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U.S. marketing technology spending is expected to increase 14.3% this year — surpassing $20 billion, according to a new report.
While this is a substantial increase, it is down from last year’s 20.9% growth, said Insider Intelligence. Last year companies spent to keep up with the pandemic-driven shift to online by customers and businesses. This followed huge growth between 2018 and 2020 when martech spending nearly doubled in size.
Read next: Worldwide spend on marketing to hit $4.7 trillion by 2025
Martech spending is still ahead of spending on marketing overall. Marketing budgets have climbed to 9.5% of total company revenue in 2022, an increase from 6.4% in 2021, according to Gartner. While marketing budgets are increasing this year, they still lag pre-pandemic spending levels.
Read next: Using analytics to optimize marketing spend and drive sales
The marketing resource budget mix is largely unchanged this year, the study found, with martech accounting for 25.4% share of resource budgets, down from 26.6% in 2021.
Why we care. If this is a slowdown in comparison with the last few years, it still shows a willingness to spend even in an uncertain economy. And $20 billion is quite a milestone.
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Opinions expressed in this article are those of the guest author and not necessarily MarTech. Staff authors are listed here.
About The Author
Constantine von Hoffman is managing editor of MarTech. A veteran journalist, Con has covered business, finance, marketing and tech for CBSNews.com, Brandweek, CMO, and Inc. He has been city editor of the Boston Herald, news producer at NPR, and has written for Harvard Business Review, Boston Magazine, Sierra, and many other publications. He has also been a professional stand-up comedian, given talks at anime and gaming conventions on everything from My Neighbor Totoro to the history of dice and boardgames, and is author of the magical realist novel John Henry the Revelator. He lives in Boston with his wife, Jennifer, and either too many or too few dogs.
