Marketing Technology Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 20.60 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Marketing Technology Market Analysis
The Marketing Technology Market is valued at USD 400.21 billion in the current year and is expected to register a CAGR of 20.60% during the forecast period to become USD 1,021.00 billion by the next five years. Technology has changed how people worldwide receive, interpret and respond to information. Technology has become more and more of a factor in marketing. The marketing environment is continuously evolving and growing due to advances in MarTech, making it easier for companies to deal with the constant fragmentation and customer journeys. In addition, marketing technology must consider all aspects of the execution requirements. It makes it possible for marketers to scale their campaigns holistically.
- Startups increasingly utilize augmented and virtual reality (AR/VR) to deliver an immersive consumer experience and increase engagement. These solutions equip marketers with measurable engagement options, such as geo-fenced details for location-specific targeting, virtual events, and storefronts. XR and technologies such as drones, interactive billboards, and holograms advance experiential and guerilla marketing activities. Startups are building digital-out-of-home (DOOH) advertising solutions to display dynamic ads and measure real-time returns on advertisement spend (ROAS). Companies also use hybrid events to reach their worldwide audience and measure marketing attribution. Further, ad campaigns with 360-degree videos, holographic projections, and drone light shows are the other applications of XR to capture user attention.
- Further, live, and non-live streaming on social media for product sales, reviews, and consumer interaction continue to increase business revenue opportunities. Such platforms offer a profitable alternative to paid ads and enable consent-based data collection from users. Selling products while live streaming remains the top subtrend in social commerce, followed by vlogs and short-form video content. Additionally, businesses and marketing agencies utilize these means to deliver brand messages, create new trends, and improve customer engagement. Additionally, virtual social media influencers are replacing expensive celebrity influencers to promote brands and products.
- For instance, Polish startup inStreamly provides a streamer management platform that connects brands and streaming platforms with micro-streamers. It allows brands to run sponsored content and display campaigns embedded in live streams of several micro-influencers with highly engaged communities. The platform provides live statistics per campaign per streamer for campaign views, click-through rates (CTRs), and costs per click and acquisition (CPC/CPA). This allows brands to reach their target audience non-invasively and build trust among Gen Z users.
- On the flip side, engagement with clients is a significant challenge for all companies. Marketing Automation Software growth has been hampered by legacy systems and the reluctance of firms to digitize. As per Automizy, the survey of 130 business experts suggested that the main challenge of the marketing and advertising industry was integration. Approximately 25% of respondents mentioned it. It added that even with all the integrations provided by marketing automation vendors and solutions, the challenge remains to set up integrations between different platforms and tools.
- With the onset of the COVID-19 pandemic outbreak, many B2B marketing organizations adopted a 'play it safe' approach. They reduced their marketing allocations until they could analyze the impact on their companies and had to wait for the economic scenario to improve. According to a survey by Hubspot, almost half of the companies implemented a cut of 1%-25% of their marketing budgets. In the first half of the pandemic, most B2B marketing companies reported budget cuts of 26%. Still, some budgets have been restored, resulting in lower overall budgetary cuts due to the pandemic.
Marketing Technology Market Trends
Automation Tool is Expected to Hold Significant Share of the Market
- Marketing automation is emerging as a progressive platform designed to aid marketers in charging leads, nurturing them further down the marketing funnel, and interpreting campaign implementation and lead behavior. These marketing automation tools are being adopted and perceived as an essential resource for B2B sales and marketing departments primarily looking to grow their company in a digitally connected marketplace. For marketing professionals, automation offers an opportunity for greater efficiency, cost reduction, and an improved customer experience.
- According to Invesp Corporation, marketing automation drives up to a 14.5% growth in sales productivity and a 12.2% decrease in marketing overhead on average. 80% of marketing automation customers witnessed an expansion in the number of leads using automation software tools, and 77% had an upsurge in conversions. Marketing automation leads companies to streamline, automate, and measure marketing tasks and workflows to grow revenue faster and increase operational efficiency. This category of software tech is designed to allow organizations to operate effectively on multiple channels across repetitive tasks.
- Automation helps marketing managers cater to various activities, such as social media management, customer communication, content scheduling, lead nurturing, market research, and analytics, allowing organizations to boost their sales over the forecast period. It also helps identify individual customers' preferences and suggests related services and offerings by using AI and ML algorithms in the background. The advent of Big Data, Machine Learning (ML), and Artificial Intelligence (AI) further fuelled the adoption of predictive personalization, which is anticipated to be the most significant advantage of implementing marketing automation over the forecast period. The AI allows managers to engage new customers that match their existing profiles more efficiently.
