LONDON, Jan. 11, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Marketing Technology Global Market Report 2024, the marketing technology market has witnessed exponential growth in recent years, reaching a size of $403.18 billion in 2023. The marketing technology market is poised for continued expansion, projecting a significant increase to $488.57 billion in 2024, with a compound annual growth rate (CAGR) of 21.2%. This growth is attributed to various factors, including digital transformation, social media proliferation, automation and personalization, the ascendancy of digital marketing, and advancements in customer relationship management.
Forecasted Growth and Influencing Factors
The marketing technology market is expected to experience unprecedented growth in the coming years, with a projected marketing technology market size of $1057.07 billion by 2028, at a CAGR of 21.3%. Key drivers in the forecast period include e-commerce expansion, the revolution in mobile marketing, widespread adoption of cloud computing, metaverse marketing, and the evolution of omnichannel marketing automation.
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Marketing Technology Market Emerging Trends
In the forecast period, notable trends are expected to shape the marketing technology market. These include martech stack consolidation, a focus on sustainability and ethical marketing practices, the rise of conversational marketing, and the increasing prominence of voice and visual search marketing. The demand for artificial intelligence (AI) is anticipated to be a significant catalyst for market growth.
The Role of Artificial Intelligence
Artificial Intelligence (AI) is playing a pivotal role in transforming marketing and customer engagement. The utilization of AI enhances efficiency, personalization, and decision-making processes. The rising demand for AI is evident, with an expected surge in spending from $20.25 billion in 2020 to $101.26 billion by 2040, growing at a CAGR of 8.4%. This underscores the profound impact AI is expected to have on the marketing technology market.
Marketing Technology Market Key Players
Major players in the market, such as Apple Inc., Microsoft Corporation, Amazon Web Services Inc., Oracle Corporation, SAP SE, Salesforce Inc., and Adobe Inc., are at the forefront of developing innovative AI marketing technologies. These technologies, including AI-powered assistance technology, are instrumental in driving organizational growth.
Case in Point: Microsoft's Dynamics 365 Copilot
Microsoft Corporation, in March 2023, introduced Dynamics 365 Copilot, an AI-powered assistant utilizing the GPT-3 language model. This tool assists marketers, customer representatives, and users by comprehending natural language voice commands, generating text, translating languages, and enhancing productivity. It plays a pivotal role in marketing material creation, campaign optimization, messaging personalization, and result measurement across organizations of all sizes.
Regional Dominance
In 2023, North America emerged as the largest region in the marketing technology market. This region's dominance is attributed to its robust technological infrastructure and the adoption of advanced marketing technologies.
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Market Segmentation
The marketing technology market is segmented based on product types (Social Media Tools, Content Marketing Tools, Rich Media Tool, Automation Tool, Data And Analytics Tools, Sales Enablement Tools), deployment methods (On-Premise, Cloud), and application areas (Information Technology And Telecommunication, Retail And E-commerce, Healthcare, Media And Entertainment, Sports And Events, BFSI, Real Estate, Other Applications).
In conclusion, the Marketing Technology Global Market Report 2023 presents a promising picture of the market's growth trajectory. As companies navigate the evolving landscape, leveraging AI and embracing emerging trends will be crucial. The marketing technology market report provides valuable insights for players in the market to strategize effectively, innovate, and stay ahead of the curve. By capitalizing on the forecasted trends, businesses can position themselves for sustainable growth in the dynamic marketing technology landscape.
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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