Forrester predicts losses of as much as $15 billion by the end of 2021 for marketing services.
While COVID-19 has slashed advertising budgets and virtually stopped SaaS investments, B2B investments in SaaS are starting to pick up. Three possible recovery scenarios could emerge, out of which the most probable is a mid-2021 recovery, as per Forrester’s report.
CMOs are likely to reduce spend on marketing technologies along with marketing services and internal headcount. The overall marketing spend at the start of 2022 is expected to be 30% less than what it was in 2019.
However, investments in marketing automation platforms will continue as CMOs aim for efficiency and optimisation, based on the report’s mid-2021 recovery scenario. Martech will decline 4% overall and marketing automation platforms will grow 3%.
[3 minute read]