The 2024 Martech Landscape Supergraphic has been released, and it's been another year of growth in terms of tech solutions.
The martech landscape now numbers 14,106 products, an increase of 27.8% on last year's 11,038. All in all, since the first landscape in 2011, the number of martech solutions has grown by 9,304%.
While there has been plenty of consolidation over the years, and the big tech forms acquire smaller tech companies to increase their market share or acquire new capabilities, the number continues to grow.
This can be partly explained by the thousands of tech startups that make up the long tail - the inflow of new software firms entering the market continues to outpace the rate of exits.
While investment in martech and M&A activity has fallen from the peak of a few years ago, these startups continue to appear, thanks to the declining costs of building and deploying software.
The growth in startups can also be attributed in part to generative AI. More than 3,000 new solutions were added to the martech landscape in the past 12 months, many tied to AI. During the same period, the MAD (ML, AI & Data) landscape has grown to 2,011 vendors.
LXA's latest report, Driving Agency Growth in 2024: The AI, Data, and Martech Industry Overview, looks at key trends in the martech ecosystem from an agency perspective.