New research supported by University of Bristol reveals impact of marketing technology within organisations
14 October 2019
The global marketing technology (martech) market is now valued at an estimated $121.5 billion, representing a year-on-year increase of 22%, finds international accountancy and business advisory firm BDO, and WARC, the worldwide authority on advertising and media effectiveness. This and other key findings are included in their ‘Martech: 2020 and beyond’ report, published today.
For a third consecutive year, the report, based on an annual survey of more than 750 global brands and agencies, demonstrates the health of the martech industry, with the majority of marketers globally expecting martech budgets to stay the same over the next 12 months, and 43% expecting an increase.
Marketing technology – automation software, analytics tools and emerging tech such as AI – are all helping marketers to create efficiencies and optimise their spend. More than three quarters of brands use martech to assist with email and social media, and more than a third for content, CRM and analytics.
The report demonstrated that globally, 68% of brands and 83% of agencies have seen an increased need for data skills associated with the use of marketing technology. Creativity was selected by 49% of brands as a priority over strategy and data, of which 21% considered it to be a top priority. In contrast, only 25% of agency respondents felt creativity should be the focus, prioritising strategy and data.
This year’s report features the findings of extensive qualitative research, via interviews with senior executives from leading brands and agencies, conducted by Dr Emma Slade of the University of Bristol’s Department of Management.
Dr Emma Slade said: “I was interested in obtaining a deeper insight into the impact martech is having on brands and agencies, and how they navigate this increasingly crowded and complex environment. The creativity, strategy, data debate is particularly important to continue to explore as we try to equip future marketing leaders with the skills they need.”
A sample report of ‘Martech: 2020 and beyond’ is available.