Global Marketing Technology (MarTech) Market Size, Share & Industry Trends Analysis Report By Product, By Type (Digital Marketing and Offline Marketing), By Application, By Regional Outlook and Forecast, 2023 - 2029

Global Marketing Technology (MarTech) Market Size, Share & Industry Trends Analysis Report By Product, By Type (Digital Marketing and Offline Marketing), By Application, By Regional Outlook and Forecast, 2023 - 2029

The Global Marketing Technology (MarTech) Market size is expected to reach $1,050.8 billion by 2029, rising at a market growth of 19.9% CAGR during the forecast period.

IT & Telecom utilizes marketing technology on a large scale because of the high need for business process digitization, insights generation, segmentation, content production, and faster turnaround, particularly in B2B business. Thus, IT & Telecom generated $20,784.2 million revenue in the market in 2022. Conversational AI models can be trained by agencies to tackle more difficult tasks and enhance the client experience. Investing in platforms and solutions that expand target audiences at scale while also providing new levels of personalization to those markets may help agencies provide better service to their clients. As a result, AI and data analysis technologies are poised to improve their marketing potential. Some of the factors impacting the market are Automation utilizing MarTech, advantages provided by MarTech, and difficulties in choosing the proper platform and changing the culture of the company.

Automation is one of MarTech's main benefits. Automation frees up time for marketers and salespeople to focus on the complex work that only humans can do while leaving the administrative and calculating tasks to computer programs. Automation can start to lead nurturing campaigns, alert marketing or sales teams when a lead has taken a specific action, or automatically configure lead scores. Marketing automation tools can anticipate the information clients need by tracking their responses to various sorts of content. MarTech uses data to enhance customer conversations. MarTech applications gather data, which is then organized by the user's connections in a CRM system. Data also facilitates marketing to the appropriate audience. Understanding what online attracts clicks, opens, and responses enables the team to produce more of that material and draw more viewers. Data consistency is a significant advantage of MarTech.

However, the organization's MarTech implementation, upkeep, and optimization are not straightforward, efficient processes. Instead, businesses must be ready to overcome a few significant challenges before fully enjoying the benefits of marketing technology to maximize their potential. One such obstacle is choosing the best MarTech platform, which is challenging because doing so involves more than just choosing the best partner or technology. Another element that makes adopting MarTech solutions challenging is the shifting corporate culture. Therefore, it is anticipated that challenges like selecting the appropriate platform and implementing cultural changes in the company will lower the adoption rate of these solutions and impede the expansion of the market.

Product Outlook

Based on product, the market is segmented into social media tools, content marketing tools, rich media tool, automation tool, data & analytics tools and sales enablement tools. The social media tools segment dominated the market with maximum revenue share in 2022. This is because compared to other marketing tools, social media is the most economical. MarTech and social media platforms can be combined to build powerful marketing campaigns. These tools produce enormous volumes of data that can be used to fuel the success of campaigns.

Type Outlook

On the basis of type, the market is divided into digital marketing and offline marketing. The offline marketing segment garnered a substantial revenue share in the market in 2022. This is because businesses can increase brand recognition and reach a larger audience using this strategy. For instance, billboards or print ads in the local paper might help the firm get visibility and connect with potential clients who might not be using the Internet. Additionally, offline marketing might present chances for one-on-one interactions with customers, like at trade exhibits or neighborhood gatherings.

Application Outlook

By application, the market is classified into IT & telecommunication, retail & e-commerce, healthcare, media & entertainment, sports & events, BFSI, real estate and others. The healthcare segment witnessed the largest revenue share in the market in 2022. This is owing to the increased use of chatbots in the healthcare industry. Chatbots are employed in the medical facility system to gather data about competent doctors, their availability, pharmacy hours, and clinics. Chatbots can help patients identify the best doctors and dentists, discuss their health issues, find available timeslots, book, rebook, and cancel appointments.

