Marketing Technology (MarTech) Market Expected to Reach $1744 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Marketing Technology (MarTech) Market," The marketing technology (martech) market was valued at $328.95 billion in 2022, and is estimated to reach $1744 billion by 2032, growing at a CAGR of 18.5% from 2023 to 2032.

Marketing technology provides several benefits in various industries, reducing operational costs, increasing efficiency and accuracy, and improving customer experience. In the retail and e-commerce industries marketing technology provides customer relationship management (CRM) software for controlling customer interactions and data. It also offers platforms for online shopping with integrated marketing automation for email campaigns and personalized product suggestions. In the finance industry, it offers methods for managing educational content for financial literacy creation and distribution and tools for ensuring that marketing materials adhere to industry rules. Moreover, marketing technology is also beneficial in other industries including healthcare, hospitality, and entertainment. It provides patient relationship management solutions for the healthcare industry, which are used to stay in touch with patients and remind them of appointments. In general, the market for marketing technology is propelled by the demand for automated, intelligent systems that can handle large volumes of data in real-time, allowing businesses to act and make choices based on data-driven insights.

On the basis of end-use, the retail and e-commerce segment dominated the Marketing technology market in 2022 and is expected to continue this trend during the forecast period. This is because of numerous advantages provided by marketing technology such as faster processing times, lower latency, and the ability to customize and tailor the technology to specific requirements. Which further drives the demand for the global market in this sector. However, the media and entertainment segment is expected to exhibit the highest growth during the forecast period. as marketing technology can innovate and streamline consumer and subscription processes, which further is expected to provide lucrative growth opportunities for the market during the forecast period.

By region, North America dominated the marketing technology market share in 2022. This is due to the rising investments from companies, such as Google LLC, IBM Corporation, Microsoft Corporation, Amazon Web Services, Inc., among others, which is expected to drive market revenue growth in the region. Thus, anticipated to propel the growth of the market. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. The rise in digital penetration and adoption of smart devices, such as smartphones, tablets, and laptops are expected to drive market revenue growth in the region and provide lucrative growth opportunities for the market in this region.

The outbreak of COVID-19 is projected to provide a range of new avenues for the market to grow over the forthcoming period. These novel opportunities include a surge in integration for IoT, AI, and other advanced technologies coupled with growing adoption of cloud solutions in marketing operations. Further, marketing companies often deploy technologies like process automation and data analytics to continuously and rapidly provide improved efficiency and reduce maintenance expenses after the outburst of the COVID-19 crisis. Besides, the robust demand for emerging technologies, which are suitable for consumer needs, has grown substantially in the last few years. Further expected to support the market growth across the globe. 

Additionally, several companies are also incorporating advanced and innovative solutions, as well as providing advanced innovative execution in marketing operations to help businesses streamline their marketing operations, manage campaigns, and maintain customer interaction with fewer resources. For instance, in October 2020, UVA Darden launched a new online course on the Coursera platform namely “Artificial Intelligence (AI) in Marketing”, it offers learners a roadmap to incorporating AI into a marketing strategy. Such strategic initiatives create numerous opportunities for high market growth in the forecasting years.

Key Findings of the Study

• By type, the digital marketing segment accounted for the largest marketing technology market share in 2022.
• By product, the social media tools segment accounted for the largest marketing technology market share in 2022.
• By end use, the retail and e-commerce segment accounted for the largest marketing technology market share in 2022.
• Region wise, North America generated the highest revenue in 2022.

The market players operating in the marketing technology market analysis are AWS, Inc., Google LLC, Microsoft Corporation, Oracle Corporation, SAP SE, Apple, Inc., Adobe Inc., Salesforce Inc., Aptean Inc., Zebra Technologies. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the marketing technology industry globally.