Global Marketing Technology Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Marketing Technology Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Marketing technology (MarTech) is the software that helps execute the marketing activities. MarTech is the business-to-business (B2B) marketing industry’s term for applications that help succeed with modern marketing activities Marketing automation software is mainly used to streamline, schedule, segment, and track marketing campaigns. The software reduces the number of repetitive tasks associated with the conventional marketing processes and improves their overall efficiency. It also provides features such as e-mail marketing, campaign creation and management, data collection and storage, and data analysis and reporting. The software connects different marketing channels such as social media, e-mail, and content marketing to collect and analyze data. It assists organizations to generate more revenue and a better ROI. It also helps store customer-specific data used in customer segmentation and targeting, categorize customers based on common interests and behaviors, develops appropriate marketing patterns, and integrates marketing channels to deliver better customer experience.

Market Overview:

The latest research study on the global Marketing Technology market finds that the global Marketing Technology market reached a value of USD 189431.74 million in 2022. It’s expected that the market will achieve USD 419885.86 million by 2028, exhibiting a CAGR of 14.19% during the forecast period.

Market Drivers

Increasing demand for MarTech software and tools for offering improved customer satisfaction and experience through increased personalization and automation across various channels is propelling the growth of Global MarTech market. For instance, SALESmanago, artificial intelligence (AI) driven marketing automation platform, offers advanced analytics and artificial intelligence based personalization in order to deliver highly configurable personalized customer experiences across a comprehensive range of integrated marketing channels. Moreover, they also offer marketing automation system integrated with real-time bidding (RTB) network, which is the advanced version of advertising networks wherein the advertising inventory of advertisements are purchased and sold on real time basis through programmatic auction or bidding system. The marketing automation system enables the customers to reach their prospects with personalized messages, which can be displayed virtually on any website. Moreover, advances in Artificial Intelligence will enable predictive analytics tools to deliver actionable insights valid down to the level of individual customers. Artificial intelligence (AI) and cross-device identification (XDID) are cited as emerging technologies that aid marketers in the focus on customer experience. Furthermore, over the coming decade, the Internet of Things (IoT) is set to become a platform of choice for customers. IoT devices, from smart home appliances to store kiosks to digital banners will ensure personalized customer experience in both public and private spaces. To best leverage IoT opportunities, brands will need to ensure consistent messaging across a whole range of disparate IoT formats.

Market Challenges

At present, the world economy is accelerating the transition to economic activities with the network information technology industry as an important content. The digital economy is profoundly changing the production and life style of human beings and has become a new driving force for economic growth. The development of the digital economy has become a global consensus and has attracted widespread attention from all countries in the world, industries and all sectors of society. Nevertheless, Data will become immensely valuable in the years to come. However, it brings its own set of challenges with it for Marketing Technology industry. Firms will need to architect infrastructure for data processing and management. Building data management platforms from scratch may prove difficult. Many firms, especially smaller ones, may opt for third-party Cloud-based SaaS solutions to manage their data. Hence, cloud Marketing Technology processes need to be monitored continuously to minimize risks and improve the security features of these solutions. Marketing Technology must ensure the safety of sensitive data while interacting via systems and services.

It is clear that companies need to know what is and what is not legal in order to trade successfully. The laws regulate and guides the non-standardized operation of enterprises, making enterprises more standardized in the work of Marketing Technology. Virtually every country has enacted some sort of data privacy laws to regulate how information is collected, how data subjects are informed, and what control a data subject has over his information once it is transferred. Failure to follow applicable data privacy may lead to fines, lawsuits, and even prohibition of a site's use in certain jurisdictions. Challenges and conflicts centering on data privacy and regulation will need to be addressed. Data privacy issues have tangible implications for businesses: As governments and individuals become increasingly cognizant of the sheer quantity of data being collected, legislation like the GDPR will increase the compliance burden. Going forward, firms will need to do serious introspection when it comes to data strategy.

Additionally, online marketers need to assure customers that the information collected from them is safe. Ensuring the security of personal information can build trust in customers. Some jurisdictions have legal requirements prohibiting data transfer. These jurisdictions may require that the data be transferred only to jurisdictions that enjoy similar legal protections for the data involved. The use of online cloud storage providers requires marketers to ensure that the business privacy policy or the privacy clauses of the business website address the internal privacy leakage and customer data release of the online cloud storage provider. Using reputable providers and transparent storage of customer data can increase trust among customers.

In a word, legal factors often have an impact on Marketing Technology industry and how they do business. Manufacturers must meet various regulations promulgated by the government and operate in accordance with government policies. New entrants into the industry must also understand government policies and act in accordance with regulations. Organizations need to be able to respond to the current and anticipated future legislation, and adjust their marketing policy accordingly.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview

The top three companies are Google, Salesforce, Adobe Inc. with the revenue market share of 2.56%, 2.21%, 2.19% in 2021.

Google LLC is a global technology company specializes in internet-related services and products. The Company is primarily focused on web-based search and display advertising tools, search engine, cloud computing, software, and hardware. Google serves customers worldwide.

Salesforce designs and develops enterprise software. The Company supplies a customer relationship management service to businesses providing a technology platform for customers and developers to build and run business applications, as well as manage their customer, sales, and operational data. Salesforce serves customers worldwide.

Segmentation Overview:

Among different product types, Offline Marketing segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Retail and E-Commerce segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Marketing Technology market covered in Chapter 3:

Amdocs
InMarket
SAP
Microsoft
Bazaarvoice
Artesian Solutions
Acoustic
Foursquare Labs
Acidaes Solutions
Adobe Inc.
6Sense
Oracle
Google
ActiveCampaign
Aptean
Scanbuy
Cisco
NICE Ltd.
Hubspot
Salesforce

In Chapter 4 and Chapter 14.2, on the basis of types, the Marketing Technology market from 2018 to 2029 is primarily split into:

Digital Marketing
Offline Marketing

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Marketing Technology market from 2018 to 2029 covers:

Retail and E-Commerce
Healthcare
Infrastructural
Media and Entertainment
Sports and Events
Transportation and Logistics
BFSI
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)