Businesses expected to increase funding in marketing automation

It is predicted businesses will spend more than $25 billion on marketing automation tech by 2023.

Recent research – conducted by Forrester – predicted a 14% compound annual growth rate over the next five years. It was also revealed that 55% of global marketing decision-makers are planning to increase their spending in the next year, with 20% of them looking at least at a 10% increase in expenditure.

The report pinpointed a number of marketing technologies set to see significant growth including:

• Cross-channel campaign management
• Lead-to-revenue management
• Marketing resource management
• Real-time interaction management
• Through-channel marketing automation
• Content marketing platform.

Those technologies that had a B2B-focus were expected to grow the fastest and it is thought this will lead to a 25% growth in through-channel marketing automation and around a 19% growth in lead-to-revenue automation platforms.

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Data and better technology set to be a game-changer

The research further found that artificial intelligence is increasingly helping marketers use data to their advantage. Forrester says the combination of MA and AI will cause a rift in performance as better predictive capabilities will put marketers ahead of the game.

The report was also careful to acknowledge the upcoming EU regulation: GDPR, that’s effect is currently unknown but will involve international companies if they trade in the EU market. Although it is thought the regulation will cause a short pause in the adoption of tech before encouraging businesses to take a more customer-centric approach in the long term.

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