How MarTech (Marketing Technology) Has Evolved Over the Years – A Look at Key Insights and Statistics

Short for Marketing Technology, MarTech refers to the set of integrated tools and technologies used to carry out various marketing capabilities that encompasses creating, executing, optimizing and managing marketing plans across different channels.

These automated tools and software applications improve how marketing efforts are undertaken. Leveraged by different industries, MarTech helps to better understand what resonates with the target audience, how to build more effective marketing programs, all with the aim of acquiring and retaining more customers.

Impact of the Combination of Marketing & Technology

With marketing being the most important aspect of how businesses and marketers target consumers, technology plays a key role in creating a marketing funnel for the marketers. While technology has evolved over the years, collecting, analyzing, and using data has also evolved over the years.

Technology and tools have made it easier and effective for marketing a product. This starts with doing market research for collating, analyzing and leveraging data. Customer relationship management tools, to analytics tools, social media channels and much more, technology has empowered marketers to dive deep into different facets of the marketing process, and use those to their advantage with respect to different phases.

Integrated marketing communication is also a key component that helps to create a smooth experience for the customers, right from seeing the advertisement, communication with the brand, to purchase process and post-sale management. Its main focus is on understanding the consumer behavior, their experience and actions with insightful data collection and analysis.

MarTech Tools and Software

There are different types of software and platforms that MarTech includes: Email marketing, automation tools, marketing analytics, customer relationship management (CRM) software, SEO, content management, social media management tools, sales funnel tools, data analytics, HubSpot marketingand variousSaaS tools for multiple marketing processes.

Through the last decade,MarTech adoption has increased manifolds across different industries (in fact, each industry and field has seen adoption of MarTech tools in some form or another). Here, we are bringing all the latest MarTech 2023 statistics for you.

Key MarTech Statistics & Insights

• For 36% of marketers, analytics tools are the most critical marketing technology tool.
• Marketing professionals are still using only 61% functionalities of their MarTech platforms.
• 65% of marketers prefer to increase their usage of MarTech tools to improve their ROI.
• Large organizations, on an average, use a MarTech stack of up to 120 tools and platforms.
• On average, a marketing technologist uses marketing automation tool for roughly about 10+hours per week.
• 82% marketers state customer retention as their premier objective of using a CRM.
• Approximately 62% of marketers use a CRM platform for marketing reporting purpose.
• Email marketing is still the most preferred marketing channel for respondents with 89% using this as their primary channel.
• Effective email marketing returns approximately $42 revenue for every $1 investment.
• 36% of marketers prefer to use fewer tools for marketing purposes, while 28% prefer to reduce the number of multiple MarTech vendors they deal with.

What Statistics We Will Cover in this Post:

• Marketing Automation Software Revenue Growth Statistics
• Which Marketing Channels Leveraging Automation Technology the Most?
• Which is the Top B2B SaaS Marketing Software by Annual Revenue Share?
• MarTech Industry Size Globally & in the U.S. and U.K.
• Total Number of MarTech Solutions Available Globally
• Allocation of Marketing Budgets on MarTech& Other Channels
• What is the Most Important Data Type for Marketers?
• What Areas Benefitted the Marketers Most By Improving Marketing Data Quality?
• Growth of MarTech Solutions by Functionality
• Percentage of MarTech Stack Capabilities Used
• Impact of Top 9 MarTech Trends in 2023
• Email Marketing Revenue Globally
• How Marketing Functionalities Across Businesses Have Changed in the Recent Years?
• Biggest Advantages of Using Data for Marketing Strategies
• Which Marketing Trends/Channels Marketers Plan to Adopt in 2023?
• Which are the Topmost Leveraged Marketing Channels for Marketers?
• Key Challenges Faced by the Marketers

Marketing Automation Software – Revenue / Market Size Growth Prediction from 2022 to 2031

In 2022, the marketing automation software industry’s revenue was at 4.93 billion U.S. Dollars, globally, which is expected to more than double by 2031, amounting to a total of 11.25 billion U.S. Dollars. This underlines the importance marketing technologies are gaining amongst marketers and businesses globally.

Which Marketing Channels Leveraging Automation Technology the Most?

As of February 2023, a global survey amongst business owners and marketing managers showed that over 63% were using some kind of automation in their email marketing processes, followed by 50% for social media management. Email marketing is a key component of digital marketing, since its advent, and still holds the significance as a potent outreach and conversion tool for marketers even with the introduction of several other marketing technologies over the years.

