Email Applications Market Research Report: Market size, Industry outlook, Market Forecast, Demand Analysis,Market Share, Market Report 2018-2023
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Email Applications Market
Email Applications Market: By Email Open Type (Mobile, Desktop, Webmail); By Type (Cloud Business Email, Enterprise Messaging Platforms, Others) By Geography - Forecast(2018 - 2023)
Report Code : ESR 0190
Updated Date: 06 March, 2018  
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  • Report Description
  • Table of Contents
  • Tables And Figures
  • Customization Options
1. Global Email Applications Market Introduction
   1.1. Objective of the Study
   1.2. Scope of study
   1.3. Currency
   1.4. Stakeholders
2. Global Email Applications Market Research Methodology
   2.1. Market Size
   2.2. Key Points from Primary Sources
   2.3. Key Points from Secondary Sources
   2.4. List of Companies covered during Primary Research
   2.5. Assumptions
   2.6. Limitations
3. Global Email Applications Market Overview
   3.1. Market Landscape
   3.2. Drivers
      3.2.1. Growing cloud adoption
      3.2.2. Increasing email opens through mobile devices
   3.3. Restraints
      3.3.1. Limited internet penetration in major developing economies
      3.3.2. Data and privacy security concerns
   3.4. Opportunities
      3.4.1. Growing integration with social networking
   3.5. Porter’s Five Force Analysis
      3.5.1. Bargaining power of Suppliers
      3.5.2. Bargaining power of Buyers
      3.5.3. Threat of New Entrants
      3.5.4. Threat of Substitutes
      3.5.5. Degree of Competition
4. Global Email Applications Market – Strategic Analysis
   4.1. Value Chain Analysis
   4.2. Pricing Analysis 
   4.3. Opportunities Analysis
   4.4. Product/Market Life Cycle Analysis
   4.5. Suppliers and Distributors
5. Global Email Applications Market, By Email Open Type (2014-2021)
   5.1. Mobile
   5.2. Desktop
   5.3. Webmail
6. Global Email Applications Market, By Geography (2014-2021)
   6.1. Europe
      6.1.1. Germany
      6.1.2. France
      6.1.3. U.K.
      6.1.4. France
      6.1.5. Russia
      6.1.6. Rest of Europe
   6.2. Asia Pacific
      6.2.1. China
      6.2.2. India
      6.2.3. South Korea
      6.2.4. Japan
      6.2.5. Rest of Asia Pacific
   6.3. North America
      6.3.1. U.S.
      6.3.2. Canada
      6.3.3. Mexico
   6.4. Rest of the World (RoW)
      6.4.1. Brazil
7. Global Email Applications Market, By Type (2014-2021)
   7.1. Cloud Business Email 
   7.2. Enterprise Messaging Platforms
   7.3. Consumer Email 
   7.4. Email Clients
   7.5. Messaging Platforms for Service Providers
8. Company Profiles (Top 10 Companies)
   8.1. Company 1
   8.2. Company 2
   8.3. Company 3
   8.4. Company 4
   8.5. Company 5
   8.6. Company 6
   8.7. Company 7
   8.8. Company 8
   8.9. Company 9
   8.10. Company 10
*More than 40 Companies are profiled in this Research Report, Complete List available on Request*
"*Financials would be provided on a best efforts basis for private companies"
9. News and Developments

   9.1. Expansion
   9.2. Technological Developments
   9.3. Merger & Acquisitions, and Joint Ventures
   9.4. Supply- Contract
Email application is a software which facilitates composing, sending, receiving of electronic messages along with other functions such as sharing files & folders and calendaring & scheduling of the events. In majority of the cases, these software programs are not actual email hosting technologies, but are email editors with different formats, layout and messaging functionality tools which enables a user to compose, edit, send and receive emails through access protocol, and authentication and custom domains. These applications are also used as a standalone applications to share information amongst multiple users in an organization with the help of exchange servers.

This report identifies the Email applications market size in terms of value for the year 2014-2016, and forecast of the same for year 2021. It highlights potential growth opportunities in the coming years, while also reviewing the market drivers, restraints, growth indicators, challenges, market dynamics, competitive landscape, and other key aspects with respect to E-mail application market.

