Moore Stephens in cooperation with WARC, the global intelligence service offering advertising and media best practices, carried out a research involving more than 500 UK and North American agencies.
The summary of the findings reveals as follows:
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50% of the brands don’t have all the martech tools they need
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Brands are spending 16% of their marketing budget on marketing technology
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Brands expect martech budgets to rise by 10% over the next 12 months
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The martech market could be worth more than $34 bn.
Damian Ryan, the partner with the corporate finance team at Moore Stephens, commented on the basic objectives of the research: “We carried out this research to better understand the size of the market and the drivers behind its growth. It is only recently that MarTech has been given its own name, having previously been engulfed by the AdTech umbrella.”
Lack of tools?
According to the summary report half of the pollees (50%) are dissatisfied with the MarTech tools and complain about the lack of their maturity. Over the next year, brands are most likely to begin using experience optimization, collaboration and marketing automation tools.
Market budgeting spent on MarTech
On average, 16% of budgets are spent by brands on marketing technology (18% in the UK and 14% in the US), whereas the estimated size of the combined MarTech industry totals to $34.3bn.
Damian Ryan said: “While the rise of digital has been utterly spectacular, it has brought about widespread mistrust in the marketplace and channels that underline its success. We’ve seen the phenomenon that is fake news, as well as ad blocking and a general worrying absence of transparency.”
Consolidating & diversifying role of the marketing technology in the nearest future
According to the research findings 46% of the UK businesses and 38% of the US firms are about to increase the investments into the marketing technology. This marks “entering a new chapter of business, one that will be governed by trust and economic common sense.”
Amy Rodgers, WARC’s Research Editor, noted: “This research indicates that MarTech use in the UK and US is set to grow by 10% over the next year, a strong indication of the strength of a market that is continually consolidating and diversifying.”
Burgeoning martech continues to grow at a blitzkrieg pace
In terms of the number of vendors and M&A activity over the past few years the UK and North American martech market has seen a huge growth and could be worth up to $34 bn.
The summary evidences the phenomenal growth traced at the marketing technology market over the past few years with much to be expected in the nearest future.
For more information about the insights into the UK and US markets and related 2018 Martech report summary, please follow the link:
https://www.moorestephens.co.uk/MediaLibsAndFiles/media/MooreStephensUK/Documents/Martech-survey-report-summary-web-version-MS.pdf?ext=.pdf