Marketing technology implementation - Facts


Marketing technology

Marketing technology implementation Facts

Marketing technology involves a wide range of systems, software, and solutions that harness technology to achieve marketing goals and objectives. As technology continues to streamline processes in an ever-increasing number of global industries, its implementation in the marketing world has also seen a visible increase over the past few years. In 2019, the global marketing technology industry value surpassed 121 billion U.S. dollars worldwide, which represented year-on-year growth of over 22 percent.

During the last decade, the number of MarTech solutions has grown from 150 in 2011 to over 8,000 in 2020. The highest increase was recorded across data solutions, a category that spans data management platforms, customer data platforms, as well as web analytics and other tools that help marketers collect, analyze, and utilize relevant business data. Other core categories in the diverse landscape of marketing technology include content marketing, social media, advertising, and sales enablement tools, all designed to assist with marketing workflows, customer acquisition, and brand communication. While these systems are primarily used in the sphere of digital marketing, they can also benefit optimization across offline marketing channels, which makes them essential pillars in today’s multi-faceted marketing universe.

When asked about the adoption level of selected marketing technologies worldwide, around 40 percent of respondents indicated that their companies were already using IoT or connected devices as part of their marketing stacks, while 26 percent planned on including them in the future. This willingness to implement new MarTech strategies also translates to the financial side of the business: Globally, over 25 percent of brand marketers expected their MarTech budgets to grow by six to ten percent in 2020, with North America and the United Kingdom showing particularly high budget growth aspirations. In 2019, the marketing technology industry value in North America and the United Kingdom reached nearly 66 billion U.S. dollars.

As the MarTech universe is expanding all over the world, many marketing giants recognize the success potential of investments in MarTech companies. In recent years, the number of mergers and acquisitions in the MarTech sector, as well as the transaction value of M&A activities in the marketing sector, has increased rapidly. How this spending behavior and overall MarTech adoption will evolve in the future depends on a variety of factors, such as the impact of the coronavirus (COVID-19) pandemic on the marketing industry. But as technologies like automation, machine learning, and artificial intelligence are boosting efficiency now more than ever, they will likely become an even more pivotal driver of marketing operations in the future.

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