This report has been divided based on technology which includes major email application segments namely cloud business emails, enterprise messaging platforms, consumer emails, email clients, and messaging platforms for service providers. This report also includes major email open type segments namely mobile, desktop and web mails. This is report has been further segmented into major regions, which includes detailed analysis of each region such as North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW) covering all the major country level markets in each of the region.

The global market for Email applications is valued at $XX million for the 2016 and is forecast to grow at a CAGR of XX% to reach a value of $XX million by 2020. Globally demand for email applications is expected to witness growth in the upcoming future due to increasing usage of technology in our day to day life and ease of accessing information from anywhere at any time. Global email market is expected to be driven by major factors such as growing cloud adoption and increasing email opens through mobile devices.

North America has the highest markets share by value in global Email applications market and Asia Pacific region is projected to have a significant growth during the forecast period, owing to increasing penetration of internet and mobile devices. Majority of users around the world opted mobile devices for accessing their Emails. Cloud-based Email services are the fastest growing segment being adopted by organizations of all sizes and across all verticals.

This market research report includes in depth analysis of each technology and regional segment separately to provide in depth view of key insights and market scenario. Forecasts are also provided for all the market segments for the period 2016-2021.

This report also includes detailed profiling of following the major players in the global email application:
  • Google Inc.
  • Microsoft Corporation
  • Oracle Corporation
  • Dell Inc.
  • IBM Corporation
List of Tables

Table 1: Email Applications Market Overview 2017-2023
Table 2: Email Applications Market Leader Analysis 2017-2018 (US$)
Table 3: Email Applications Market Product Analysis 2017-2018 (US$)
Table 4: Email Applications Market End User Analysis 2017-2018 (US$)
Table 5: Email Applications Market Patent Analysis 2013-2018* (US$)
Table 6: Email Applications Market Financial Analysis 2017-2018 (US$)
Table 7: Email Applications Market Driver Analysis 2017-2018 (US$)
Table 8: Email Applications Market Challenges Analysis 2017-2018 (US$)
Table 9: Email Applications Market Constraint Analysis 2017-2018 (US$)
Table 10: Email Applications Market Supplier Bargaining Power Analysis 2017-2018 (US$)
Table 11: Email Applications Market Buyer Bargaining Power Analysis 2017-2018 (US$)
Table 12: Email Applications Market Threat of Substitutes Analysis 2017-2018 (US$)
Table 13: Email Applications Market Threat of New Entrants Analysis 2017-2018 (US$)
Table 14: Email Applications Market Degree of Competition Analysis 2017-2018 (US$)
Table 15: Email Applications Market Value Chain Analysis 2017-2018 (US$)
Table 16: Email Applications Market Pricing Analysis 2018-2023 (US$)
Table 17: Email Applications Market Opportunities Analysis 2018-2023 (US$)
Table 18: Email Applications Market Product Life Cycle Analysis 2018-2023 (US$)
Table 19: Email Applications Market Supplier Analysis 2017-2018 (US$)
Table 20: Email Applications Market Distributor Analysis 2017-2018 (US$)
Table 21: Email Applications Market Trend Analysis 2017-2018 (US$)
Table 22: Email Applications Market Size 2017 (US$)
Table 23: Email Applications Market Forecast Analysis 2018-2023 (US$)
Table 24: Email Applications Market Sales Forecast Analysis 2018-2023 (Units)
Table 25: Email Applications Market, Revenue & Volume, By Email Open Type, 2018-2023 ($)
Table 26: Email Applications Market By Email Open Type, Revenue & Volume, By Mobile, 2018-2023 ($)
