Global Martech market valued at $121.5bn, says report

According to a report by BDO and WARC, marketing technology automation software, analytics tools and AI are aiding marketers to optimise their media spend

by exchange4media Staff
Published - Oct 14, 2019 6:30 PM Updated: Oct 14, 2019 6:30 PM
Marketing

The market for marketing technology around the world has been estimated to be valued at $121.5 billion, media reports have said quoting a report by BDO and WARC.

The report called Martech: 2020 and beyond report says most marketers in the word expect martech budgets to stay the same over the next 12 months. While 43 per cent are expecting an increase, 4 per cent say marketing budgets are set to fall

According to the report, marketing technology automation software, analytics tools and AI are aiding marketers to optimise their media spend.

The report further says that while over three quarters of brands use martech for assistance in email and social media, over a third use tech for purposes like content, CRM and analytics.

Around the world, 68% brands and 83% agencies have witnessed a growth in the need for skills linked to use of marketing technology.

Customer experience is being treated on priority by most businesses, the report said. Over 90 per cent of brands have said that customer experience is crucial both in the offline and online mediums.

The report goes on to say that growth in the future lies in adopting of latest technology.

Media reports quoted Damian Ryan, Media Technology Partner, BDO, as saying: “The continuing consumer appetite for adopting digital technologies is driving growth in the market and providing opportunities for both big and small vendors of marketing tools across the globe. Marketers always need time to get their arms around new technologies, however, when marketers see competitive reasons to deploy these faster, this can cause problems in the access and resourcing of the right talent and skills. This prominent issue bears out in the report from the 750 brands and agencies surveyed.”

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