The news: Marketing technology (Martech) spending in the US will grow 14.3% this year and surpass $20 billion, according to our newly released forecast.
Data is fueling martech spending: Companies are spending on technology that will allow them to gather and store their own data, access information to make decisions, and act as needed.
Build-your-own-stack: Companies often turn to a number of providers to build a technology stack that suits their specific needs. Major players such as Adobe, Oracle, and Salesforce provide solutions that help companies perform a wide spectrum of marketing activities. Many smaller providers including startups offer solutions that are focused on a narrower range of marketing functions.
Convergence ascendant: As organizations look to find ways to become more efficient, martech is becoming increasingly integrated into the rest of a company’s tech stack.
B2B's power: B2B is more than 30% of total spending, and this share is expected to grow moderately over the next couple of years.
Go further: Be on the lookout for our report on B2C usage of marketing technology on or around September 22, with a corresponding B2B report due to be published in October.