MarTech: US Martech Spending Set to Break $20B This Year; Growth Slowing
This MarTech article gives some interesting data on an anticipated decline in martech spending, but there’s important context to add.
Key Insight: Martech spending rates may be slowing post-pandemic, but marketing budgets are still on the rise (Gartner data shared in the article puts them at 9.5% of total company revenue in 2022, on average, representing a significant increase from 6.4% in 2021).
This may be partially attributable to a boom I’ve noticed in B2B digital ads spending. In the chart below, you can see that B2B digital marketing spending is increasing at the same rate that B2C digital marketing spending was growing during the spending boom that created some of the largest companies in the world today (including Google, Facebook, Amazon, etc).
Any martech spend that supports digital acquisition is likely benefiting from this macro trend, but it’s also worth considering on its merits. If the B2B giants of the future are being built now, what role will your company play?