It is predicted businesses will spend more than $25 billion on marketing automation tech by 2023.
Recent research – conducted by Forrester – predicted a 14% compound annual growth rate over the next five years. It was also revealed that 55% of global marketing decision-makers are planning to increase their spending in the next year, with 20% of them looking at least at a 10% increase in expenditure.
The report pinpointed a number of marketing technologies set to see significant growth including:
- Cross-channel campaign management
- Lead-to-revenue management
- Marketing resource management
- Real-time interaction management
- Through-channel marketing automation
- Content marketing platform.
Those technologies that had a B2B-focus were expected to grow the fastest and it is thought this will lead to a 25% growth in through-channel marketing automation and around a 19% growth in lead-to-revenue automation platforms.
Data and better technology set to be a game-changer
The research further found that artificial intelligence is increasingly helping marketers use data to their advantage. Forrester says the combination of MA and AI will cause a rift in performance as better predictive capabilities will put marketers ahead of the game.
The report was also careful to acknowledge the upcoming EU regulation: GDPR, that’s effect is currently unknown but will involve international companies if they trade in the EU market. Although it is thought the regulation will cause a short pause in the adoption of tech before encouraging businesses to take a more customer-centric approach in the long term.
