What Is The Current and Historic Market Size Analysis Of The Marketing Technology Market?
The marketing technology market has seen considerable growth due to a variety of factors.
• The size of the marketing technology market has seen an enormous surge in the past few years. The market, which will stand at $488.57 billion in 2024, is projected to expand to $591.57 billion in 2025, reflecting a compound annual growth rate (CAGR) of 21.1%.
The previous period's growth is due to factors such as digital transformation, the expansion of social media, automation and personalization, customer relationship management, and the growth of digital marketing.
What Is The Forecast For The Marketing Technology Market Size?
The marketing technology market is expected to maintain its strong growth trajectory in upcoming years.
• The anticipated size of the marketing technology market is predicted to experience sharp growth in the coming years. The market is projected to reach $1297.12 billion by 2029, expanding at a compound annual growth rate (CAGR) of 21.7%.
This upcoming growth can be attributed to several factors such as the boom in e-commerce, revolution in mobile marketing, the widespread adoption of cloud computing, the emergence of metaverse marketing, and the automation of omnichannel marketing. Key trends forecasted for this period include the consolidation of martech stack, emphasis on sustainability and ethical marketing, the rise of conversational marketing, along with advancements in voice and visual search marketing.
What Are The Essential Drivers Behind The Growth Of The Marketing Technology Market?
The growth of the marketing technology market is predicted to accelerate as the implementation of digital marketing intensifies. Digital marketing leverages digital channels, platforms, and technologies to make products, services, or brands known to its intended audience. It employs various marketing technologies to showcase these products or services through online channels, enhancing efficacy, effectiveness, and reach in the current digital arena. As per a study by IAB UK, a UK-based advertising firm, in 2023, there was an 11% increase in the digital advertising market, reaching a whopping £29.6 billion (roughly $38.18 billion). As such, the escalating usage of digital marketing stimulates the expansion of the marketing technology market.
Marketing Technology Market Driver: Growing Need for Artificial Intelligence Transforms the Marketing Technology Landscape
How Is The Global Marketing Technology Market Divided Into Key Segments?
The marketing technology market covered in this report is segmented –
1) By Product: Social Media Tools, Content marketing Tools, Rich Media Tool, Automation Tool, Data And Analytics Tools, Sales Enablement Tools
2) By Deployment: On-Premise, Cloud
3) By Application: Information Technology And Telecommunication, Retail And E-commerce, Healthcare, Media And Entertainment, Sports And Events, Banking Financial Services And Insurance (BFSI), Real Estate, Other Applications
Subsegments:
1) By Social Media Tools: Social Media Management Platforms, Social Listening Tools, Social Media Advertising Tools
2) By Content marketing Tools: Content Creation Tools, Content Distribution Platforms, Content Curation Tools
3) By Rich Media Tools: Video marketing Platforms, Interactive Content Tools, Image Editing Software
4) By Automation Tools: Email marketing Automation, Lead Generation Automation, Campaign Management Tools
5) By Data And Analytics Tools: Web Analytics Tools, Customer Analytics Platforms, marketing Performance Measurement Tools
6) By Sales Enablement Tools: Customer Relationship Management (CRM) Systems, Sales Training Platforms, Proposal And Contract Management Tools
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What Trends Are Reshaping The Future Of The Marketing Technology Market?
Leading enterprises in the marketing technology sector are progressing by incorporating advanced AI marketing technologies like AI-powered assistance tech, thereby facilitating growth within their organizations. This particular form of technology refers to software applications that harness the power of artificial intelligence to aid its users. They employ AI algorithms to interpret spoken instructions in natural language and perform tasks on behalf of the user. As an example, in March 2023, Microsoft Corporation, a tech firm based in the US, introduced Dynamics 365 Copilot, a unique AI-powered assistant offering support to marketers, customer service agents, among other users in their daily tasks. Being powered by Microsoft's GPT-3 language model and built on an expansive dataset of text and code, Copilot is able to understand discussions' context, generate text, translate languages, create diverse creative content, and provide informed responses to client questions. Additionally, it assists in crafting marketing content, optimizing marketing drives, personalizing marketing communications, and assessing marketing outcomes, thereby enhancing organizational productivity across various sizes.
Who Are the Key Players In The Marketing Technology Market?
Major companies operating 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.
What Are The Regional Insights Into The Marketing Technology Market?
North America was the largest region in the marketing technology market in 2024. The regions covered in marketing technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
