Major Martech Trends of 2024

Evgeny Kuznetsov

Evgeny Kuznetsov

Technical writer

MarTech
Jul 10, 2023
9 minutes to read
views
  1. Latest martech trends of 2024 in context
  2. Martech trends highlighted by Andersen in 2024: the key shift
  3. AI and ML as key marketing technology trends in 2024
  4. Remaining martech trends 2024
  5. Wrapping up. Choose Andersen to capitalize on martech trends in 2024

Marketing technology is big business. And it has been gaining enormous pace recently. For instance, per Statista, the global martech industry size was “only” $509 billion back in 2022. It subsequently hit 670 billion, by the close of 2023. One can only wonder what the heights of 2024 are going to be. On top of this quantitative expansion, one can also observe multiple groundbreaking qualitative martech trends. These upward trends manifest themselves in the growing amount of available martech software solutions. Last year, there were as many as 11,000, in comparison with 7,000 before COVID, in 2019. So we can be sure that many more players will join the race for business success in 2024.

As a provider of martech development services, we appreciate accuracy with terms. Thus, we will start with some theoretical foundations. What is martech, plainly speaking? This phenomenon refers to the application of different “broad” technologies and separate tools for the purpose of automating, streamlining, and improving marketing efforts undertaken by organizations and individuals.

In our eyes, such software is responsible for four functions:

  • Analyzing info that is within reach;
  • Planning campaigns and building projections, pertaining to such promotional initiatives;
  • Executing those campaigns in actual business practice;
  • Measuring the outcomes of one’s campaigns.

Below, we will try to reflect on the marketing technology trends that are, seemingly, the most prominent ones now, in terms of addressing these directions.

Did you know: martech expenditures account for 25+% of the overall budgets allocated for marketing.

As far as this piece is concerned, the martech trends one can find in the next section are not listed in order of priority or importance. However, AI and ML deserve special attention. Indeed, it seems that, with the launch of ChatGPT and an array of similar solutions, the world around us has changed drastically and forever. All economic segments are already experiencing transformations caused by the new game-changers. Martech, quite naturally, is among them.

Applications of AI

Here are just a couple of figures to illustrate the sheer scale of the ongoing trends:

  • The anticipated growth in the worldwide revenues of AI in marketing is projected to surge from $27+ billion in 2023 to a substantial $107+ billion by 2028;
  • As of last year, over 61% of marketers already had some professional experience with AI in their job operations.

The ways the world of martech could benefit from the next-gen cyber assistants fueled by AI are numerous. We would boil these trends down to:

  • In the realm of marketing, the core focus lies on gathering, evaluating, and utilizing data to secure tangible benefits for a company. This suggests a special emphasis on analysis, including predictive. AI-driven algorithms are adept at swiftly processing vast, previously unseen, datasets, not only detecting patterns and trends but also offering insights into potential projections and scenarios;
  • Hyper-targeting, a pivotal skill for marketers, involves identifying and defining the most auspicious segments, crafting tailored value propositions, and delivering messages via suitable options. AI's precision enables one to pinpoint lucrative micro-segments based on pertinent attributes, while sophisticated marketing automation tools ensure timely communication via optimally selected channels;
  • Conversational marketing, supported by intelligent chatbots, facilitates seamless interaction with end-clients, enhancing engagement and audience insights as well as navigating them through the sales funnel with improved efficacy;
  • Furthermore, AI-powered tools like ChatGPT, Jasper, Midjourney, etc., are revolutionizing creative activities by generating written and visual content, such as product profiles and overviews, blog posts, answers, and images, based on specified inputs and predefined templates. These algorithms can also curate content by scrutinizing user preferences, suggesting relevant offerings tailored to individual interests.

Speaking of AI and ML as global martech disruptors of 2024, we must remember that this coin has two sides. Many specialists also mention some potential negative trends associated with their adoption.

For instance, marketers responding to this recent survey paint a somewhat bleak picture mentioning these concerns:

  • Privacy issues are named by 52%;
  • Threats of over-dependence on technology are spoken of by 46%;
  • Challenges regarding making one’s data “AI-ready” are mentioned by 41%;
  • Fears of being replaced by smart technologies are expressed by 36%;
  • Finally, 35% say it might take a lot of effort to integrate intelligent tools with their existing IT landscapes.
  1. Marketing automation software, as a specific martech phenomenon, assumes responsibility for simple and repetitive tasks. Client nurturing gets much more simplified and expedited when it is possible to schedule posts on social media and automate responses, manage email blasts, plan cold calls, etc. At the same time, in 2024, such tools can do more than just eliminate the need for resource-intensive, time-consuming, and tedious actions.

These are the most helpful fresh opportunities in this field right now:

  • Multi-channel efforts, viewed as controlling and coordinating several ca