A target market is a demographic or collection of businesses that are most likely to purchase a company’s goods or services.
The target market and the target audience are frequently confused. Although they are comparable, those two names differ in a few ways. Your target audience is just one segment of a target market, which is far larger.
Let’s use the aforementioned example of working mothers between the ages of 25 and 34 who reside in San Francisco, have an interest in healthy cuisine, and make $400–$5000 per month as an example. If so, working mothers between the ages of 25 and 34 would be your target market
Source: How To Identify A Target Market For Your Online Business?