement opportunities, and driving innovation in the field. For instance, in February 2024, according to the International Telecommunication Union, a Switzerland-based specialized agency, the global number of individuals using the Internet increased from 5.1 billion in 2022 to 5.4 billion in 2023. Therefore, the growing number of internet users is driving the growth of the email marketing market.
Major companies operating in the email marketing market are focusing on developing innovative technologies, such as a generative AI tool for email marketing, to enhance personalization, optimize content creation, and improve overall campaign performance. A generative AI tool for email marketing is a software application that utilizes generative artificial intelligence (AI) technology to assist marketers in creating, optimizing, and personalizing email marketing content. For instance, in April 2023, Intuit Inc., a US-based software company, launched Email Content Generator, a generative AI tool for email marketing that leverages generative pre-trained transformer (GPT) artificial intelligence technology. This tool is designed to simplify the process of writing marketing emails for businesses, allowing them to create campaigns based on industry, marketing intent, and brand voice. It involved AI-powered features, including the email content generator, marking the latest advancement in the company's mission to revolutionize email marketing for small and medium-sized businesses.
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Major Key Players of the Market:
International Business Machines Corporation, Salesforce Inc., Adobe Inc., Intuit Inc., HubSpot Inc., Ziff Davis Inc., Marigold Engage, Zoho Corporation Pvt. Ltd., Constant Contact Inc., Brevo, GetResponse, ActiveCampaign LLC, Alchemy Worx Inc., Benchmark Internet Group LLC, ConvertKit LLC, Campaign Monitor Pty Ltd., AWeber Communications Inc., CIENCE Technologies Inc., Pinpointe On-Demand Inc., Inbox Army LLC, Mailbutler GmbH, Cleartail Marketing
Email Marketing Market 2024 Key Insights:
• The email marketing market size is expected to see rapid growth in the next few years. It will grow to $16.81 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%.
• Impact Of Growing Internet Users On Email Marketing Market
• Innovative Ai Tools Revolutionize Email Marketing
• North America was the largest region in the email marketing market in 2023
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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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