Marketing Technology (MarTech) Market

The global market for marketing technology (MarTech) reached a value of USD 325.7 billion in 2022 and is projected to experience a compound annual growth rate (CAGR) of 19.8% from 2023 to 2030. The advent of technology has transformed how people worldwide receive, interpret, and respond to information, leading to an increasing reliance on technology in the field of marketing. As MarTech becomes more advanced, it enables companies to effectively adapt to the ever-changing and fragmented customer journeys, driving continuous change and growth in the marketing environment. Additionally, MarTech plays a crucial role by addressing all aspects of execution demands, enabling marketers to scale their campaigns holistically. Furthermore, MarTech enhances communication and interaction with colleagues and clients, resulting in improved relationships and a positive snowball effect for both B2B and B2C interactions.

In our modern economy, which revolves around e-commerce and remote workforces, online sales have seen a significant surge of over 30% this year, accelerating a trend that was expected to take two more years. The utilization of MarTech technologies enables marketers to maintain their productivity while collaborating with remote teams and operating across diverse digital platforms. As marketers primarily engage with their audience through digital media, the growth of marketing technology becomes essential for augmenting marketing efforts.

The market is witnessing substantial growth driven by the adoption of automation and rich media tools. Notably, Adobe introduced mobile marketing personalization features to its Journey Optimizer in February 2022, enhancing users' ability to effectively engage with clients on smartphones. Another example is Audi's utilization of rich media advertising to promote its A3 sportback. These significant advancements indicate the potential expansion of the market during the projected period.

The COVID-19 pandemic has had a profound impact on the field of marketing technology. As social distancing and remote work became widespread, businesses increasingly relied on digital marketing channels to reach their customers. Consequently, there has been a growing demand for marketing technology tools that facilitate digital marketing, such as email marketing, social media management, and online advertising. Furthermore, due to economic uncertainty caused by the pandemic, customers have become more discerning in their purchasing decisions. This has heightened the importance of marketing technology tools that enable personalized marketing, such as customer data platforms (CDPs) and AI-powered marketing automation, enabling businesses to effectively connect with their target audience.

Product Insights

In 2022, the social media tools segment dominated the market, representing a 23% share of the global revenue. Social media tools are highly cost-effective compared to other marketing tools. When integrated with marketing technology, social media tools can create highly effective marketing campaigns. For instance, by integrating social media management tools with marketing automation platforms, personalized and targeted campaigns can be developed. These tools generate a wealth of data that can be utilized to drive the success of marketing campaigns. Additionally, Chatbots powered by Artificial Intelligence (AI) are increasingly being deployed on social media platforms to offer personalized customer service, engage with audiences, and boost conversions.

Companies employ various social media tools to enhance customer engagement and facilitate growth. One example is Hootsuite, a widely used social media management tool that enables scheduling and publishing of content on popular platforms such as Facebook, Twitter, Instagram, LinkedIn, and YouTube. Hootsuite also provides valuable analytics and insights to help companies track their social media performance. Similarly, Canva is a graphic design tool that empowers companies to create visually appealing images and graphics specifically for their social media channels. It offers templates designed for various social media platforms and user-friendly editing tools. These emerging tools are expected to contribute to the growth of the social media tools segment in the forecast period.

Type Insights

In 2022, the digital marketing segment had a significant stronghold on the market, capturing more than 62.6% of global revenue. The rapid digitization of business operations has fundamentally reshaped how companies function and implement their business strategies. Digital marketing has emerged as a valuable tool for businesses to connect with various market players through channels like email, instant messaging, and social networking. For example, in September 2022, Salesforce, Inc. announced a partnership with WhatsApp, enabling Salesforce users to engage with clients and create innovative WhatsApp messaging experiences. This collaboration aims to leverage the strengths of both companies to facilitate advanced, practical, integrated, and personalized interactions between individuals and businesses worldwide.

On the other hand, offline marketing, also known as traditional marketing, relies on non-digital channels to promote products or services. This includes methods like print advertisements, billboards, direct mail, trade shows, and sponsorships. Such approaches help businesses expand their reach to a broader audience and establish brand awareness. For instance, billboards or print ads in local newspapers can enhance visibility and attract potential customers who may not be actively engaged online. Additionally, offline marketing offers opportunities for direct customer engagement, such as at trade shows or community events, allowing businesses to forge relationships with potential customers and generate leads.

