Technology in marketing is fundamental in improving customer engagement, business growth, and enhanced marketing, according to a report.
The “Marketing Technology Global Market Report” by The Business Research Company said the annual growth rate for the marketing technology market is forecast at 21.3%, standing at $488.57 billion for 2024.
This growth follows the e-commerce expansion and is heightened by the popularisation of mobile marketing, metaverse development, and omnichannel automation.
Market leaders are already utilising technology to boost productivity, including AI-powered algorithms to improve user experiences.
Currently, the marketing space is dominated by artificial intelligence, which the report concludes will only contribute to the expansion of the marketing technology market.
Research from the Government Digital Service predicts spending on AI will increase from $20.25 billion to $101.26 billion between the years 2020 and 2040.
Within marketing activity, AI technology contributes to several aspects of delivering a message, such as efficiency boosts, personalisation, and decision making.
To find out more about AI within marketing, read “Artificial transformations” in the Winter 2024 edition of Financial Promoter. Click here to subscribe.