Which is the Top B2B SaaS Marketing Software by Annual Revenue Share?

As of January, 2020, marketing software as a service (SaaS) company Anaplan was leading the charts with 348 million U.S. Dollars in annual recurring revenue, followed by 247 ai at 306 million U.S. Dollars.

MarTech Industry Size Globally & in the U.S. and U.K.

In 2021, the global marketing technology size stood at 344.8 billion U.S. Dollars, whilst the combined market size share of U.S. and U.K. was at 149.7 billion U.S. dollars.

Total Number of MarTech Solutions Available Globally

The total number of Marketing Technology solutions was a meager 150 in 2011, which grew to a total of 9,932 in 2022, utilized by industry professionals globally for various marketing automation tasks and purposes.

Allocation of Marketing Budgets on MarTech & Other Channels

A survey conducted amongst Chief Marketing Officers (CMOs) in various industries spanning North America, U.K., France and Germany revealed that in 2022 they were spending over 25% of their marketing budget on MarTech tools, and a similar amount was spent on paid media.

What is the Most Important Data Type for Marketers?

According to a January 2023 survey report, 42% chief marketing decision makers across industries cited purchase history as the most important data type to channel their marketing approach and improve business results. This was followed by email marketing & social media data, tied at 40%.

What Areas Benefitted the Marketers Most By Improving Marketing Data Quality?

As per a global January 2023 survey, 61% marketers responded that customer satisfaction is the most improved area by improving the marketing data quality. This was followed by 45% of respondents citing customer engagement, and lead generation for 35%.

Growth of MarTech Solutions by Functionality

According to a 2020 survey, Data functionality was the leading field witnessing a 25.5% growth in the technology solutions, followed by Management at 15.2%. Surprisingly, Commerce & Sales stood at 9% in 2020.

Percentage of MarTech Stack Capabilities Used

According to a 2022 survey, MarTech stack utilization has decreased to 42% from 58% in 2020, underlining the importance for marketing experts to re-think their strategies of technology acquisition and usage.

Impact of Top 9 MarTech Trends in 2023

AI leads the chart with a share of 20% in influencing analysis, planning, and execution of marketing activities, followed by extended realities including Metaverse, AR, VR, at 16%.AI’s impact on marketing is slated to grow more immensely in the coming years.

Email Marketing Revenue Globally

As per a Statista report, email marketing revenue is growing steadily annually and is estimated to reach 11 billion U.S. dollars by the end of 2023. This underlines the fact that one of the earlier components of digital marketing will continue to hold its significance in the coming years, with more personalization to be incorporated by the marketers.

How Marketing Functionalities Across Businesses Have Changed in the Recent Years?

For more than 80% of marketers, their method of marketing functions, including technology adoption and strategic execution has changed more in the last 3 years as compared to about 5 decades before that.

Biggest Advantages of Using Data for Marketing Strategies

In today’s digital age, data is the most important tool, and how it is collated and used by marketers holds the key for their significance. For marketers, data is more precisely used for reaching their target audience, followed by creating more effective marketing content.

Which Marketing Trends/Channels Marketers Plan to Adopt in 2023?

Metaverse is the most preferred trend marketers plan to jump on and utilize in 2023, followed by AR/VR at 14%. And it is expected that the tech giants will continue to grow their presence in the field of Metaverse in the coming years.

Which are the Topmost Leveraged Marketing Channels for Marketers?

As of 2023, social media is the most utilized marketing channel, which also has the highest ROI amongst all the marketing channels. No doubt, that, marketers emphasize a lot on social media networks for multiple marketing related analysis and activities.

Key Challenges Faced by the Marketers

Generating traffic and leads is the topmost challenge faced by the marketers, followed by, surprisingly, hiring top talent at the second spot. It is all a matter of how marketers and businesses leverage tools and technologies to draw traffic and generate leads.

Conclusion:

Although innovations and implementation have been seen in the MarTech field effectually for over a decade, this has sped up in impact in the last few years and is set to grow rapidly in the this decade. With automation at the core, MarTech integrated solutions are going to have a bigger say in how services and products are projected. This is also going to be pivotal in influencing custom target approach with digital marketingas we are consistently witnessing that with the major role social media tools and technologies are playing.