New research assessing the current and future state of the martech industry, has found that the UK and US martech market is growing exponentially as demand for new tools continues to rise.
The survey released this week by Moore Stephens, the top ten global accountancy firm, and WARC, the global authority on advertising and media effectiveness, questioned more than 500 UK and North American brands and agencies, and confirms a burgeoning martech industry.
The results show that on average, brands are spending 16% of their marketing budget on marketing technology. The research also reveals that the size of the martech industry for the combined UK and US markets is estimated at $34.3bn.
Marketers are most likely to be using a martech tool for email, with 85% currently doing so. The majority also use social media and CRM tools, whereas experience optimisation and collaboration tools are currently used by around a third (37%). However, both of the latter are set for a significant rise; the survey reveals an additional quarter will invest in experience optimisation and collaboration tools in the next year.
Many businesses are looking to increase the investment in marketing technology: nearly half (46%) of the UK businesses and more than one in three (38%) in the US are looking to increase their investment in the next 12 months. Only 7% of US businesses and 4% of UK firms are looking to decrease.
When considering what holds marketers back from implementing martech tools, limited budget is unsurprisingly the biggest barrier, with 42% stating so. For marketing and communications agencies, 57% said that the main barrier to investment is a lack of understanding of the marketing technology available. This is compared to just a quarter (25%) of brands polled.
A summary of the martech report is available here. The full report is available to WARC subscribers.
A webinar discussing the findings of the martech report will be held on 2 October 2017, and you can register for the webinar here.
