Martech now accounts for 30% of all marketing budgets, and the total spend on martech and sales tech is estimated at $669.3 billion this year, a 31.5% over the $508.9 billion posted in 2022, according to State of Martech and Marketing, 2023/24, a global study by LXA, sponsored by Tealium.
Moreover, 83% of CMOs expect increases this year. Still, budgets are getting squeezed and CMOs face numerous obstacles to fully achieving marketing efficiency:
In addition to the money spent on martech, companies are allocating 28% for staff/labor, 21% for media and 21% for agency/services.
Making the pitch for customer data platforms, the study says: “The CDP allows marketers to collect and unify data from a range of sources, segmenting based on behaviour, interests, and preferences, and enabling personalisation of products, content, and promotions.”
It continues, “Data can then be activated across multiple channels, including ad platforms, email marketing tools, and content management systems. This allows marketers to engage customers with targeted messaging across various touchpoints.”
Of those polled, 72% prefer best-of-breed/multiple platform vendor solutions, while 20% choose all-in-one tools. And 8% have no preference.
Just for the record, the study listed these AI deals or investments based on research:
LXA surveyed 604 chief marketing officers or the equivalent at both B2B (54%) and B2C (46%) companies. All represented companies with 200+ employees.
The respondents were split between the U.S. (34%), UK (20%), Europe (13%), Middle East (16%) and Asia Pacific (17%).