Table 27: Email Applications Market By Email Open Type, Revenue & Volume, By Desktop, 2018-2023 ($)
Table 28: Email Applications Market By Email Open Type, Revenue & Volume, By Webmail, 2018-2023 ($)
Table 29: Email Applications Market, Revenue & Volume, By Type, 2018-2023 ($)
Table 30: Email Applications Market By Type, Revenue & Volume, By Cloud Business Email, 2018-2023 ($)
Table 31: Email Applications Market By Type, Revenue & Volume, By Enterprise Messaging Platforms, 2018-2023 ($)
Table 32: Email Applications Market By Type, Revenue & Volume, By Consumer Email, 2018-2023 ($)
Table 33: Email Applications Market By Type, Revenue & Volume, By Email Clients, 2018-2023 ($)
Table 34: Email Applications Market By Type, Revenue & Volume, By Messaging Platforms for Service Providers, 2018-2023 ($)
Table 35: North America Email Applications Market, Revenue & Volume, By Email Open Type, 2018-2023 ($)
Table 36: North America Email Applications Market, Revenue & Volume, By Type, 2018-2023 ($)
Table 37: South america Email Applications Market, Revenue & Volume, By Email Open Type, 2018-2023 ($)
Table 38: South america Email Applications Market, Revenue & Volume, By Type, 2018-2023 ($)
Table 39: Europe Email Applications Market, Revenue & Volume, By Email Open Type, 2018-2023 ($)
Table 40: Europe Email Applications Market, Revenue & Volume, By Type, 2018-2023 ($)
Table 41: APAC Email Applications Market, Revenue & Volume, By Email Open Type, 2018-2023 ($)
Table 42: APAC Email Applications Market, Revenue & Volume, By Type, 2018-2023 ($)
Table 43: Middle East & Africa Email Applications Market, Revenue & Volume, By Email Open Type, 2018-2023 ($)
Table 44: Middle East & Africa Email Applications Market, Revenue & Volume, By Type, 2018-2023 ($)
Table 45: Russia Email Applications Market, Revenue & Volume, By Email Open Type, 2018-2023 ($)
Table 46: Russia Email Applications Market, Revenue & Volume, By Type, 2018-2023 ($)
Table 47: Israel Email Applications Market, Revenue & Volume, By Email Open Type, 2018-2023 ($)
Table 48: Israel Email Applications Market, Revenue & Volume, By Type, 2018-2023 ($)
Table 49: Top Companies 2017 (US$)Email Applications Market, Revenue & Volume
Table 50: Product Launch 2017-2018Email Applications Market, Revenue & Volume
Table 51: Mergers & Acquistions 2017-2018Email Applications Market, Revenue & Volume


List of Figures

Figure 1: Overview of Email Applications Market 2017-2023
Figure 2: Market Share Analysis for Email Applications Market 2017 (US$)
Figure 3: Product Comparison in Email Applications Market 2017-2018 (US$)
Figure 4: End User Profile for Email Applications Market 2017-2018 (US$)
Figure 5: Patent Application and Grant in Email Applications Market 2013-2018* (US$)
Figure 6: Top 5 Companies Financial Analysis in Email Applications Market 2017-2018 (US$)
Figure 7: Market Entry Strategy in Email Applications Market 2017-2018
Figure 8: Ecosystem Analysis in Email Applications Market 2017
Figure 9: Average Selling Price in Email Applications Market 2017-2023
Figure 10: Top Opportunites in Email Applications Market 2017-2018
Figure 11: Market Life Cycle Analysis in Email Applications Market Market Life Cycle Analysis in 3D Printing
Figure 12: GlobalBy Email Open TypeEmail Applications Market Revenue, 2018-2023 ($)
Figure 13: GlobalBy TypeEmail Applications Market Revenue, 2018-2023 ($)
Figure 14: Global Email Applications Market - By Geography
Figure 15: Global Email Applications Market Value & Volume, By Geography, 2018-2023 ($) 
Figure 16: Global Email Applications Market CAGR, By Geography, 2018-2023 (%)
Figure 17: North America Email Applications Market Value & Volume, 2018-2023 ($)
Figure 18: US Email Applications Market Value & Volume, 2018-2023 ($)
Figure 19: US GDP and Population, 2017-2018 ($)
Figure 20: US GDP – Composition of 2017, By Sector of Origin