- Europe is a prominent region in the market studied, expected to grow due to the growing demand for digital marketing, the rising number of EU-based companies, and personalization for marketing. In addition, the ever-increasing regulatory pressure and reforms to EU data protection rules to protect business data are impacting the adoption of marketing automation software. For instance, the Charter of Fundamental Rights of the European Union acknowledges in Article 8 the right to protect personal data. The fundamental right is developed by the European legal framework on protecting personal data consisting mainly of the Data Protection Directive and the ePrivacy Directive.
- According to Omnisend, data gathered on an email marketing automation platform, automated welcome emails sent by e-commerce players, had a three percent conversion rate in 2022; for automated cart abandonment emails, the rate stood at 2.39 percent. Marketing automation tools also provide integrated behavior-based workflows, which can be used across field service management, project management, and supply chain management to speed up work automatically across different users and from one part of a project to another.
North America is Expected to Hold Significant Share of the Market
- North America is expected to hold a significant share of the studied market, owing to the early and rapid adoption of advanced technologies across regional multinational companies. North America is a hub for MarTech innovation and investments, with companies such as HubSpot and Salesforce leading the way and startups raising significant funding to drive growth in the industry. The MarTech landscape in North America is dynamic and constantly evolving, with new startups and innovations emerging over the forecast period.
- The players in the region are incorporating the latest technology in their marketing platforms to provide better services to its customer. For instance, in May 2023, Acceleration Partners (AP), the leading global partnership agency, announced it had integrated artificial intelligence (AI) into its partnership marketing data and analytics platform, APVision. The market-leading technology now includes generative AI features that enable client services teams to make faster, smarter decisions when managing partnership marketing programs.
- Similarly, in March 2023, Microsoft launched its new AI assistant named Dynamics 365 Copilot. This new AI assistant would help those applications which handle tasks like customer service, marketing, and sales. This new AI assistant is based on the technology offered by OpenAI Software, which would assist marketers with a product listing for e-commerce and targeting customer categories.
- Owing to personalization, the vendors based in the region are also investing heavily in personalization features. For instance, recently, Klaviyo unveiled its new marketing automation innovations with feature sets such as personalized benchmarks and SMS. A personalized benchmark is a tool that offers merchants data-driven insights into marketing efforts, comparing performance to their peers and offering tangible recommendations for improvement.
- Moreover, most marketing organizations need an enterprise-wide, multichannel communication strategy, so managing multiple marketing campaigns across channels is difficult. Moreover, having effective customer dialogue while staying within budget, enforcing contact policies, and maximizing ROI is challenging. Hence, many marketers adopt campaign management tools that support multiple channels and two-way customer conversations. Marketers have been adopting tools that integrate customer insight and provide the ability to optimize the mix of marketing campaigns to execute a sophisticated multichannel marketing strategy effectively.
Marketing Technology Industry Overview
The marketing technology market is moderately consolidated with several players like Amazon Inc., Acoustic L.P., Active Campaign, Adobe Inc, Microsoft Corporation, etc. The companies continuously invest in strategic partnerships and product developments to gain substantial market share. Some of the recent developments in the market are
In May 2023, KikitoTech, a marketing technology firm specializing in scaling eCommerce businesses, announced a strategic alliance with Texas-based growth marketing agency Boon Marketing. Under this collaboration, both organizations will combine their expertise & resources to provide innovative and cost-effective growth marketing solutions to eCommerce businesses of all sizes in the ever-growing U.S. market. By leveraging KikitoTech's proven tech capabilities and Boon Marketing's deep understanding of the North American market, the partnership is expected to drive significant growth for eCommerce brands in this region.
In April 2023, Rackspace Technology, an end-to-end, multi-cloud technology solutions company, announced that Braze, a comprehensive consumer engagement platform that interactions between consumers and brands they value, has expanded its relationship with Rackspace Technology with a multi-year agreement that will support growth and innovation for the company. Braze has been a Rackspace ObjectRocket customer for several years and relies on Rackspace Technology to manage the company's MongoDB databases with disaster recovery, replication, fault tolerance, and high availability for Braze's databases.