Regional Outlook

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region registered the highest revenue share in the market in 2022. This is due to local multinational corporations' swift and early adoption of cutting-edge technologies. MarTech innovation and investments are concentrated in North America, where established corporations are setting the pace, and startups are raising substantial sums of money to fuel market expansion. New startups and innovations are expected to enter North America throughout the forecast period, which will boost market growth.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC (Alphabet Inc.), Microsoft Corporation, Oracle Corporation, SAP SE, Amazon Web Services, Inc. (Amazon.com, Inc.), Amdocs Limited, Adobe, Inc., Apple, Inc., Buzzoole (Buzzoole Holdings Limited), and FullCircl Ltd.

Strategies deployed in Marketing Technology (MarTech) Market

May-2023: Google Cloud, a cloud computing service platform offered by Google entered into a partnership with SAP SE, a market leader in enterprise application software. This partnership would help Google Cloud's customers to bring data over the enterprise landscape and construct an end-to-end data cloud with the help of SAP SE's Datasphere solution. This would also help in offering a foundation for future enterprise AI.

Mar-2023: Microsoft launched its new AI assistant named Dynamics 365 Copilot. This new AI assistant would help those applications which handle tasks like customer service, marketing, and sales. This new AI assistant is based on the technology offered by OpenAI Software, which would assist marketers with a product listing for e-commerce and targeting customer categories.

Mar-2023: Apple took over a startup named WaveOne, which is engaged in the business of developing AI-powered videos. This acquisition would help Apple to save its bandwidth cost, deliver higher framerates and resolution content and thus help in more efficient streaming.

Mar-2023: Adobe signed a partnership with NVIDIA, an American-based GPU design company. This partnership aims to develop advanced AI models and integrate them into the creator's and marketers' applications together which would help Adobe to offer its customers more creative options, increase their productivity and enhance content production.

Mar-2023: Adobe launched its new service named Adobe Sensei Generative AI services, into its suite of productivity apps. This new service consists of Adobe's large language models and Azure Open AI services combination which would help to enhance the range of sales and marketing tasks.

Oct-2022: Adobe entered into a partnership with Mastercard, a card offering company that includes credit, debit, and prepaid cards along with Etsy, an e-commerce company, and Meta. This partnership would help Adobe offer special access to Adobe Document Cloud and Adobe Creative Cloud to various small & medium size businesses.

Jul-2022: SAP SE took over Askdata, a startup that is engaged in developing machine learning algorithms, specializing in search-driven analytics and offering a personalized experience to users. This acquisition would help SAP SE's customers to interact, search and collaborate with the live data more easily, without the need to learn self-service analytics solutions.

Jun-2022: Microsoft acquired Xandr, a data-enabled technology platform. This acquisition would help both companies to design and shape the future digital ad marketplace which would offer consumer privacy preferences, help advertisers to accomplish their goals, and understand consumer-publisher relationships.

Jul-2021: Microsoft formed a partnership with NEC Corporation, a leader in the integration of IT and network technologies. This partnership aims to offer each other their technologies, IoT solutions, and AI to assist the public sector and enterprise customers. The technologies that would be exchanged include NEC’s network and IT expertise and Microsoft Azure, Microsoft 365, etc.

Jun-2021: Amazon Web Services (AWS), Amazon's cloud services took over Wickr, a messaging app offering its services to government, military groups, and enterprises. This acquisition would help AWS to offer its customers and partners workforce transitional services due to covid-19 and protect their communications across remote locations.

Feb-2021: Google announced a partnership with News Corp., an American-based mass media and publishing company. The aim of this partnership is to develop a subscription platform together and help each other with audio and video journalism and News Corp. would use Google's ad technology services for advertising purposes.

Scope of the Study

Market Segments covered in the Report:

By Product

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

By Type

• Digital Marketing
• Offline Marketing

By Application

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

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Companies Profiled

• Google LLC (Alphabet Inc.)
• Microsoft Corporation
• Oracle Corporation
• SAP SE
• Amazon Web Services, Inc. (Amazon.com, Inc.)
• Amdocs Limited
• Adobe, Inc.
• Apple, Inc.
• Buzzoole (Buzzoole Holdings Limited)
• FullCircl Ltd.

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