MarTech is no longer optional. Businesses need it to solve challenges like finding new customers and differentiating their brand or they’ll lose their competitive edge.
Given how vital marketing technology has become, it’s important to stay updated with emerging trends and patterns.
Read our report to discover the most essential 15+ MarTech trends and innovations for 2024.
The future of MarTech
The MarTech industry is exploding, leading to rapid changes in processes and policies. Even compared to a year ago, the landscape looks remarkably different.
In this section, we explore the current and future trends shaping MarTech products and how companies use them.
1. Exponential growth
MarTech is now worth an estimated $670 billion, a staggering increase of 31.5% over 2023.
Innovations such as AI, machine learning, and automation are responsible for much of the growth.
ChiefMartec research shows that the number of MarTech products has grown from just 150 in 2011 to over 14,000 in 2024.
The industry hasn’t just increased in value but also size. One company has been tracking the number of MarTech products for the past 13 years — they discovered it jumped by over 3000 in 2023 alone.
This year saw some major releases including Salesforce’s AI-powered Genie and HubSpot’s AI-Enhanced CRM.
2. The rise of startups
Most MarTech companies are startups and specialist products with less than $10 million in revenue.
Flodesk is one of the many fast-growing startups in the MarTech industry.
The technology also has a low drop-out rate as only 2.1% of corporations are getting acquired or dissolving.
That’s because the cost of developing and running MarTech keeps decreasing, making it an incredibly sustainable venture.
Substack and Flodesk are two of the many fast-growing MarTech startups. Both have become market leaders and accumulated thousands of subscribers worldwide.
3. Expanding budgets
MarTech now accounts for around 30% of marketing budgets. The majority of companies also expect to increase their spending in the following year.
LXA has discovered that customer experience tops the list of reasons to invest in MarTech.
The main driving force behind the budget increases is improving customer engagement and experience.
MarTech tools help brands appeal to consumers by allowing them to provide a more tailored, seamless service.
4. Tech stack consolidation
41% of companies say the complexity of their current system is one of the biggest obstacles to using MarTech tools effectively.
14% say it’s the number one reason. That’s why many marketing teams are looking toward consolidating their tech stack.
“What we’ve seen from MarTech companies and users over the past years is the desire to combine their tech stack as much as possible. Gone are the days of using one product for a pop-up, one for an email, one for segmentation, and another to integrate them all. We’ve also seen fewer MarTech companies offering a single solution.
Expect this trend to continue this year and next. A marketing platform that offers popups, multiple channels, integrated social and search targeting tools, and even product reviews inside a single solution can offer companies a more unified service at a better price.”
As MarTech becomes more prevalent, more online training courses are springing up.
Popular learning platform, Udemy, is already offering an introductory program.
6. Data-driven marketing
The majority of marketing teams say that data is key to the consumer experience. By leveraging this information, they can take a more targeted, personalized approach.
A HubSpot report revealed that social media analytics are the most popular source of consumer data.
26% say a data-driven approach increases the ROI of all their marketing activities. Social media analytics are the most popular source of data.
Tools like Hootsuite and Sprout Social measure metrics like clicks and impressions to tell businesses what’s working and what’s not.
7. A cookie-less future
Google announced that it would begin rolling out cookie restrictions in early 2024. Now 33% of companies say loss of access to third-party data has become a top concern.
Following a Google announcement about cookie restrictions, marketing teams are looking at new ways to collect data.
They must rely on other sources to develop targeted advertising and tailor their marketing.
71% of companies are turning to zero or first-party data. That means we’re looking at a rise in on-site surveys and signup forms.
Some brands are incentivizing consumers to answer quizzes by offering them something in return — just look at Penhaligon’s Fragrance Profiler for a great example.
8. Hyper-personalization
Hyper-personalization is when you create an individualized experience for consumers based on their needs and preferences.
The majority of marketing experts agree it can drive sales and increase retention.
A further 71% of respondents say that Martech enables them to personalize their approach. However, hyper-personalization isn’t a single software feature.
It’s a combination of tools that allow users to collect data, gain deep insights into each user, and deliver tailored interactions.
9. Email marketing comeback
Despite all the amazing technological advances in 2023, there was a surprising winner. 25% of companies said their top-performing channel was email marketing.
A Mailmodo survey discovered that email marketing was the top-performing channel in 2023.
Most teams are using the strategy to promote awareness of their brand and retain existing customers.
Mailchimp owns the majority of the market share at around 67%. The popular email marketing platform lets you customize templates and auto-schedule when you send messages among other features.
10. Data security and ethics
53% of CMOs say they’re focussing on data security and ethics in 2024. New risks and changing laws have made it more important than ever to safeguard consumer information.
Many marketing teams have pivoted after stricter legislation has reduced their access to high-quality data.
Over three in four say they’re rethinking their channels and key performance indicators (KPIs) in response to changes.
11. MarTech KPIs
Talking of KPIs, what are companies using to measure the success of their MarTech tools in 2024?
An LXA report finds the majority of companies are interested in their business productivity levels.
The majority of LXA survey respondents say they measure the effectiveness of their MarTech tools through their business productivity levels.
