Marketing Technology (MarTech) Market Size, Share & Trends Analysis Report By Product (Social Media Tools, Content Marketing Tools, Rich Media Tool, Automation Tool), By Type, By Application, By Region, and Segment Forecast, 2023 - 2030

Marketing Technology Market Size & Trends

The global marketing technology (MarTech) market was valued at USD 325.7 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 19.8% from 2023 to 2030. Technology has altered how information is received, interpreted, and responded to by people worldwide. Marketing is relying more and more on technology. Since MarTech is getting more sophisticated and allows firms to better keep up with the constantly changing-and fragmented-customer journeys, the marketing environment continues to change and grow. Moreover, marketing technology is crucial since it considers all aspects of execution demands. It makes it possible for marketers to scale their campaigns holistically. Finally, MarTech is crucial since it enhances our ability to interact and communicate with colleagues and clients. The relationships developed with customers benefit from a good snowball effect as these B2B and B2C relationships improve.

Our modern economy has been built around e-commerce and remote workforces. Online sales have increased by over 30% this year, according to eMarketer, quickening the upward trend by two years. Moreover, marketers can maintain their productivity while working with remote teams and across various digital platforms due to martech technologies. Marketers interact with their audience primarily via digital media; it is now essential to marketing augmenting marketing technology growth.

Significant growth in automation and rich media tools are augmenting the market growth. For instance, in February 2022, Journey optimizer now has mobile marketing personalisation features from Adobe that help users interact with clients on smartphones more effectively. Similar to this, Audi promotes its A3 sportback using rich media advertising. These significant developments foresee market expansion during the projected timeframe.

The COVID-19 pandemic has had a significant impact on the marketing technology. With social distancing and remote work becoming the norm, businesses have increasingly turned to digital marketing channels to reach customers. Marktech tools that enable digital marketing, such as email marketing, social media management, and online advertising, have seen increased demand.Moreover, with the pandemic causing economic uncertainty and disruption, customers have become more selective about the products and services they purchase. Marktech tools that enable personalized marketing, such as customer data platforms (CDPs) and AI-powered marketing automation, have become more important in helping businesses connect with their target audience.

Product Insights

The social media tools segment led the market in 2022, accounting for 23% share of the global revenue. The social media tool is more cost-effective than any other marketing tool. Social media tools and marktech can be integrated to create effective marketing campaigns. For example, social media management tools can be integrated with marketing automation platforms to create personalized, targeted campaigns. These tools generate vast amounts of data that can be used to drive campaigns' success. Moreover, Chatbots powered by Artificial Intelligence (AI) are increasingly used on social media platforms to provide personalized customer service, engage with audiences, and drive conversions.

Some of social media tools used by the companies for customer engagement and growth includes,Hootsuite, a popular social media management tool used to schedule and publish content on social media channels such as Facebook, Twitter, Instagram, LinkedIn, and YouTube. It also provides analytics and insights to help companies track their social media performance. Similarly, Canva is a graphic design tool that allows companies to create visually appealing images and graphics for their social media channels. It includes templates for various social media channels and offers easy-to-use editing tools. These emerging tools are anticipated to augment the social media tools segment over the forecast period.

Type Insights

The digital marketing segment dominated the market and accounted for more than 62.6% share of the global revenue in 2022. Rapid digitalization has transformed how businesses function and execute their business plans. Digital marketing has given companies a useful tool for connecting with different market players through various channels, such as email, instant text messaging, and social networking. For instance, in September 2022, Salesforce, inc. announced a partnership with WhatsApp that will enable Salesforce users to communicate with their clients and create brand-new WhatsApp messaging experiences. WhatsApp-first business messaging will leverage the companies' best-in-class capabilities to create advanced, practical, integrated, and individualized interactions between individuals and companies throughout the globe.

Offline marketing, also known as traditional marketing, involves using non-digital channels to promote a product or service. This includes print advertisements, billboards, direct mail, trade shows, and sponsorships. This approach can help businesses reach a wider audience and build brand awareness. For instance, billboards or print advertisements in a local newspaper can help increase visibility and reach potential customers who may not be active online. Moreover, Offline marketing can provide opportunities for direct customer engagement, such as at trade shows or community events. This can allow businesses to build relationships with potential customers and generate leads.

Application Insights

The healthcare segment took the lead with over 20.7% of global revenue in 2022. Over the forecast period, segment growth is being boosted by the growing use of chatbots in the healthcare sector. For instance, in the medical facility system, chatbots are used to collect information about qualified doctors, available times, pharmacy hours, and clinics. Patients can use chatbots to describe their health problems, find the best doctors and dentists, find open time slots, and book, rebook, and eliminate appointments. Moreover, chatbots are integrated into users' device calendars to provide reminders and updates for medical appointments.

Prominent use of marketing technology in the retail and e-commerce sector is augmenting the segment growth accounting for the highest CAGR of 21.9% over the forecast period. Marketing technology is being used to personalize the shopping experience for customers. For instance, online retailers use data analytics tools to track customer behavior and preferences and then use this data to make product recommendations and offer personalized promotions.

Regional Insights

North America led the market and accounted for over 33.5% share of the global revenue in 2022, owing to the early and rapid adoption of advanced technologies across regional multinational companies. North America is a hub for MarTech innovation and investments, with companies such as HubSpot and Salesforce leading the way and startups raising significant funding to drive growth in the industry. The MarTech landscape in North America is dynamic and constantly evolving, with new startups and innovations emerging over the forecast period.

The Asia Pacific region is anticipated to witness highest CAGR growth in the marketing technology owing to the presence of developing economies such as China, Japan India, South Korea & Australia. ade, especially in the Asia Pacific region. Along with implementing core technological solutions, marketers are also working with IT service providers for design creation. This includes developing design prototypes and concepts in addition to digital production, testing, and adaption of the material. IT companies would enter the design development space and are doing so by acquiring both organic and inorganic capabilities.

Key Companies & Market Share Insights

The presence of various well-established multinationals and several small and medium vendors characterizes the market. Equipment vendors are focusing on research & development activities to launch the latest technology to improve the marketing technology space. Moreover, these vendors are expanding their global reach to increase their market presence and revenues. This type of initiative is expected to boost the adoption rate of enterprise network infrastructure equipment.

The merging and acquisitions and innovation of new products by major key players in the market is augmenting the market growth, for instance.In December 2021, The Dynamics 365 Marketing launched an upgrade which allows customers to manage Microsoft Teams meeting options from the Dynamics 365 Marketing app, construct journey branching based on any attribute, and track unsubscribed users in real-time marketing insights. Bug fixes and general performance improvements are also included in the update. Some of the prominent players in the global marketing technology market include:

• AWS

• Apple

• Adobe Inc.

• Amdocs

• Buzzoole

• Connect Insights

• ContentGrow

• Fullcircl

• Google LLC

• Microsoft

• Oracle

• SAP

Marketing Technology Market Report Scope

Global Marketing Technology Market Report Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global marketing technology market report based on product, type, application, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Social Media Tools

  • Content Marketing Tools

  • Rich Media Tool

  • Automation Tool

  • Data & Analytics Tools

  • Sales Enablement Tools

• Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Digital Marketing

  • Offline Marketing

• Application Size Outlook (Revenue, USD Million, 2017 - 2030)

  • IT & Telecommunication

  • Retail & E-commerce

  • Healthcare

  • Media & Entertainment

  • Sports & Events

  • BFSI

  • Real Estate

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • France

    • U.K.

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

  • South America

    • Brazil

    • Mexico

  • Middle East & Africa

    • Kingdom of Saudi Arabia (KSA)

    • UAE

    • South Africa