Turning to specific industries, the healthcare sector led the way in 2022, accounting for over 20.7% of global revenue. Its growth trajectory is being propelled by the increasing utilization of chatbots in healthcare settings. For instance, within medical facilities, chatbots are employed to gather information about qualified doctors, available appointment times, pharmacy hours, and clinic locations. Patients can rely on chatbots to describe their health concerns, locate the most suitable doctors and dentists, find open time slots, and manage their appointments effectively. Furthermore, chatbots can integrate with users' device calendars, providing reminders and updates for medical appointments.

Meanwhile, the retail and e-commerce sector is experiencing notable growth, with the highest compound annual growth rate (CAGR) of 21.9% projected over the forecast period. The prominent adoption of marketing technology in this sector contributes to this expansion, particularly in terms of personalizing the shopping experience for customers. For instance, online retailers leverage data analytics tools to track customer behavior and preferences, utilizing this information to offer tailored product recommendations and personalized promotions.

Regional Insights

In 2022, North America emerged as the leader in the market, capturing a share of over 33.5% of global revenue. This was primarily due to the region's early and rapid adoption of advanced technologies by multinational companies. North America serves as a thriving hub for MarTech innovation and investments, with industry leaders like HubSpot and Salesforce paving the way. Additionally, numerous startups in the region have secured substantial funding to drive growth in the industry. The MarTech landscape in North America is highly dynamic, constantly evolving, and expected to witness the emergence of new startups and innovations throughout the forecast period.

On the other hand, the Asia Pacific region is projected to experience the highest compound annual growth rate (CAGR) in the marketing technology sector. This growth can be attributed to the presence of developing economies such as China, Japan, India, South Korea, and Australia. In this region, marketers are not only implementing core technological solutions but also collaborating with IT service providers for design creation. This involves the development of design prototypes and concepts, digital production, testing, and adaptation of materials. IT companies are entering the design development space through both organic growth and acquisitions, further fueling the market's expansion.

Regarding key companies and market share, the market is characterized by the presence of various established multinational companies as well as numerous small and medium vendors. Equipment vendors are focusing on research and development activities to introduce the latest technologies and enhance the marketing technology space. Furthermore, these vendors are expanding their global reach to increase their market presence and revenues. Such initiatives are expected to boost the adoption rate of enterprise network infrastructure equipment.

The market growth is being driven by the mergers and acquisitions as well as the introduction of innovative products by major key players. For example, in December 2021, Dynamics 365 Marketing launched an upgrade that enables customers to manage Microsoft Teams meeting options within the Dynamics 365 Marketing app. The upgrade also includes the ability to create journey branching based on any attribute and track unsubscribed users in real-time marketing insights. Additionally, the update includes bug fixes and general performance improvements.

Some notable players in the global marketing technology market include:

• AWS
• Apple
• Adobe Inc.
• Amdocs
• Buzzoole
• Connect Insights
• ContentGrow
• Fullcircl
• Google LLC
• Microsoft
• Oracle
• SAP

Global Marketing Technology Market Report Segmentation

The report presents a revenue growth forecast for the global marketing technology market at the global, regional, and country levels. It offers an analysis of the most recent industry trends and opportunities within each sub-segment from 2017 to 2030. The global marketing technology market report has been segmented based on product, type, application, and region to provide a comprehensive analysis.

Product Outlook (Revenue, USD Million, 2017 - 2030)

• Social Media Tools
• Content Marketing Tools
• Rich Media Tool
• Automation Tool
• Data & Analytics Tools
• Sales Enablement Tools

Type Outlook (Revenue, USD Million, 2017 - 2030)

• Digital Marketing
• Offline Marketing

Application Size Outlook (Revenue, USD Million, 2017 - 2030)

• IT & Telecommunication
• Retail & E-commerce
• Healthcare
• Media & Entertainment
• Sports & Events
• BFSI
• Real Estate
• Others

Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
• South America
  • Brazil
  • Mexico
• Middle East & Africa
  • Kingdom of Saudi Arabia (KSA)
  • UAE
  • South Africa