Technology over the years has taken a very important role in the creation as well as execution of marketing strategies. Case in point, the rise in the number of Martech solutions over the last decade from just 150 in 2022 to 8,000 in 2020, as per the latest data from Statista. The industry was valued at $121.5 billion in 2019.
Another side of the coin is Ad-tech. Reports suggest that the US which has been quick to adopt the new trend has already spent close to $340 million on the use of smart technology in marketing. It is believed that the amount will double over the next five years. The lion’s share of those investments is dedicated to artificial intelligence, followed by augmented and virtual reality. Voice assistants and the Internet of Things are also considered when planning marketing budgets, however are not as crucial as AI.
Interestingly, a quarter of the U.S. marketers are ready to have their campaigns fully automated with the help of artificial intelligence. What’s more, as marketers take the journey towards integrating technology into marketing campaigns, bid optimisation, fraud mitigation and inventory selection, among others, it is here that they are now looking at engaging AI.
The entire global marketing automation market size was valued at $15.6 billion in 2019. This is expected to grow to $25.1 billion by the end of 2023. Much of the growth is on the back of the rising popularity of digital omnichannel marketing. In fact, tech solutions are also expected to integrate well with other marketing and sales software example, CRM in order to expedite common processes. At the same time, global advertising expenditure stood at $586.5 billion in 2020, as per Statista’s latest findings. The report further suggests that at a global level it is expected to reach $691 billion by 2023.