Figure 21: US Export and Import Value & Volume, 2017-2018 ($)
Figure 22: Canada Email Applications Market Value & Volume, 2018-2023 ($)
Figure 23: Canada GDP and Population, 2017-2018 ($)
Figure 24: Canada GDP – Composition of 2017, By Sector of Origin
Figure 25: Canada Export and Import Value & Volume, 2017-2018 ($)
Figure 26: Mexico Email Applications Market Value & Volume, 2018-2023 ($)
Figure 27: Mexico GDP and Population, 2017-2018 ($)
Figure 28: Mexico GDP – Composition of 2017, By Sector of Origin
Figure 29: Mexico Export and Import Value & Volume, 2017-2018 ($)
Figure 30: South America Email Applications Market South America 3D Printing Market Value & Volume, 2018-2023 ($)
Figure 31: Brazil Email Applications Market Value & Volume, 2018-2023 ($)
Figure 32: Brazil GDP and Population, 2017-2018 ($)
Figure 33: Brazil GDP – Composition of 2017, By Sector of Origin
Figure 34: Brazil Export and Import Value & Volume, 2017-2018 ($)
Figure 35: Venezuela Email Applications Market Value & Volume, 2018-2023 ($)
Figure 36: Venezuela GDP and Population, 2017-2018 ($)
Figure 37: Venezuela GDP – Composition of 2017, By Sector of Origin
Figure 38: Venezuela Export and Import Value & Volume, 2017-2018 ($)
Figure 39: Argentina Email Applications Market Value & Volume, 2018-2023 ($)
Figure 40: Argentina GDP and Population, 2017-2018 ($)
Figure 41: Argentina GDP – Composition of 2017, By Sector of Origin
Figure 42: Argentina Export and Import Value & Volume, 2017-2018 ($)
Figure 43: Ecuador Email Applications Market Value & Volume, 2018-2023 ($)
Figure 44: Ecuador GDP and Population, 2017-2018 ($)
Figure 45: Ecuador GDP – Composition of 2017, By Sector of Origin
Figure 46: Ecuador Export and Import Value & Volume, 2017-2018 ($)
Figure 47: Peru Email Applications Market Value & Volume, 2018-2023 ($)
Figure 48: Peru GDP and Population, 2017-2018 ($)
Figure 49: Peru GDP – Composition of 2017, By Sector of Origin
Figure 50: Peru Export and Import Value & Volume, 2017-2018 ($)
Figure 51: Colombia Email Applications Market Value & Volume, 2018-2023 ($)
Figure 52: Colombia GDP and Population, 2017-2018 ($)
Figure 53: Colombia GDP – Composition of 2017, By Sector of Origin
Figure 54: Colombia Export and Import Value & Volume, 2017-2018 ($)
Figure 55: Costa Rica Email Applications Market Costa Rica 3D Printing Market Value & Volume, 2018-2023 ($)
Figure 56: Costa Rica GDP and Population, 2017-2018 ($)
Figure 57: Costa Rica GDP – Composition of 2017, By Sector of Origin
Figure 58: Costa Rica Export and Import Value & Volume, 2017-2018 ($)
Figure 59: Europe Email Applications Market Value & Volume, 2018-2023 ($)
Figure 60: U.K Email Applications Market Value & Volume, 2018-2023 ($)
Figure 61: U.K GDP and Population, 2017-2018 ($)
Figure 62: U.K GDP – Composition of 2017, By Sector of Origin
Figure 63: U.K Export and Import Value & Volume, 2017-2018 ($)
Figure 64: Germany Email Applications Market Value & Volume, 2018-2023 ($)
Figure 65: Germany GDP and Population, 2017-2018 ($)
Figure 66: Germany GDP – Composition of 2017, By Sector of Origin
Figure 67: Germany Export and Import Value & Volume, 2017-2018 ($)
Figure 68: Italy Email Applications Market Value & Volume, 2018-2023 ($)
Figure 69: Italy GDP and Population, 2017-2018 ($)
Figure 70: Italy GDP – Composition of 2017, By Sector of Origin
Figure 71: Italy Export and Import Value & Volume, 2017-2018 ($)
Figure 72: France Email Applications Market Value & Volume, 2018-2023 ($)
Figure 73: France GDP and Population, 2017-2018 ($)
Figure 74: France GDP – Composition of 2017, By Sector of Origin
Figure 75: France Export and Import Value & Volume, 2017-2018 ($)
Figure 76: Netherlands Email Applications Market Value & Volume, 2018-2023 ($)
Figure 77: Netherlands GDP and Population, 2017-2018 ($)
Figure 78: Netherlands GDP – Composition of 2017, By Sector of Origin
Figure 79: Netherlands Export and Import Value & Volume, 2017-2018 ($)
