MarTech market Size, Share, Growth, And Industry Analysis By Type (Social Media Tools, Content Marketing Tools, Rich Media Tools, Automation Tools) By Application (Retail and E-Commerce, Healthcare, Infrastructural, Media and Entertainment, Sports and Events, Transportation and Logistics, BFSI, Others), Regional Forecast To 2031

Updated On: 08 April 2024

MarTech Market Report Overview

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global martech market size was USD 321400.0 Million in 2021 and market is projected to touch 703457.99 Million by 2031, exhibiting a CAGR of 8.15% during the forecast period.

The term "marketing technology," or "martech," refers to a broad range of tools, programmes, and services that use technology to further marketing objectives. It is no secret that digital innovation has evolved into a significant economic success factor for businesses of all kinds, but in the highly competitive marketing environment of today, technology utilization is more important than ever.

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COVID-19 Impact:

"Shutdowns Caused By The COVID-19 Pandemic Have Had A Variety Of Effects On A Wide Range Of Businesses And Sectors"

The shift in Internet users' habits has contributed to some of the effects, which have led to certain observable online trends, such as increases in organic traffic and conversion rates. Unsurprisingly, websites in sectors like media, finance, and healthcare have seen a rise in traffic, while those in the travel, building, and advertising verticals, among others, have seen a decline.

The conversion rates for the transportation, manufacturing, and travel industries have all declined, while those for the healthcare, pharmaceutical, and media industries have all climbed.

These facts are from an infographic created by Grazitti Interactive, a digital marketing company. It emphasises the present business effects of the current uncertain environment and the digital marketing strategies inside it. Additionally, in an effort to address COVID-19's effects, the infographic goes into some depth on social and search improvements made by Google, Bing, Facebook, Instagram, Twitter, YouTube, and Yelp. Organizations have been compelled by COVID-19 to reconsider their business practises and adopt digital technologies, and marketing is no exception. As CMOs tighten the ship and concentrate on results, we will see an increase in investment in marketing technologies.

Latest Trends

The revenue share for the information technology sector in 2021 was excessively large. The increased need for business process digitization, segmentation, insights gathering, content generation, and faster turnaround, particularly in B2B organizations, is one of the key drivers affecting this segment's revenue rise. Due to the growing emphasis on providing a superior customer experience and the desire for data-driven analytics and insights, martech solutions have become necessary, and this trend is expected to continue.

MarTech Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Social Media Tools, Content Marketing Tools, Rich Media Tools, and Automation Tools. Social Media Tools is anticipated to be the largest segment.

• By Application Analysis

Based on application, the market can be divided into Retail and E-Commerce, Healthcare, Infrastructural, Media and Entertainment, Sports and Events, Transportation and Logistics, BFSI, Others. Retail and E-Commerce will be the dominating segment.

Driving Factors

"Rising Rate Of Internet Use Will Fuel The Market Growth"

The need for martech in North America is primarily driven by the rising rate of Internet use and the fast improvement of technology. With the existence of significant technical businesses, the U.S. is at the forefront of digital innovation and transformation, making it one of the most competitive nations in this area. It is anticipated that increased financing will help the development of platforms that will support content marketing and enhance consumer insight using User Experience (UX) analytics to detect problems and conversion barriers between clicks.

In 2021, the digital marketing segment represented a sizable portion of total revenue. A major element influencing the segment's revenue development is the rising need for an enhanced user experience across a variety of online channels with accurate tracking of customers' online journeys. One of the main justifications for high-value investments by big organizations in digital transformation is the rise in online customer and brand interaction, whether business-to-business (B2B) or business-to-consumer (B2C). To deploy increasingly sophisticated and scalable martech solutions, varied organizations must prioritise productivity and high-quality user experience.

Restraining Factors

"Shortage Of Competent Workers Will Hinder The Market Growth"

Optimizing the current technology is an issue since investing in workflow management software and upskilling available staff is both necessary for fully using the technology's potential. A significant issue that is anticipated to significantly impede market expansion is a shortage of competent workers.

MarTech Market Regional Insights

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"North America will be the lading region during forecast period"

Other than regional markets, North America accounted for a noticeably greater sales share in the worldwide market. The region's businesses have an increasing need for martech due to rising internet usage and quick technical improvements. The United States is one of the most competitive nations in the digital sphere because it is at the forefront of digital innovation and change.

The Asia-Pacific market is anticipated to have consistent revenue growth throughout the course of the projected period. The region's market is anticipated to see revenue growth as a result of factors like the growing presence of martech suppliers, particularly in China, and the provision of improved solutions tailored to local market demands. The need for martech solutions has increased as digital technology and gadgets become more widely used.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Tackle.io (U.S.)
• Microsoft (U.S.)
• InMarket (U.S.)
• Estimote, Inc. (U.K.)
• Qualcomm Technologies, Inc. (U.S.)
• Foursquare (U.S.)
• Apple (U.S.)
• Google (U.S.)
• Unacast (U.K.)
• Zebra Technologies (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.