Marketing Technology Market Leaders
Amazon Inc.
Acoustic L.P.
Active Campaign
Adobe Inc
Microsoft Corporation
*Disclaimer: Major Players sorted in no particular order
Marketing Technology Market News
- July 2023: SproutLoud, the provider of distributed marketing solutions, announced that it has expanded its support for multi-tier distribution channels. This new set of features allows brands to extend their marketing and sales enablement tools to more parties at different levels of the distribution chain, giving them greater control over their marketing efforts and building stronger relationships with their end customers.
- January 2023: Impartner, the world's most complete Partner Relationship Management (PRM) provider, has improved its Partner Marketing Automation (PMA) solutions to have more "Do it for me" options to create co-selling and co-marketing even more automated. A new "Get Started" tab in Impartner's Marketing Center has short, easily digestible video tutorials that walk partners through the setup process. Merchant administrators can now link to specific topics, tactics, or pieces of content within the Marketing Center to highlight a distinct campaign or point users directly to relevant content. These new attributes guide a user through the execution of campaigns.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Buyers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of the Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Adoption of Digital Marketing
5.1.2 Rising Trend of Personalized and Targeted Marketing
5.2 Market Restraints
5.2.1 High Cost of Marketing Technology
5.3 Market Opportunities
5.3.1 Technological Advancements
5.3.2 Rising Need for Better Customer Insights
6. MARKET SEGMENTATION
6.1 By Product
6.1.1 Social Media Tools
6.1.2 Content Marketing Tools
6.1.3 Rich Media Tool
6.1.4 Automation Tool
6.1.5 Data and Analytics Tools
6.1.6 Sales Enablement Tools
6.2 By Application
6.2.1 IT and Telecommunication
6.2.2 Retail and E-commerce
6.2.3 Healthcare
6.2.4 Media and Entertainment
6.2.5 Sports and Events
6.2.6 BFSI
6.2.7 Other Applications
6.3 By Geography
6.3.1 North America
6.3.2 Europe
6.3.3 Asia Pacific
6.3.4 Latin America
6.3.5 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Amazon Inc.
7.1.2 Acoustic L.P.
7.1.3 Active Campaign
7.1.4 Adobe Inc
7.1.5 Microsoft Corporation
7.1.6 Oracle Corporation
7.1.7 SAP SE
7.1.8 Buzzoole Holdings LTD
7.1.9 Konnect Insights
7.1.10 FullCircl Ltd.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
Marketing Technology Industry Segmentation
Marketing technology, also known as MarTech, defines a range of tools and software that assist in achieving marketing objectives or goals. When a marketing group utilizes a grouping of marketing technologies, this is known as its marketing technology stack. MarTech has evolved into a staple in digital marketing campaigns and can also be used to optimize marketing measures across any marketing channel.
The Marketing Technology Market is segmented by Product ( Social Media Tools, Content Marketing Tools, Rich Media Tools, Automation Tools, Data and Analytics Tools, Sales Enablement Tools), by Application (IT and Telecommunication, Retail, and E-commerce, Healthcare, Media and Entertainment, Sports and Events, BFSI), by Geography (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa).
The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Product | |
| Social Media Tools | |
| Content Marketing Tools | |
| Rich Media Tool | |
| Automation Tool | |
| Data and Analytics Tools | |
| Sales Enablement Tools |
| By Application | |
| IT and Telecommunication | |
| Retail and E-commerce | |
| Healthcare | |
| Media and Entertainment | |
| Sports and Events | |
| BFSI | |
| Other Applications |
| By Geography | |
| North America | |
| Europe | |
| Asia Pacific | |
| Latin America | |
| Middle East and Africa |
Frequently Asked Questions
What is the current Marketing Technology Market size?
The Marketing Technology Market is projected to register a CAGR of 20.60% during the forecast period (2024-2029)
Who are the key players in Marketing Technology Market ?
Amazon Inc., Acoustic L.P., Active Campaign, Adobe Inc and Microsoft Corporation are the major companies operating in the Marketing Technology Market .
Which is the fastest growing region in Marketing Technology Market ?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Marketing Technology Market ?
In 2024, the North America accounts for the largest market share in Marketing Technology Market .
What years does this Marketing Technology Market cover?
The report covers the Marketing Technology Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Marketing Technology Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Marketing Technology Market Industry Report
Statistics for the 2024 ing Technology market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. ing Technology analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
