Midway through last year, 2 in 3 B2B marketers surveyed for a report said they would be increasing their spending on marketing technology in the year ahead. As its stands, US B2B martech spending grew by 21.2% last year, according to new estimates and forecasts released by eMarketer.
The firm predicts that B2B martech spending won’t grow as quickly in the coming years, but will nonetheless increase by double-digit percentages each year from this year through 2024. This rate of growth will be faster than the expected growth rate of B2C spend on martech.
All told, eMarketer forecasts that B2B martech spending will rise from $5.75 billion last year to $8.5 billion in 2024, a cumulative increase of almost 50% during that period.
Overall martech spending in the US (including B2C) is projected to increase by 14.3% this year, with the B2B spending growth rate slightly higher (14.6%). Last year’s overall growth of 20.9% was also slightly exceeded by the B2B rate of 21.2%.
If this year’s forecast holds, US marketing technology spending will exceed $20 billion for the first time, per the report.
As the number of martech solutions expands, more marketers appear to be swapping out homegrown for commercial tools. With most marketers making changes to their martech stacks, focus is shifting from acquisition to integration, which may be a factor in a dampened spending growth rate in the next couple of years.