MONDAY, APRIL 17, 2017
by Robert Cardworthy, Editor-in-Chief, CardBuzz.org
Sophisticated Software Propels Email Marketing Among SMEs & Card Issuers
The global market for email marketing is estimated to grow by a CAGR of 19.60% thru 2025 rising from US$4.51 billion in 2016 to US$22.16 billion by EOY 2025. Software has surfaced as the key component in email marketing and is projected to remain so throughout the forecast period, owing to the increasing uptake of white label software, third-party standard software, and web-based application software across the world.
According to a new research report by Transparency Market Research (TMR), the global market for email marketing is fragmented and competitive due to the presence of a number of well-established players, namely, IBM, Microsoft, Zoho, Epsilon, and Responsys, providing solution and services across various end-use industries. These companies, together, held just about 44% of the overall market in 2016.
Investments in various technologies for email marketing and innovations in email marketing software and services are the key strategies adopted by these players to strengthen their positions in this market.
Technical advancements in tools of email marketing solution and the increase in research activities for the development of solutions and services are likely to attract the focus of participants in the forthcoming years, states the research report.
Large enterprises and small and medium enterprises have been considered as the two main type of enterprises, which make the use of email marketing strategies. The adoption of email marketing is expected to surge in small and medium enterprises over the forecast period, owing to the increasing application of convenient email marketing tool to target various groups of users for branding their products, solutions, and services. The small scale enterprises in the retail/ecommerce business are anticipated to contribute the most to the global market for email marketing in the near future.
TMR says the increasing number of people using email for communication and various other works is having a significant impact on the growth of the market for email marketing across the world. The number of email users is constantly rising at a healthy pace and is expected to reach one-third of the global population by 2019, making emails the most productive medium for advertisement and marketing over the forecast period.
Apart from this, the growing awareness among people about the benefits of email marketing, such as it provides a comparatively higher ROI rate than any other form of digital marketing, will also reflect positively on its adoption in the near future. However, the dearth of niche marketing options and the rising concerns over privacy issues among consumers may hamper the growth of this market in the years to come, states the report.