Martech industry worldwide market figure valued at $344.8 billion
The martech industry is a significant player in the global market, with a valuation of $344.8 billion, according to a report by Moore Kingston Smith. The report, created in collaboration with the Martech Alliance, sheds light on the state of the martech industry and its impact on various sectors, including finance, automotive, entertainment, media, and travel.
What is martech?
Short for ‘marketing technology’, martech refers to the range of digital tools and software that marketers employ to achieve their objectives. This martech stack helps streamline marketing efforts, automate processes, and ultimately enhance customer experiences. The significance of martech is evident in its increasing integration into marketing strategies and workflows across industries.
The growth of the martech sector
The martech sector has experienced incredible growth over the past decade, only accelerated by the pandemic. COVID-19 forced businesses to expedite their digital transformation initiatives in order capitalise on rapidly changing customer behaviour and as such, the martech industry surged, solidifying its importance within organisational marketing strategies.
Key findings of The Martech Report 2021/22
The report highlights several key findings that provide valuable insights into the martech industry:
- Growing market: The size of the martech sector, valued at $344.8 billion, underlines the importance of marketing technology to organisations. Companies are increasingly recognising its potential to drive growth.
- Budget growth: More than 61% of respondents expect marketing technology budgets to increase in the next 12 months.
- External factors: Factors such as GDPR, COVID-19, and Brexit have had long-term effects on the martech industry, driving increased interest and engagement from investors.
- Adoption vs capacity: The rapid adoption of technology presents challenges for companies striving to achieve martech maturity. However, it creates opportunities for marketing agencies to bridge skills and knowledge gaps, helping organisations maximise their Martech investments.
- Martech vendors: Vendors will be pleased to see martech taking the second largest slice of marketing budgets, as well as the expected martech budget increases. With brand and agency respondents both seeing tech as crucial to meeting customer expectations, vendors have the opportunity to sell to both.
In conclusion, the martech industry’s growth has been fueled by the increasing need for digital transformation by organisations across various industries. The Martech Report highlights the industry’s potential for expansion and the importance of martech in an increasingly digital-first world.
About The Martech Report
The Martech Report’s findings are based on a survey of 206 respondents: 79% were brand respondents at CMO level or equivalent, and 21% were from agencies, including Account Directors, VP and VSP Client Services. All respondents were from companies with 200 employees or more, 62% of which had more than 500, and with a 50/50 split between the UK and North America.