A new report has come out on what the global martech industry might look like in 2020. Titled “Martech: 2020 and Beyond,” the report explores current and future trends about spend, budget, skills needed, investments made, and more.
Advisory firms BDO and WARC, together with the University of Bristol, compiled the report. It was based on a survey of brands and agencies across North America, the UK, Europe, and APAC.
Key findings include:
- The martech industry in North America and the UK is worth an estimated $65.9 billion. Global market size could be $121 billion.
- Martech budgets have increased 25% in North America since last year.
- Martech tools related to email, social media, and content ranked most popular.
- Brands listed “creativity” as the top skill for hiring into marketing.
Market size of martech
The report authors write that using ad spend and budget data from the survey, they estimated the market size of the martech industry.
The image below shows how market size grew from $34 billion in 2017 to $65.9 billion in 2019.
Based on those numbers, they further estimated that the global market size of martech could be $121.5 billion.
Martech budgets up 25% from 2018 to 2019 in North America
As shown in the graph below, North America-based companies reported that in 2019, they spent 30% of their overall marketing budget on martech. That percentage grew from 24% in 2018, a 25% increase.
Interestingly, UK-based companies reported a slight decline in spend on martech, from 23% in 2018 to 22% 2019.
In both regions, companies reported an increase in in-house martech versus outsourced martech.
Most popular types of martech tools
The survey showed that the most popular martech tools (used by the highest percentage of brands) continue to be within established marketing disciplines.
Though some types of martech tools are less popular currently, brands indicated that they “plan to use [them] in the next 12 months.” These included experience optimization, marketing automation, and tracking customers between channels, each of which earned 30%.
Most desired skills when hiring for marketing
Brand-side respondents to the survey ranked the top skills they look for when hiring into the marketing team.
21% listed “creativity” as their first choice, and 49% ranked it within their top three choices.
Other top choices included “brand strategy,” “customer experience,” and “turning actionable data into insights.”
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