Marketers might be in two minds over whether to press “go or pause” on planned campaigns but one thing is certain, the only way is up for the global martech software market, which is set to record compound annual growth of 17.4% and be worth $152bn (£123bn) by 2027.
A new report, by Search & Market, explains that proliferation of the Internet and the growing use of social media are encouraging companies to increase their spending on creating interactive and intuitive digital content for marketing. This, in turn, is anticipated to drive the market over the forecast period.
The advent of social media has dramatically enabled organisations to increase customer engagement through “influencers”, allowing organisations to engage in content-driven publicity. The report also points to the rise of virtual influencers – such as Prada’s Lil Miquela – to fuel further growth.
In addition, it claims that the increasing adoption of Voice of the Customer (VoC) techniques, such as online-hosted customer communities that define a customer’s preference for future products. are anticipated to boost the demand for the software over the forecast period.
It even reports that the outbreak of Covid-19 has positively impacted the market, owing to the increasing social media marketing activities among industries such as automotive, financial services, education, and healthcare.
Artificial intelligence is also having positive impact on the market, as organisations are emphasising the adoption of this technology for improving the customer experience.
But it while not be just big business at the forefront, the study claims, with SME segment anticipated to grow “remarkably”, owing to the increasing adoption of social media platforms such as Facebook, Pinterest, and Instagram, by SMEs for activities related to sales and promotion.
All marketers have to do now is work out how to use the technology…
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