Figure 80: Belgium Email Applications Market Value & Volume, 2018-2023 ($)
Figure 81: Belgium GDP and Population, 2017-2018 ($)
Figure 82: Belgium GDP – Composition of 2017, By Sector of Origin
Figure 83: Belgium Export and Import Value & Volume, 2017-2018 ($)
Figure 84: Spain Email Applications Market Value & Volume, 2018-2023 ($)
Figure 85: Spain GDP and Population, 2017-2018 ($)
Figure 86: Spain GDP – Composition of 2017, By Sector of Origin
Figure 87: Spain Export and Import Value & Volume, 2017-2018 ($)
Figure 88: Denmark Email Applications Market Value & Volume, 2018-2023 ($)
Figure 89: Denmark GDP and Population, 2017-2018 ($)
Figure 90: Denmark GDP – Composition of 2017, By Sector of Origin
Figure 91: Denmark Export and Import Value & Volume, 2017-2018 ($)
Figure 92: APAC Email Applications Market Value & Volume, 2018-2023 ($)
Figure 93: China Email Applications Market Value & Volume, 2018-2023
Figure 94: China GDP and Population, 2017-2018 ($)
Figure 95: China GDP – Composition of 2017, By Sector of Origin
Figure 96: China Export and Import Value & Volume, 2017-2018 ($)Email Applications Market China Export and Import Value & Volume, 2017-2018 ($)
Figure 97: Australia Email Applications Market Value & Volume, 2018-2023 ($)
Figure 98: Australia GDP and Population, 2017-2018 ($)
Figure 99: Australia GDP – Composition of 2017, By Sector of Origin
Figure 100: Australia Export and Import Value & Volume, 2017-2018 ($)
Figure 101: South Korea Email Applications Market Value & Volume, 2018-2023 ($)
Figure 102: South Korea GDP and Population, 2017-2018 ($)
Figure 103: South Korea GDP – Composition of 2017, By Sector of Origin
Figure 104: South Korea Export and Import Value & Volume, 2017-2018 ($)
Figure 105: India Email Applications Market Value & Volume, 2018-2023 ($)
Figure 106: India GDP and Population, 2017-2018 ($)
Figure 107: India GDP – Composition of 2017, By Sector of Origin
Figure 108: India Export and Import Value & Volume, 2017-2018 ($)
Figure 109: Taiwan Email Applications Market Taiwan 3D Printing Market Value & Volume, 2018-2023 ($)
Figure 110: Taiwan GDP and Population, 2017-2018 ($)
Figure 111: Taiwan GDP – Composition of 2017, By Sector of Origin
Figure 112: Taiwan Export and Import Value & Volume, 2017-2018 ($)
Figure 113: Malaysia Email Applications Market Malaysia 3D Printing Market Value & Volume, 2018-2023 ($)
Figure 114: Malaysia GDP and Population, 2017-2018 ($)
Figure 115: Malaysia GDP – Composition of 2017, By Sector of Origin
Figure 116: Malaysia Export and Import Value & Volume, 2017-2018 ($)
Figure 117: Hong Kong Email Applications Market Hong Kong 3D Printing Market Value & Volume, 2018-2023 ($)
Figure 118: Hong Kong GDP and Population, 2017-2018 ($)
Figure 119: Hong Kong GDP – Composition of 2017, By Sector of Origin
Figure 120: Hong Kong Export and Import Value & Volume, 2017-2018 ($)
Figure 121: Middle East & Africa Email Applications Market Middle East & Africa 3D Printing Market Value & Volume, 2018-2023 ($)
Figure 122: Russia Email Applications Market Russia 3D Printing Market Value & Volume, 2018-2023 ($)
Figure 123: Russia GDP and Population, 2017-2018 ($)
Figure 124: Russia GDP – Composition of 2017, By Sector of Origin
Figure 125: Russia Export and Import Value & Volume, 2017-2018 ($)
Figure 126: Israel Email Applications Market Value & Volume, 2018-2023 ($)
Figure 127: Israel GDP and Population, 2017-2018 ($)
Figure 128: Israel GDP – Composition of 2017, By Sector of Origin
Figure 129: Israel Export and Import Value & Volume, 2017-2018 ($)
Figure 130: Entropy Share, By Strategies, 2017-2018* (%)Email Applications Market
Figure 131: Developments, 2017-2018*Email Applications Market
Figure 132: Company 1 Email Applications Market Net Revenue, By Years, 2017-2018* ($)
Figure 133: Company 1 Email Applications Market Net Revenue Share, By Business segments, 2017 (%)
Figure 134: Company 1 Email Applications Market Net Sales Share, By Geography, 2017 (%)
