Tuesday, October 4, 2022

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    US martech spending set to break $20 billion this year

    U.S. marketing technology spending is expected to increase 14.3% this year — surpassing $20 billion, according to a new report.

    While this is a substantial increase, it is down from last year’s 20.9% growth, said Insider Intelligence. Last year companies spent to keep up with the pandemic-driven shift to online by customers and businesses. This followed huge growth between 2018 and 2020 when martech spending nearly doubled in size. 

    Read next: Worldwide spend on marketing to hit $4.7 trillion by 2025

    Martech spending is still ahead of spending on marketing overall. Marketing budgets have climbed to 9.5% of total company revenue in 2022, an increase from 6.4% in 2021, according to Gartner. While marketing budgets are increasing this year, they still lag pre-pandemic spending levels.

    Read next: Using analytics to optimize marketing spend and drive sales

    The marketing resource budget mix is largely unchanged this year, the study found, with martech accounting for 25.4% share of resource budgets, down from 26.6% in 2021. 

    Why we care. If this is a slowdown in comparison with the last few years, it still shows a willingness to spend even in an uncertain economy. And $20 billion is quite a milestone.

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    The post US martech spending set to break $20 billion this year appeared first on MarTech.

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