LONDON, Dec. 20, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s marketing technology global market report 2023, the marketing technology market has witnessed an exponential surge, catapulting from $403.18 billion in 2023 to a projected $488.57 billion in 2024, with an impressive Compound Annual Growth Rate (CAGR) of 21.2%. This remarkable marketing technology market growth in the historic period is attributed to the pervasive influence of digital transformation, the dynamic expansion of social media, the automation and personalization revolution, the ascendancy of customer relationship management, and the proliferation of digital marketing.
Anticipating Exponential Expansion
The marketing technology market is poised for further exponential growth, with forecasts indicating an escalation to $1057.07 billion by 2028, boasting a CAGR of 21.3%. This projected growth is underpinned by various factors, including the expansive footprint of e-commerce, the revolutionary impact of mobile marketing, the widespread adoption of cloud computing, the advent of metaverse marketing, and the growing prominence of omnichannel marketing automation. Key trends in the forecast period encompass martech stack consolidation, the emphasis on sustainability and ethical marketing, conversational marketing, and the integration of voice and visual search marketing.
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Driving Growth: The Digital Marketing Wave
The rising tide of digital marketing adoption is poised to be a primary driver propelling the growth of the marketing technology market. Leveraging digital channels, platforms, and technologies, digital marketing has become instrumental in promoting products, services, and brands to target audiences. Notably, global digital marketing expenditure has witnessed a significant uptick, with a 14% increase in 2020 and a projected annual expansion of 9%. In 2021, worldwide digital advertising spending surged from $378 billion in 2020 to an estimated $646 billion by 2024, as reported by Oracle Corporation.
Seizing Tomorrow: Innovations in AI Marketing Technologies
Leading the charge in the marketing technology market are major players such as Apple Inc., Microsoft Corporation, and Amazon Web Services Inc. These industry titans are at the forefront of developing innovative AI marketing technologies, including AI-powered assistance technology. An exemplary instance is Microsoft's Dynamics 365 Copilot, an AI-powered assistant leveraging the capabilities of the GPT-3 language model. This technology comprehends natural language voice commands, aids in marketing material creation, campaign optimization, personalization of messaging, and productivity enhancement for organizations of all sizes.
Charting Regional Dominance and Market Segmentation
The North American region emerged as the leader in the marketing technology market in 2023. The market segmentation encompasses products like social media tools, content marketing tools, rich media tools, automation tools, data and analytics tools, and sales enablement tools. Deployment options include on-premise and cloud solutions, while applications span industries such as IT and telecommunication, retail and e-commerce, healthcare, media and entertainment, sports and events, BFSI, real estate, and more.
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Stakeholders are encouraged to seize the opportunities presented in this comprehensive marketing technology market report, utilizing it as a strategic compass to navigate the ever-evolving marketing technology epoch. The marketing technology market report empowers decision-makers to make informed choices, innovate proactively, and carve a path to sustained growth in an era defined by transformative technologies and dynamic market shifts.
Marketing Technology Global Market Report 2024 by The Business Research Company provides insights on the marketing technology market size, marketing technology market segments, marketing technology market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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