The market for martech worldwide is now values at $121.5bn according to research published by BDO and Warc.
This is a rise of 22% year-on-year, the report Martech: 2020 and beyond found. The study estimates the size of the market in UK and North America as $65.9bn, compared with $52.4bn in 2018. It then extrapolates the size of the global market based upon the original figure being typical of markets worldwide.
The proportion of their budget marketers are spending on tech has also increased from 23% last year to 26% today. Spend in the US has doubled in the past two years, whereas in the UK it has remained steady. This was attributed to the UK being a more mature market.
Additionally, only 24% of global marketers – rising to 27% in the UK – believe they have all the martech tools they need.
Some 68% of brands and 83% of agencies said they had identified a bigger need for data skills associated with martech. Damian Ryan, media and technology partner at BDO, said: “Marketers always need time to get their arms around new technologies, however, when marketers see competitive reasons to deploy these faster, this can cause problems in the access and resourcing of the right talent and skills.”
The study polled more than 750 brands globally, assessing the state and future readiness of the martech industry.