Figure 135: Company 2 Email Applications Market Net Revenue, By Years, 2017-2018* ($)
Figure 136: Company 2 Email Applications Market Net Revenue Share, By Business segments, 2017 (%)
Figure 137: Company 2 Email Applications Market Net Sales Share, By Geography, 2017 (%)
Figure 138: Company 3 Email Applications Market Net Revenue, By Years, 2017-2018* ($)
Figure 139: Company 3 Email Applications Market Net Revenue Share, By Business segments, 2017 (%)
Figure 140: Company 3 Email Applications Market Net Sales Share, By Geography, 2017 (%)
Figure 141: Company 4 Email Applications Market Net Revenue, By Years, 2017-2018* ($)
Figure 142: Company 4 Email Applications Market Net Revenue Share, By Business segments, 2017 (%)
Figure 143: Company 4 Email Applications Market Net Sales Share, By Geography, 2017 (%)
Figure 144: Company 5 Email Applications Market Net Revenue, By Years, 2017-2018* ($)
Figure 145: Company 5 Email Applications Market Net Revenue Share, By Business segments, 2017 (%)
Figure 146: Company 5 Email Applications Market Net Sales Share, By Geography, 2017 (%)
Figure 147: Company 6 Email Applications Market Net Revenue, By Years, 2017-2018* ($)
Figure 148: Company 6 Email Applications Market Net Revenue Share, By Business segments, 2017 (%)
Figure 149: Company 6 Email Applications Market Net Sales Share, By Geography, 2017 (%)
Figure 150: Company 7 Email Applications Market Net Revenue, By Years, 2017-2018* ($)
Figure 151: Company 7 Email Applications Market Net Revenue Share, By Business segments, 2017 (%)
Figure 152: Company 7 Email Applications Market Net Sales Share, By Geography, 2017 (%)
Figure 153: Company 8 Email Applications Market Net Revenue, By Years, 2017-2018* ($)
Figure 154: Company 8 Email Applications Market Net Revenue Share, By Business segments, 2017 (%)
Figure 155: Company 8 Email Applications Market Net Sales Share, By Geography, 2017 (%)
Figure 156: Company 9 Email Applications Market Net Revenue, By Years, 2017-2018* ($)
Figure 157: Company 9 Email Applications Market Net Revenue Share, By Business segments, 2017 (%)
Figure 158: Company 9 Email Applications Market Net Sales Share, By Geography, 2017 (%)
Figure 159: Company 10 Email Applications Market Net Revenue, By Years, 2017-2018* ($)
Figure 160: Company 10 Email Applications Market Net Revenue Share, By Business segments, 2017 (%)
Figure 161: Company 10 Email Applications Market Net Sales Share, By Geography, 2017 (%)
Figure 162: Company 11 Email Applications Market Net Revenue, By Years, 2017-2018* ($)
Figure 163: Company 11 Email Applications Market Net Revenue Share, By Business segments, 2017 (%)
Figure 164: Company 11 Email Applications Market Net Sales Share, By Geography, 2017 (%)
Figure 165: Company 12 Email Applications Market Net Revenue, By Years, 2017-2018* ($)
Figure 166: Company 12 Email Applications Market Net Revenue Share, By Business segments, 2017 (%)
Figure 167: Company 12 Email Applications Market Net Sales Share, By Geography, 2017 (%)
Figure 168: Company 13 Email Applications Market Net Revenue, By Years, 2017-2018* ($)
Figure 169: Company 13 Email Applications Market Net Revenue Share, By Business segments, 2017 (%)
Figure 170: Company 13 Email Applications Market Net Sales Share, By Geography, 2017 (%)
Figure 171: Company 14 Email Applications Market Net Revenue, By Years, 2017-2018* ($)
Figure 172: Company 14 Email Applications Market Net Revenue Share, By Business segments, 2017 (%)
Figure 173: Company 14 Email Applications Market Net Sales Share, By Geography, 2017 (%)
Figure 174: Company 15 Email Applications Market Net Revenue, By Years, 2017-2018* ($)
Figure 175: Company 15 Email Applications Market Net Revenue Share, By Business segments, 2017 (%)
Figure 176: Company 15 Email Applications Market Net Sales Share, By Geography, 2017 (%)
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