As per Market Research Future (MRFR) analysis, the multichannel marketing market size is projected to grow at approximately USD 28 billion at a CAGR of 24% from 2017 to 2023 (forecast period). The study provides a systematic and comprehensive assessment of the effects of COVID 19 on present and future economic conditions. The report discusses some of the major market factors that will affect the development of the sector, such as market share, the emerging region, and key players.
Multichannel marketing refers to different marketing methods or practices adopted by companies to offer their products or services through direct or indirect communication channels. Enterprises are adopting multichannel marketing with the goal of growing their business efficiency by expanding their communication area with customers.
The multichannel marketing market has been segmented on the basis of channel type, marketing type, and vertical.
On the basis of channel type, the multichannel marketing market has been segmented into direct selling, selling through intermediaries, dual distribution, reverse channel, and others. Selling through intermediaries and dual distribution channels account for a large market share in the multichannel marketing industry. Selling through intermediaries enhance enterprise sale by focusing on the strengths of the enterprise. It helps the organization in identifying economies scale by finding the economy generating products or services. Selling through intermediaries reduce risk mitigation of enterprise by analyzing the business operation.
On the basis of the marketing platform, the multichannel marketing market has been segmented into mobile devices, text messages, email, company website, social media, SEO, GPS, push notification, and others.
On the basis of advertising type, the multichannel marketing market has been segmented into brand marketing and multichannel advertising agency.
On the basis of vertical, the multichannel marketing market has been segmented into government, BFSI, healthcare, travel and hospitality, retail, automotive, IT telecommunication, and others. The IT telecommunications and retail sector have a large market share in the multichannel marketing industry.
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Factors driving the multichannel marketing market are growing competition between companies in urban areas, the introduction of advanced technology in advertisement, and the growth of many internet users. In the current scenario, many companies are implementing multichannel marketing to improve their business productivity by increasing their communication areas with customers. The invention of multichannel marketing has gained popularity, particularly among young people, in COVID breakthroughs due to busy work schedules as well as evolving lifestyles, which is yet another driving force for the market.
The regional analysis of multichannel marketing market is being studied for regions such as Asia Pacific, North America, Europe, and the Rest of the World.
The North American region is projected to have the highest market share in the multichannel marketing industry due to the involvement of major multichannel marketing companies. Rising competition between companies and growing retail stores is one of the significant drivers of multichannel marketing in the region. The Asia Pacific region is rising at the highest CAGR rate due to an increase in the e-commerce sector, increasing competition, and a rising IT landscape which is spurring the market in the region.
The key participants identified by MRFR operating in the multichannel marketing market are- Grey Advertising (U.S.), Wieden+Kennedy (U.S.), Butler, Shine, Ogilvy Mather (U.S.), BBDO (U.S.), Crispin Porter + Bogusky (U.S.), Stern Partners (U.S.), The Martin Agency (U.S.), Deutsch (U.S.), Droga5 (U.S.), Mullen Advertising (U.S.), among others.
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