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<\/a>Commenting on the findings,\u00a0Damian Ryan, Partner, Moore Stephens, said:\u00a0\u00abWe carried out this research to better understand the size of the market and the drivers behind its growth. It is only recently that martech has been given its own name, having previously been engulfed by the adtech umbrella.<\/p>\n
\u00abThe growth of the market shouldn’t come as a surprise to brands, agencies or anyone in the media industry. We are entering a new chapter of business, one that will be governed by trust and economic common sense.\u00bb<\/p>\n
Amy Rodgers, Research Editor, WARC, said:\u00a0\u00abThe marketing technology market has grown at a phenomenal rate over the past few years as marketers are required to do more, at a faster pace, than ever before. Tools that can assist or automate parts of this job are in high demand, especially as the evidence for their return on investment grows. This research indicates that martech use in the UK and US is set to grow by 10% over the next year, a strong indication of the strength of a market that is continually consolidating and diversifying.\u00bb<\/p>\n
Dissatisfaction, the main driver for martech investment growth<\/strong><\/span><\/p>\n Investment demand is driven by dissatisfaction: half (50%) of those polled state they don’t have the tools they need. When analysing by agency vs brand, six in ten (58%) agencies stated they don’t believe their clients have what they need and don’t fully utilise the martech tools they do have.<\/p>\n This is the reason why many businesses are looking to increase the investment in marketing technology (martech).<\/p>\n Ryan explains: \u00abWhile the rise of digital has been utterly spectacular, it has brought about widespread<\/p>\n mistrust in the marketplace and channels that underline its success. We’ve seen the phenomenon that is fake news, as well as adblocking and a general worrying absence of transparency.<\/p>\n \u00abThese are just some of the drivers leading organisations to invest in technologies to provide a greater sense of control. Martech is growing and we see it as the industry to watch for the foreseeable future for investment and product innovation alike.\u00bb<\/p>\n Most demanded martech tools<\/strong><\/span><\/p>\n Marketers are most likely to be using a martech tool for email, with 85% currently doing so. The majority also use social media and CRM tools, whereas experience optimisation and collaboration tools are currently used by around a third (37%). However, both of the latter are set for a significant rise; the survey reveals an additional quarter will invest in experience optimisation and collaboration tools in the next year.<\/p>\n Limited budget, the main barrier for spend in martech<\/strong><\/span><\/p>\n When considering what holds marketers back from implementing martech tools, limited budget is unsurprisingly the biggest barrier, with 42% stating so. For marketing and communications agencies, 57% said that the main barrier to investment is a lack of understanding of the marketing technology available. This is compared to just a quarter (25%) of brands polled.<\/p>\n Image over the headline.- Martech: 2018 and beyond. Insights into the UK and US markets-Report cover. \u00a9 WARC and Moore Stephens.<\/span><\/p>\n Related external links<\/span>:<\/strong><\/span><\/p>\n<\/a>