Marketing Technology Global Market Report 2024

The global marketing technology market has grown exponentially in recent years. It will grow from $403.18 billion in 2023 to $488.57 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. The growth in the historic period can be attributed to digital transformation, social media growth, automation and personalization, customer relationship management, rise of digital marketing,.

The global marketing technology market is expected to see exponential growth in the next few years. It will grow to$1.05 trillion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to e-commerce expansion, mobile marketing revolution, cloud computing adoption, metaverse marketing, omnichannel marketing automation. Major trends in the forecast period include martech stack consolidation, sustainability and ethical marketing, martech stack consolidation, conversational marketing, voice search and visual search marketing.

The marketing technology market is expected to experience growth due to the increasing adoption of digital marketing practices. Digital marketing leverages digital channels, platforms, and technologies to promote products, services, or brands to a specific target audience. Marketers employ a range of marketing technologies to maximize the effectiveness, efficiency, and reach of their digital marketing efforts in today's digital landscape. For instance, data from October 2022, provided by Ranktracker, a cloud-based SEO management solution company in the United States, revealed that digital marketing spending increased by 14% in both 2020 and 2021. Projections indicate that the digital marketing sector is poised for an annual growth rate of 9%. Moreover, a 2021 report from Oracle Corporation, a U.S.-based software company, estimated that global spending on digital advertising was set to increase from $378 billion in 2020 to $646 billion by 2024. This significant rise underscores the increasing adoption of digital marketing and its positive impact on the marketing technology market.

The growing demand for artificial intelligence is expected to be a driving force behind the expansion of the marketing technology market in the future. Artificial intelligence (AI) involves the use of computer systems to simulate human intelligence processes. AI is playing a pivotal role in reshaping the marketing technology landscape, revolutionizing how businesses approach marketing and customer engagement, and leading to improvements in efficiency, personalization, and decision-making. For example, as of January 2022, data from the UK's Government Digital Service revealed that the overall spending on AI technologies was projected to increase substantially between 2020 and 2040, rising from $20.25 billion to $101.26 billion. This growth is expected to occur at a compound annual growth rate of 8.4%. Thus, the increasing demand for artificial intelligence is a key driver behind the growth of the marketing technology market.

The potential hindrance to market growth in the forecast period stems from the implementation of stringent privacy laws. These strict privacy laws, particularly in the digital domain, have the potential to impact the marketing technology market, as technology companies are actively working to ensure compliance with these regulations. For example, in August 2022, the Consumer Financial Protection Bureau (CFPB) issued an interpretive regulation that delineated the circumstances under which digital marketing companies collaborating with financial institutions must adhere to federal consumer financial protection laws. The CFPB, along with other law enforcement agencies, possesses the authority to hold digital marketers, posing as service providers, accountable for engaging in activities that are deemed unfair, abusive, or deceptive, as well as other violations of consumer financial protection. Hence, the stringent privacy laws governing the digital landscape are acting as a deterrent to the growth of the marketing technology market.

Companies are engaged in the development of innovative AI-driven marketing technologies, specifically focusing on AI-powered assistance technology, with the aim of driving organizational growth. AI-powered assistance technology involves the use of software programs that leverage artificial intelligence (AI) to provide users with valuable support. These programs utilize AI algorithms to comprehend natural language voice commands and execute tasks on behalf of the user. For example, in March 2023, Microsoft Corporation, a leading US-based technology corporation, introduced Dynamics 365 Copilot. This cutting-edge AI-powered assistant is designed to assist a wide range of users, including marketers and customer representatives, in their day-to-day tasks. Dynamics 365 Copilot is powered by Microsoft's GPT-3 language model, which has been trained on an extensive dataset encompassing text and code. This robust foundation enables Copilot to not only grasp the context of conversations but also generate text, perform language translations, generate various forms of creative content, and provide well-informed responses to user queries.

In December 2021, Microsoft Corporation, a prominent US-based technology giant, completed its acquisition of Xandr Inc., an advertising company, for an undisclosed sum. This strategic move signifies Microsoft's ambition to expand its advertising endeavors, gain access to Xandr's valuable data and insights, fortify its programmatic advertising capabilities, and forge a unified advertising platform. Xandr Inc. specializes in delivering diverse marketing technology services.

Major players in the marketing technology market are Apple Inc., Microsoft Corporation, Amazon Web Services Inc., Oracle Corporation, SAP SE, Salesforce Inc., Adobe Inc., Amdocs, Hubspot Inc., Aptean Inc., Tackle.io, Real Chemistry, Zoho Corporation, Acoustic L.P., ActiveCampaign, Crisp Thinking Group Limited., Adjust GmbH, Tableau Software LLC, Mediafly, Convoso Tech International Pvt. Ltd., SOCi Inc., Artesian Solutions Ltd., WebFX Inc., Share Local Media, Buzzoole, ContentGrow, Fullcircl, SpyFu Inc., Konnect Insights, Evergage.

North America was the largest region in the marketing technology market in 2023. The regions covered in marketing technology report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the marketing technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of products within marketing technology include social media tools, content marketing tools, rich media tools, automation tools, data analytics tools, and sales enablement tools. Social media tools consist of software applications and platforms specifically crafted to aid individuals, businesses, and organizations in managing and optimizing their presence on social media platforms. These tools can be deployed through on-premise or cloud-based modes, catering to diverse applications such as information technology, telecommunications, retail, e-commerce, healthcare, media, entertainment, sports, events, banking, financial services, insurance (BFSI), real estate, and other sectors.

This report provides marketing technology market statistics, including marketing technology industry global market size, regional shares, competitors with a marketing technology market share, detailed marketing technology market segments, market trends and opportunities and any further data you may need to thrive in the marketing technology industry. This marketing technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The marketing technology market consists of revenues earned by entities by providing marketing technology services such as consulting and strategy, personalization and customer journey mapping, customization and development, campaign management, social media management and email marketing services. The market value includes the value of related goods sold by the service provider or included within the service offering. The marketing technology market also includes sales of campaign monitors, sendgrid tools, pardot tools, pipedrive tools, salesforce tools, market tools and hootsuite tools. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 3-5 business days.