Martech in UK and US to grow to $150bn

A new estimation of the market size for marketing technology across North America and the UK shows accelerated growth in investment in the area, according to a newly released report from learning solutions business Martech Alliance and accountancy firm Moore Kingston Smith.

Why it matters

Marketing technology is a rapidly growing sector, with digital transformation driven by the pandemic further accelerating this growth. The martech landscape now comprises more than 8,000 vendors, and agencies are expanding their services into the martech space to better serve their clients. Brands, looking to keep pace with trends in ecommerce and shoppable media, are looking to technology to capture the attention of consumers and deliver them the best possible customer experience.

Takeaways

• This latest market sizing calculation is a continuation of the analysis previously conducted by WARC in association with advisory firm BDO between 2017 and 2019, which looked at the current capabilities and investment in martech. 
• Using WARC advertising spend data and the survey results, the market size for this sector was valued at $34.4bn across North America and the UK in 2017, and rose to $65.9bn by 2019.
• The market size for martech in North America and the UK is now estimated at $149.7bn. Globally, it could be worth $344.8bn.
• 23% of marketing budgets are now spent on martech, and the majority of marketers intend to increase spending on tech over the next 12 months.

The full report, including market sizing calculation methodology, can be downloaded here.

Sourced from Martech Alliance and Moore Kingston Smith