This is a 14.3% increase from 2021 when spend was up 20.9%
U.S. marketing technology spending is expected to increase a healthy 14.3% this year — surpassing $ 20 billion, according to industry research eMarketer.
But marketing technology spending increases in 2022 won’t match earlier years. Spending increased 20.9% in 2021, according to the report. 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.
B2B firms will increase martech spending less this year and next as well. Spending by B2B firms will rise 14.6% in 2022 and 12.4% in 2023, according to the report. Spending is expected to accelerate in 2024.
B2B martech spending will reach $ 6.6 billion by the end of the 2022 and exceed $ 8.5 billion by 2024. Spending increases by B2B firms will outpace increases by B2C companies.
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.
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.
The post US martech spending set to break $ 20 billion this year; growth slowing appeared first on MarTech.
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.
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