PUBLISHER: Allied Market Research | PRODUCT CODE: 1365845
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365845
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.
Moreover, with the help of marketing automation, marketing and sales personnel provide leads with highly personalized content targeted at acquiring and retaining consumers. Marketing automation focuses on defining, scheduling, segmenting, and tracking marketing programs. Moreover, it provides customers with greater ease and a better user experience. In addition, the application of cutting-edge technologies such as IoT and cloud computing to enhance data management and analytics and provide companies a greater knowledge of their goods. Such a number of factors are expected to provide lucrative opportunities for market growth during the forecast period.
In addition, the rise advancements in the marketing environment, enabled through communication technologies are positively impacting the growth of the market. In addition, marketing solutions are gaining significant adoption to increase the use of IT and network control systems among several industry operators, specifically data analytics and other digital technologies, are expected to fuel the growth of the market during the forecast period. Furthermore, the integration of automated systems in various businesses such as manufacturing, healthcare and others has reduced the rate of errors, such as low agility, as well as operating costs. Hence, these multiple benefits offered by technologies used in marketing operations and maintenance services will boost the demand for the global market. Additionally, the growing trend of digital systems and online marketing strategies are major factors driving market growth. Furthermore, the surge in demand for effective advanced technology among end users creates opportunities for the marketing technology market. Moreover, the rise in the adoption of several strategies by businesses to improve personalization in the media and entertainment sector, in turn, is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
Also, the marketing technology market is witnessing significant growth, owing to several key factors including rapid digital transformation specifically after the pandemic period. Moreover, the surge in the usage of smart devices in various industries strives for businesses to expand their product portfolio in marketing technology. Such factors further help organizations to enhance the customer experience and, hence, are anticipated to drive global market growth.
Furthermore, increasing digital transformation and surge in demand for personalized experience positively impacts the growth of the market in the future. In addition, the proliferation of automation and efficiency is expected to drive the global market growth. However, data privacy and compliance, and high cost of implementation are expected to hamper the market growth. Furthermore, the growing integration of AI and ML technologies and increase in demand for real time marketing, creates numerous opportunities for marketing technology solutions in the global market during the forecast period.
The marketing technology (MarTech) market is segmented into type, product, industry vertical, and region. By type, it is categorized into digital marketing and offline marketing. By product, it is divided into social media tools, content marketing tools, rich media tools, automation tools and others. By industry vertical, the market is classified into IT & telecommunication, retail & e-commerce, BFSI, media & entertainment, healthcare, sports and events and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the marketing technology market 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 market globally.
Key benefits for stakeholders
Additional benefits you will get with this purchase are:
Possible Customization with this report (with additional cost and timeline talk to the sales executive to know more)