Businesses expected to increase funding in marketing automation
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.
This free comprehensive guide explains what the General Data Protection Regulation (GDPR) is, how this incoming data protection law will affect your organisation, and the practical steps to take to prepare for it.