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US martech spending set to break $20 billion this season; growth slowing

U.S. marketing technology spending is likely to increase a wholesome 14.3% this season surpassing $20 billion, in accordance with industry research eMarketer.

But marketing technology spending increases in 2022 wont match earlier years. Spending increased 20.9% in 2021, based on the report. This past year companies spent to maintain with the pandemic-driven shift to online by customers and businesses. This followed huge growth between 2018 and 2020 when martech spending nearly doubled.

B2B firms increase martech spending less this season and next aswell. Spending by B2B firms will rise 14.6% in 2022 and 12.4% in 2023, based on the report. Spending is likely to accelerate in 2024.

B2B martech spending will reach $6.6 billion by the finish of the 2022 and exceed $8.5 billion by 2024. Spending increases by B2B firms will outpace increases by B2C companies.

Read next: Worldwide devote to marketing going to $4.7 trillion by 2025

Martech spending continues to be ahead of shelling out for marketing overall. Marketing budgets have climbed to 9.5% of total company revenue in 2022, a rise from 6.4% in 2021, in accordance with Gartner. While marketing budgets are increasing this season, they still lag pre-pandemic spending levels.

Read next: Using analytics to optimize marketing spend and drive sales

The marketing resource budget mix is basically unchanged this season, the analysis found, with martech accounting for 25.4% share of resource budgets, down from 26.6% in 2021.

Why we care. If this can be a slowdown in comparison to the previous few years, it still shows a willingness to invest even yet in an uncertain economy. And $20 billion is fairly a milestone.

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Constantine von Hoffman is managing editor of MarTech. A veteran journalist, Con has covered business, finance, marketing and tech for, Brandweek, CMO, and Inc. He’s got been city editor of the Boston Herald, news producer at NPR, and contains written for Harvard Business Review, Boston Magazine, Sierra, and several other publications. He’s got also been a specialist stand-up comedian, given talks at anime and gaming conventions on from My Neighbor Totoro to the annals of dice and boardgames, and is writer of the magical realist novel John Henry the Revelator. He lives in Boston along with his wife, Jennifer, and either way too many or too little dogs.

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