If you needed further proof that marketing tech is blowing up, IDC provided it.
$32.4 billion—that’s the size the annual market for marketing technology is expected to reach by 2018.
This data comes from a recent webinar by IDC. Breaking that down a little more, the expectation is that market will grow at annual compound rate of 12.4%, reaching a total spend of $130 billion over the next five years.
Clearly, marketers—especially Chief Marketing Officers—are getting greater budget and greater responsibility than ever before. But far from making things easier, this newfound budget ownership is proving confusing for most marketers.
There are now more than 1,800 vendors in the marketing tech space, according to ChiefMarTech.com. And the overlap and gulfs between all these providers is getting harder to map out with any real consistency. And rather than release marketers from the strictures of their individual silos, marketing tech can harden the walls between functions, regions, and departments as individual specialists get locked in their specialized tools.
In fact, in our recent whitepaper, experts predicted that the ability to integrate these disparate systems is what we’ll define the future of marketing technology.
So as marketing leaders put more money into their technology stack, they need to modernize the processes and workflows to ensure all fancy tools and channels are properly stocked and connected.