Email Marketing to Reach $59.8 Billion by 2032
Future Market Insights (FMI) valued the global email marketing market at $10.4 billion in 2021 and projects it to reach $59.8 billion by 2032, growing at a compounded annual rate of 17 percent.
As most of the marketing operations in any field are getting digitized day by day, the scope of email marketing has increased manifold in the past decade, with a number of email and SMS marketing platforms emerging to help companies generate leads, the firm concluded.
Of the global total, the United States' share is currently $1.35 billion and is poised to grow at an estimated CAGR of 14 percent, reaching $6.6 billion by 20232, FMI data indicates.
Establishing direct communication channels with customers and prospects through eblast services has become a cost-effective method of advertising and marketing, the firm said.
"In recent years, digital marketing has emerged to be the most favourable lead generation method for many retail and B2B enterprises. Third-party email marketing companies have experienced a lot of demand in this context, turning out to be a huge market with a lot of offsite opportunities over the recent past years," it said in the report.
The report also cited the establishment of e-commerce platforms and delivery network systems in the past decade for further boosting the need for and results of free email marketing platform services.
The major players in the global email marketing arena include Alchemy Worx, Adestra, GetResponse, Vertical Response, Dotdigital, Forfront, BlueHornet, Constant Contact, BlueTie, Drip, Microsoft, IBM, The Rocket Science Group, MailChimp, iContact, Zoho, Campaign Monitor, Natexo Group, Epsilon, Responsys (Oracle), and Salesforce, according to FMI. Of those, MailChimp is the dominating solution used by many institutions and third-party email marketing service providers and occupies almost 75 percent of the total revenue generated.