Study says US and UK account for more than half of global martech’s growth value

Warc and BDO surveyed 750 brands and agencies across the world.

The global marketing technology sector is expected to grow at 22% Y-O-Y to around $121.5 billion, with the combined US and the UK markets accounting for $65.9 billion. Brands in the two countries are spending 26% of their overall marketing budgets on martech tools like analytics and AI.

A majority of marketers also expect martech budgets to increase over the next year, with only 4% forecasting a decline in spending. But, 83% of agencies and 68% of advertisers think there is a growing need for data skills around the use of martech.

Warc’s managing editor Amy Rodgers said that despite martech’s growth, “...budgets remain a constraining factor to growth for 50% of brands.” She further added that there is a need for specialist martech skills to effectively allocate marketing budgets.

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