Marketing Technology (MarTech) Market Research, 2032
The global marketing technology (MarTech) market was valued at $329 billion in 2022, and is projected to reach $1.7 trillion by 2032, growing at a CAGR of 18.5% from 2023 to 2032.
Marketing technology (MarTech) is a collection of interconnected technologies that provide marketing functions, such as efficiently and effectively targeting, acquiring, and retaining customers. Martech is used to organize, execute, coordinate, administer, and assess the effectiveness of campaigns, experiences, and content both online and offline. In order to advertise across various channels (such as email, mobile, social media, and websites), marketing automation employs software and web-based services that execute, manage, and automate repetitive marketing operations and procedures more efficiently.
With the help of marketing automation, marketing and sales personnel provide leads with highly personalized content targeted at acquiring and retaining consumers. Marketing automation focuses on defining, scheduling, segmenting, and tracking marketing programs. Moreover, it provides customers with greater ease and a better user experience. In addition, the application of cutting-edge technologies such as IoT and cloud computing to enhance data management and analytics and provide companies a greater knowledge of their goods. Such a number of factors are expected to provide lucrative opportunities for market growth during the forecast period.
The rising advancements in the marketing environment, enabled through communication technologies are positively impacting the growth of the market. In addition, marketing solutions are gaining significant adoption to increase the use of IT and network control systems among several industry operators, specifically data analytics and other digital technologies, are expected to fuel the growth of the market during the forecast period. Furthermore, the integration of automated systems in various businesses such as manufacturing, healthcare and others has reduced the rate of errors, such as low agility, as well as operating costs. Hence, these multiple benefits offered by technologies used in marketing operations and maintenance services will boost the demand for global market.
The marketing technology (MarTech) market is segmented into Type, Product and End-Use.
Segment Review
The marketing technology (MarTech) market is segmented into type, product, industry vertical, and region. By type, it is categorized into digital marketing and offline marketing. By product, it is divided into social media tools, content marketing tools, rich media tools, automation tools and others. By industry vertical, the market is classified into IT & telecommunication, retail & e-commerce, BFSI, media & entertainment, healthcare, sports and events and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
COVID-19 Impact Analysis
The COVID-19 pandemic outbreak caused an enormous increase in demand for the market's marketing technology, which has experienced substantial growth in recent years. This is because businesses are attempting to take advantage of their consumers' growing online presence by utilizing the rapidly rising demand for software and web-based solutions. These measures directly impacted on the growth of the marketing sector. The pandemic caused an immediate shift toward digital channels and online connections as physical limits and lockdowns imposition.
On the other hand, the rise in number of COVID-19 cases influenced governments and local authorities to enforce strict measures. Including social distancing and self-isolation policies to the closing of physical shops and businesses to help slow the spread of the COVID-19 cases. This caused a serious dip in the numbers of customers depending on traditional brick and mortar stores for their daily shopping needs, such trends accelerated digital transformation of physical businesses after the period of the pandemic. This will boost the demand for global market growth.
Top Impacting Factors
Increasing digital transformation:
The rising trend of internet technologies and digitalization in several industries to improve efficiency is directly influencing the growth of the global marketing technology market. Radical advancements in the business environment, enabled through communication technologies, require revising present business models and maintenance strategies. Consequently, marketing technology solutions are gaining significant adoption to increase the use of IT and control systems among industry operators, particularly IoT and other digital technologies. Increased use of IoT and digital solutions helps business infrastructure managers to improve network availability and empower technical staff to efficiently make maintenance. These factors are likely to contribute to the increased installation of marketing technology market, globally.
Furthermore, the integration of automated systems in businesses has reduced the rate of errors, such as low agility, as well as operating costs. Hence, these multiple benefits offered by IoT use in marketing operations and maintenance services will boost the demand for global market. Moreover, business authorities are continuously involved in promoting digitalization in marketing operations and maintenance. For instance, in June 2023, Mirum India partnered with Sprinklr, through the partnership, Mirum India is able to provide digital marketing guidance combined with access to Sprinklr’s enterprise software platform for digital marketing, research, customer service, and social media management to its clients. Such initiatives pooling in the digitalizing of the marketing infrastructure will fuel the demand for marketing technology solutions, which in turn, augment the market growth on a global scale.