That’s followed by their business revenue, marketing revenue, and customer satisfaction levels.
Marketing teams have become more confident about measuring the impact of their MarTech tools.
70% of CMOs now say they can track KPIs accurately compared with just 62% in 2022.
12. Short-form videos
The vast majority of businesses use video marketing. When they don’t, it’s mostly due to a lack of time followed by budgetary constraints.
Short-form videos like the ones on TikTok and Instagram get the biggest results. Around one in five marketing teams saw the most ROI from this initiative.
30% of brands who don’t already use short-form videos are planning to start in 2024.
MarTech Innovations
In recent years, we’ve experienced breakthroughs like AI and machine learning that have transformed how companies relate to consumers.
Here are some of the biggest innovations specific to MarTech:
13. Influencer marketing platforms
The majority of respondents agreed that influencer marketing is effective. Around two-thirds plan to allocate more of their budget to this initiative in 2024.
Influencer marketing platforms like Upfluence and Traackr can help companies form partnerships.
These solutions use AI and automation to help users analyze their database to find the best matches based on their industry, budget, and more.
Due to the success of the AI-powered features, the value of influencer marketing platforms is expected to hit over $50 billion by 2028.
14. GEO tools
GEO (Generative Engine Optimization) is the practice of making your online content more visible and accessible to AI-driven search engines.
That way information from those pages is more likely to feature in answers from ChatGPT or Perplexity and get exposure for your brand.
Research shows that GEO is so effective that it can improve your overall visibility by up to 40%.
Now leading companies are looking at how to use keyword research and analysis tools to optimize their content for GEO.
“The big trend for 2024 in marketing is AI, but not how people are thinking about it. While its usefulness is at the forefront of conversations, lots more interesting things are happening at the backend, specifically around SEO. Or more specifically, GEO (Generative Engine Optimization).
GEO changes how marketers do SEO by combining traditional strategies with AI. The result is an overhaul in the way content gets cataloged and presented by search engines.
To get the most results from marketing strategies, everyone needs to structure content to strategically maximize desired keywords and include language that gets better traction. Content that doesn’t lean into AI cataloging is getting penalized. As AI becomes more prevalent, this will only accelerate.”
2023 saw the power and capabilities of no-code MarTech advance dramatically. Experts predict this momentum will continue over the next few years.
A report by ChiefMartec illustrates the disruption caused by Generative AI and no code tech.
The result is that businesses of all sizes can develop professional marketing materials, regardless of their expertise or budget.
Website builders are a great example. These tools have advanced so far that even a one-person team can easily create and manage their web pages.
With their drag-and-down interface, platforms like Wix or Softr don’t require any coding skills whatsoever.
16. Marketing automation
Most businesses have a marketing automation platform in their tech stack. 70% of them plan to invest more in the technology over 2024 and 2025.
A recent survey found that the majority of companies now have a marketing automation platform.
Marketing automation can take care of tasks like sending emails, managing leads, and tracking ad performance.
Often, software companies bundle all these features into one platform so teams can manage their entire workflow in one place.
For example, both HubSpot and Semrush offer a suite of marketing automation tools for individual professionals and businesses.
17. AI Chatbots
When asked how they use AI, around a third of B2B marketers said chatbots. The outlook is generally positive as over half say they feel optimistic about the technology.
A Sagefrog survey indicates that AI chatbots will continue to be a popular marketing strategy.
Trained on historical company data, the bot can respond to most scenarios and offer deep insights into products or services.
Many brands program their assistant to talk in their distinct tone of voice. The Duolingo owl is a famous example with its positive and motivational personality.
18. Cross-channel marketing
77.2% of marketing teams are using AI to publish content across different channels.
This approach allows them to manage their presence across different websites and apps, ensuring a seamless customer experience across them all.
However, almost half say they’re limited by their budget.
A Moengage survey has revealed that the majority of companies are using AI for cross-channel marketing.
Omnichannel marketing is essential when the average consumer engages with brands across eight channels.
Many people switch channels depending on the context. For example, they might use Instagram to browse products but swap to the app to make a purchase.
19. The Metaverse
Around a third of companies say their marketing department is looking into the Metaverse.
Many believe they can use the technology to appeal to Gen Z and Gen Alpha.
Roblox is one of the biggest metaverse platforms on the market with thousands of daily active users.
People can do anything from creating games to attending virtual classes. Brands can engage with users by integrating ads into experiences on the platform.
Expert Insight on MarTech Trends
“Most marketers are beginning to “do more with less” to help companies find a path to break even. I find that’s leading to a rise in AI MarTech tools, which are generally low-cost, potentially game-changing technologies that could have a major impact.
It also meant Martech tools that can operate on a pay-per-use model have become more appealing. High ticket, flat fee platforms require a large upfront investment with the risk they won’t deliver expected returns.”
Advances in MarTech have made it easier for brands to offer an individualized experience to thousands of consumers.
As we refine these tools, marketing will become more relevant and tailored to each user.
What’s more, MarTech is becoming increasingly accessible and affordable. Even the smallest businesses will likely be able to offer personalized immersive marketing within the next few years.
