The global marketing technology (MarTech) market is experiencing growth due to several factors, including the increasing digital transformation, the surge in demand for personalized experience, and the proliferation of automation and efficiency.
PORTLAND, Ore., Sept. 11, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Marketing Technology (MarTech) Market by Type (Digital Marketing and Offline Marketing), Product (Social Media Tools, Content Marketing Tools, Rich Media Tools, Automation Tools, and Others), and Industry Vertical (IT & Telecommunication, Retail & E-commerce, BFSI, Media & Entertainment, Healthcare, Sports & Events, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the marketing technology industry generated $329.0 billion in 2022 and is anticipated to generate $1.7 trillion by 2032, witnessing a CAGR of 18.5% from 2023 to 2032.
Marketing Technology (MarTech) is a set of tools, platforms, and software applications that help businesses automate, streamline, and improve their marketing activities. It includes CRM (Customer Relationship Management), marketing automation platforms, CMS (Content Management System) tools, social media management tools, and data analytics software, among others. Marketing technologies and solutions help marketers plan, execute, analyze, and manage various marketing activities.
Marketing technology gives marketers advanced marketing capabilities to target specific audiences, create personalized experiences, and measure campaign effectiveness, as well as optimize marketing strategies. Marketing technology helps marketers automate repetitive tasks, update workflows, and gain valuable insights through data analysis. Marketing technology also helps marketers better allocate their time and resources, focus on creative and strategic marketing, and make data-driven decisions that optimize their campaigns. Marketing technology helps track customer behavior and delivers relevant content across different channels, including email, social media, and websites.
Prime Determinants of Growth:
The global marketing technology market is experiencing growth due to several factors, including the increasing digital transformation, the surge in demand for personalized experience, and the proliferation of automation and efficiency. However, data privacy and compliance, and the high cost of implementation are expected to hamper market growth. Furthermore, the growing integration of AI and ML technologies and the increase in demand for real-time marketing are anticipated to provide lucrative growth opportunities for the global marketing technology market in the upcoming years.
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Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $329.0 Billion |
Market Size in 2032 | $1.7 Trillion |
CAGR | 18.5 % |
No. of Pages in Report | 245 |
Segments Covered | Type, Product, End-Use, and Region |
Drivers | Increasing digital transformation.
The surge in demand for a personalized experience.
The proliferation of automation and efficiency. |
Opportunities | The growing integration of AI and ML technologies.
The increase in demand for real-time marketing. |
Restraints | Data privacy and compliance.
The high cost of implementation |
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic had significantly impacted several industries including the marketing technology industry, as the increase in demand for online tools and platform solutions during lockdowns had increased which had increased the demand for virtual classrooms.
- Furthermore, the outbreak of COVID-19 is projected to provide a range of new avenues for the market to grow over the forthcoming period. These novel opportunities include a surge in integration for IoT, AI, and other advanced technologies coupled with the growing adoption of cloud solutions in marketing operations. This surge in AI-powered assessment and evaluation tools implementation created numerous opportunities for marketing technology service providers, solution developers, and service providers.
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The digital marketing segment to maintain its leadership status throughout the forecast period-
Based on type, the digital marketing segment held the highest market share in 2022, accounting for nearly three-fourths of the global marketing technology market revenue, and is estimated to maintain its leadership status throughout the forecast period. The rise in the usage and development of digital technologies in the marketing sector propels market growth significantly. However, the offline marketing segment is projected to manifest the highest CAGR of 20.7% from 2023 to 2032. This is due to offline marketing services helping to grow relationships and networking of customers.
The retail and e-commerce segment to maintain its lead position during the forecast period-
Based on end-use, the retail and e-commerce segment held the largest share in 2022, contributing to more than one-fourth of the global marketing technology market revenue, and is expected to maintain the lead position during the forecast period. This is because of numerous advantages provided by marketing technology such as faster processing times, lower latency, and the ability to customize and tailor the technology to specific requirements. However, the media and entertainment segment is expected to portray the largest CAGR of 23.5% from 2023 to 2032. Marketing technology can innovate and streamline consumer and subscription processes.
Asia-Pacific to maintain its dominance by 2032-
Based on region, North America to hold the highest market share in 2022, accounting for more than one-third of the global marketing technology market revenue. This is due to the rising investments from public companies, such as Google LLC, IBM Corporation, Microsoft Corporation, and Amazon Web Services, Inc. among others, which is expected to drive market revenue growth in the region. On the other hand, the Asia-Pacific region is expected to maintain its dominance during the forecast period. The same region would also showcase the fastest CAGR of 21.7% from 2023 to 2032. This is due to the rise in digital penetration and adoption of smart devices, such as smartphones, tablets, and laptops are expected to drive market revenue growth in the region and provide lucrative growth opportunities for the market in this region.
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Leading Market Players: -
- AWS, Inc.
- Google LLC
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Apple, Inc.
- Adobe Inc.
- Salesforce Inc.
- Aptean Inc.
- ZebraTechnologies
The report provides a detailed analysis of these key players in the global marketing technology market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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