The first annual “State of Marketing Technology” report from VentureBeat was released in early October, sharing the results of an in-depth survey and analysis of over 3.2 million businesses and 320 marketing technologists.
What the report shows is that online marketing technology firms and products have a great area of opportunity before them, but not necessarily in improving their services. The opportunity lies in capturing a larger market share.
Although $49 billion is spent on marketing technology each year, there are no overwhelming industry leaders. While there is a top 25 of the 530+ marketing technology products, the top 25 combined only capture 4.1% of the $49 billion.
“As a whole, marketing technology is still on the wrong side of ‘the chasm,’” admits report author Stewart Rogers. “While some categories have done well, the vast majority have yet to capture the hearts and minds of the average marketer.”
What this means is that all marketing technology firms have the ability to capture and dominate the market, since there are currently no overwhelming front runners, even though many firms achieve substantial success.
To learn more about the new report and its findings, click here.
