Global Marketing Automation Spending Will Reach $25 Billion By 2023
Marketers today are managing more channels, more content, and more data, while delivering vast quantities of personalized content quickly around the globe. As digital marketing complexity increases, more marketers are embracing automation tools to improve efficiency and speed to market.
In our first Marketing Automation Technology Forecast, 2017 To 2023, we expect global spending on marketing automation tools to surpass $25 billion by 2023, implying a 14% annual growth rate. Our forecast examines six categories of marketing automation technology: cross-channel campaign management software; content marketing platforms; lead-to-revenue management automation platforms; marketing resource management software; real-time interaction management solutions; and through-channel marketing automation platforms. ForecastView clients can view more details at Forrester Data: Marketing Automation Technology Forecast, 2017 To 2023 (Global).
A few key themes have emerged that will drive growth over the next five years:
- Spending on marketing technology is increasing. In our latest Forrester Data Global Business Technographics® Marketing Survey, 55% of global marketers plan to increase spending on overall marketing technology next year.
- Personalization enhances customer experience and is now the norm. Customers reward firms for personal, relevant, and value-added individualized experiences. As personalization becomes the standard, consumers now expect this level of engagement across channels and digital touchpoints. Marketing automation technologies can help marketers scale their personalization efforts.
- Artificial intelligence is transforming marketing. We are in the early innings, but AI is playing an increasingly important role in marketers’ ability to leverage data. Effective use of AI tools in conjunction with marketing automation technology will drive a lift in marketing performance. Multiple marketing technology vendors now utilize AI to improve their predictive capabilities.
We developed the forecast in collaboration with Jay McBain, Ryan Skinner, Rusty Warner, and Lori Wizdo. For more on marketing automation, see the following Forrester reports:
The Forrester Wave™: Through-Channel Marketing Automation, Q2 2018
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