Marketing technology, also known as martech, refers to a wide range of systems, software, and solutions that harness technology to achieve marketing goals. It is no secret that digital innovation has become a key driver of economic success for companies of all sizes, but when it comes to today’s competitive marketing landscape, the use of technology is more paramount than ever. As brands and agencies are increasingly embracing technological advances and implementing tools to streamline internal processes, improve workflows, and facilitate communication, the global martech market's value was estimated at nearly 345 billion U.S. dollars in 2021.
Spending and strategies
According to a recent survey on the allocation of marketing budgets, CMOs spent roughly 26.6 percent of their annual budgets on marketing technology in 2021. Additional survey findings showed that two in three B2B marketers in the U.S. also planned to boost their martech investments in the following year. So, which technologies are marketers adopting? In the United States, customer data platforms (CDP) and content marketing were considered the most fundamental technologies in companies’ marketing stacks in 2021. While the overall number of martech solutions keeps growing every year, CDPs are becoming particularly relevant as they help marketers collect, analyze, and utilize relevant consumer data in a nearly cookieless world.
Automation is an essential pillar in today’s multi-faceted marketing universe. By implementing automation technologies into their daily work, marketers can streamline and simplify time-consuming tasks while also delivering relevant and personalized messages to customers. In 2020, marketing automation software revenues amounted to 3.6 billion U.S. dollars, and by 2027, this figure is expected to surpass 11 billion dollars globally. Survey data further showed that e-mail was the marketing channel most frequently using automation in 2021, which is no surprise considering that automated welcome messages, for example, can boast conversion rates of over 50 percent.
Mergers and acquisitions in a dynamic playing field
The martech sector experienced an unprecedented spike in merger and acquisition (M&A) activity in 2021. Global data shows that the number of marketing technology transactions reached a record 166 deals that year, nearly doubling the figure recorded in 2020. In addition to the sheer volume of transactions, there was also a noticeable surge in deals of 100 million U.S. dollars and more. Salesforce’s acquisition of Slack for a reported 27.7 billion U.S. dollars was by far the most expensive purchase of the year, followed by Intuit’s acquisition of Mailchimp for a respective 12 billion. Industry professionals expect to see even more M&A activity in the following years as the martech landscape continues to evolve and prosper.
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