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The State of Martech & Marketing Operations 2023/24

With marketing technology now central to marketing strategy, CMOs face a number of challenges as they look to improve the customer experience. 

These challenges involve finding the right skills and knowledge to improve martech maturity, proving ROI of martech investment, tech selection, and keeping up with a changing technology landscape. 

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Martech Stats and Trends for 2023

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Marketing technology (Martech) is one of the fastest-growing markets, with the global market estimated to be worth $121 billion in 2019. MarTech growth has seen 7,258% growth in just the last twelve years. That’s an 11% increase from the 9,932 charted last year.

To help you understand the size of the market, growth in the industry, and the different marketing technologies used by companies, we've compiled some of the most interesting and useful Martech data. 

Market size and growth

The Global market for marketing technology and salestech is estimated to be worth $509.8bn. 

This market size figure is taken from The State of Martech 2022/23, produced by LXA. 

2022 martech salestech market size

 

The martech landscape now numbers more than 8,000 vendors, a staggering growth rate of 5,233%


martech landscape growth
  • The UK Marketing Technology Landscape contains 714 vendors, and just two of the six categories contain more than half of all vendors - Content & Experience and Social & Relationships. 

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The snapshot stats

  • According to data from WARC and BDO, the Martech industry in the UK and North America was estimated to be worth $65.9 billion in 2019, with the global market valued at $121 billion. (via ClickZ).

  • While overall marketing budgets were tightened during the Covid-19 pandemic,  the proportion of spending on marketing technology remains strong, with Martech taking a 26.6% share of marketing budgets according to a Gartner survey of CMOs


    martech-1

  • Gartner's survey also found that 68% of CMOs are expecting their spending on Martech to increase.

    martech spend 2
  • 68% of CMOs agree that marketing technology is at the heart of their organisation’s
    marketing strategy, and that its use is critical for meeting customer expectations.

Growth of Martech solutions by type

  • The volume of available Martech solutions grew by 13.6% between 2019 and 2020. 
  • Perhaps as a result of the increase in data privacy legislation and public awareness of the issue, data solutions grew by 25.5% year on year. 

growth in martech solutions

Investment and acquisition in the Martech industry

LUMA M&A activity by sector

  • The Customer Data Platform (CDP) industry continues to grow, taking $2.2 billion in funding, and numbering more than 100 vendors and 8,400 employees (Martech Alliance CDP Buyer's Guide).
  • The number of mergers and acquisitions in the Martech sector worldwide from Q1 2013 to Q1 2020 (Statista) 

Martech M&A

This post is part of our Martech stats series, which compiles key data and trends. Others include: 

Hey there, martech fans. Want to expand your knowledge on the space to the nth degree? Well, have we got a treat for you.

It’s our goal at LXA to help marketers understand and deploy marketing technology. Our 4Ps of MarTech & Marketing Operations guide will provide you with a practical framework for doing exactly that. Check out our 4Ps of marketing technology ebook here!