• by Ray Schultz , August 23, 2023

Marketers are spending on generative AI, judging by new survey results from Gartner.

Of those polled, 63% plan to invest in Gen AI over the next 24 months. But there’s a question of how fully it will be utilized.  

Firms admit that usage of their overall martech stack fell to an average of  33% on average in 2023, down from 42% in 2022 and 58% in 2020. But companies that use more than 50% of their stack are significantly less likely to be asked for martech budget cuts.  

Overall, firms are spending 25.4% of their 2023 marketing budget on technology.

“CMOs recognize both the promise and challenges of generative AI,” says Benjamin Bloom, VP Analyst in the Gartner Marketing practice. 

But Bloom adds: “There’s a clear tension between investing more in the current tech stack to drive utilization, or reallocating their finite resources towards the coming crop of generative AI applications that may not suffer from the same utilization problems.”  

Gartner surveyed 405 marketing leaders conducted in May and June 2023.