Warc and BDO surveyed 750 brands and agencies across the world.
The global marketing technology sector is expected to grow at 22% Y-O-Y to around $121.5 billion, with the combined US and the UK markets accounting for $65.9 billion. Brands in the two countries are spending 26% of their overall marketing budgets on martech tools like analytics and AI.
A majority of marketers also expect martech budgets to increase over the next year, with only 4% forecasting a decline in spending. But, 83% of agencies and 68% of advertisers think there is a growing need for data skills around the use of martech.
Warc’s managing editor Amy Rodgers said that despite martech’s growth, “...budgets remain a constraining factor to growth for 50% of brands.” She further added that there is a need for specialist martech skills to effectively allocate marketing budgets.
[3 minute read]