Surge in demand for personalized experience:
The increase in demand for personalized experience in several industry sectors such as retail and e-commerce and media and entertainment are one of the key drivers for the growth of global market. Personalized experiences foster deeper connections between brands and customers. Businesses collect and analyze customer information using marketing technology solutions to provide more pertinent and interesting interactions. Further, businesses are undertaking increased initiatives to embrace advanced technology, with plans for integrating a new digital solution to modernize the marketing system. Therefore, marketing technology gained wider traction among end-users, taking advantage of predictive maintenance by optimizing performance, and harnessing better customer experience.
Moreover, marketing technology assist companies in gathering, managing, and analyzing vast volumes of consumer data. To develop personalized marketing strategies, it is necessary to analyze consumer behaviors, preferences, and purchasing trends. These factors encouraged businesses to adopt various strategies to stay competitive in the global market. For instance, in July 2023, Scaleworks acquired Full Circle Insights, known for helping companies drive pipeline growth through their marketing attribution and campaign measurement platform. Scaleworks’ partnership will accelerate Full Circle's strategic roadmap, enable product innovation, and enhance go-to-market strategy. Such investment and advancements in marketing technology will eventually contribute to the growth of the global market.
Key Benefits for Stakeholders
- The study provides an in-depth marketing technology (MarTech) market analysis along with the current trends and future estimations to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the marketing technology (MarTech) market size is provided in the report.
- The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the marketing technology (MarTech) industry.
- The quantitative analysis of the global marketing technology (MarTech) market for the period 2022–2032 is provided to determine the marketing technology (MarTech) market potential.
Marketing Technology (MarTech) Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 1.7 trillion |
 Growth Rate | CAGR of 18.5% |
 Forecast period | 2022 - 2032 |
 Report Pages | 245 |
 By Type |
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 By Product |
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 By End-Use |
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 By Region |
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 Key Market Players | Apple, Inc., Oracle Corporation, Zebra Technologies, AWS, Inc., SAP SE, Google LLC, Microsoft Corporation, Aptean, Adobe Inc., Salesforce Inc. |
Analyst Review
As the marketing technology market continues to evolve, CXOs are evaluating the opportunities and challenges regarding this emerging technology. The demand for AI-powered analytics and decision-making has pushed the marketing technology sector to expand quickly in response to the e-commerce sector's fast growth. Businesses are considering the advantages that marketing technology may provide since it provides important data and insightful information on customer behavior, preferences, and interactions. In addition, by employing, businesses may make intelligent decisions about the improvement of marketing strategies, campaign optimization, and segment-specific message design. Such factors are expected to provide lucrative opportunities for market growth during the forecast period.
Furthermore, marketing technology enables personalized and appropriate experiences across numerous touchpoints, strengthening relationships with customers. However, businesses also recognize the challenges associated with marketing technology. One significant challenge is risk management and compliance, The businesses need to make sure that the marketing technology stack complies with all applicable laws (such as the GDPR or CCPA) and industry standards given the growing emphasis on data protection and security. In addition, marketing technology requires significant investment in infrastructure, data analytics capabilities, and talent, which can be a restraining factor for the global market.
Furthermore, businesses require a robust ecosystem of partners and developers to build and integrate applications and services, as well as to ensure that their advertising team has the skills necessary to use the technologies offered effectively. Businesses must assess the platform in light of their organization's unique demands and specifications, taking into account elements like scalability, dependability, and security. Businesses may overcome these obstacles and fully realize the promise of marketing technology to revolutionize their operations, generate revenue, and get an edge over competitors. For instance, in July 2023, GrowthLoop collaborated with Google Cloud, to transform marketing through advanced analytics and artificial intelligence (AI). The partnership leverages Google Cloud's BigQuery and generative AI capabilities to transform the way businesses segment, activate, personalize, and measure their marketing.
The North America is the largest market for the Marketing Technology (MarTech).
Increasing digital transformation and surge in demand for personalized experience positively impacts the growth of the market in the future.
The global marketing technology (MarTech) market is projected to reach $1.7 trillion by 2032.
The key growth strategies for Marketing Technology (MarTech) include product portfolio expansion, acquisition, partnership, merger, and others.
AWS, Inc., Google LLC, Microsoft Corporation, Oracle Corporation, SAP SE, Apple, Inc., Adobe Inc., Salesforce Inc., Aptean Inc., Zebra Technologies.
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