Global martech software spending set to soar

A five-year forecast of growth for global martech software spending shows that this sector is set to soar. In the study by Forrester, six categories of marketing technology software were in focus: experience delivery, marketing automation, marketing resource management, marketing performance management, customer analytics, and customer data management software.

The report concludes that global spending on martech will reach $148 billion in 2024 – up from $131 billion in 2023 – and then will begin to climb steadily through 2027, at which time it will reach $215 billion.

On the AI front, the study finds that while early use cases for genAI focus on creative development like writing and testing email copy, future use cases include natural language querying for creating new audience segments, modeling and optimising performance metrics, and tasks such as customer journey design.

So, what are your plans for martech spending in the coming years?