Major Martech Trends of 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.

Latest martech trends of 2024 in context

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.

Martech trends highlighted by Andersen in 2024: the key shift

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.

AI and ML as key marketing technology trends in 2024

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.

Remaining martech trends 2024

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 campaigns across multiple channels (comprising email, SMM, SMS, phone calls, alerts and notifications, etc.), are much more feasible, synchronized, and timely in 2024 than ever;
• Robotized behavioral tracking and segmentation. On the one hand, marketing automation platforms are able to harvest and arrange dynamic data in real-time, absorbing interactions, reactions to CTRs, conversions, and other relevant elements. On the other hand, they are already smart enough to build segments, on the basis of the previously described info, and offer optimal courses of action for them;
• Greater space for personalization. In this martech context, one can highlight the opportunity to swiftly deliver highly personalized experiences to segmented groups -- and associated individuals -- with minimized efforts. Utilizing client data, automation tools have the capability to dynamically adjust content, offers, and messages in real-time, based on personal preferences gleaned from previous interactions and feedback.

2. Discussing the latest martech trends in 2024, one has no right to omit AR and VR. Augmented Reality and Virtual Reality solutions are standing at the forefront, too. They are in the right position to offer immersive and reciprocal experiences to end-users. Within the framework brought about by this martech trend, the following directions are worth our attention:

Enhanced visualizations, allowing consumers to engage with products in a virtual environment, offering a unique chance for exploration and interaction without the need to pay visits to physical stores. This 2024 trend holds significant potential for eCommerce apps;

Virtual showrooms and business events as a specific post-COVID trend. The relevance of physical presence at conferences, trade shows, and similar gatherings may diminish as virtual alternatives gain traction. They offer an opportunity to participate remotely, potentially expanding audience reach and engagement;

Emergence of the Metaverse(s). The idea of the Metaverse(s) is gaining popularity, emphasizing decentralization, connectivity, and immersive experiences in interconnected digitized environments.

3. Customer Data Platforms, also known as CDPs, represent one of the marketing technology trends of 2024 as well. Acting as central hubs for collecting, organizing, merging, storing, and overseeing end-client data flowing from various channels, these reveal the potential for a cohesive and thorough understanding of end-client information, supported by AI-driven assessments.

By amalgamating client information stemming from diverse sources such as transactional banking records, CRM system entries, website and mobile application analytics, social media platforms, and external databases, these platforms present a comprehensive perspective of customers' engagements, inclinations, and actions.

Moreover, they afford marketers the flexibility to adjust the granularity of aggregation based on specific requirements. Consequently, marketers can focus on individual clients or broaden their scope to discern overarching segments, with varying degrees of detail.

Did you know: In 2023, the revenues within the customer data platform (CDP) industry reached approximately $2.3 billion, marking a 15% increase from the reported $2 billion in the preceding year. An encouraging trend.

4. Voice search capabilities have firmly established themselves as a fact of life. When closely intertwined with intelligent and continually learning chatbots, they also deserve a place here as one of the prominent martech trends of 2024.

The continuing proliferation of voice-enabled devices and virtual assistants is on the rise, with the emergence of concepts like "zero UI," where devices are primarily controlled through voice commands rather than traditional interfaces. Here, we highlight the following secondary trends in martech:

• Natural Language Processing (aka NLP). Voice search and interactions rely heavily on NLP algorithms to interpret and respond to spoken queries. These algorithms analyze linguistic structures, contextual cues, nuances, and user intents to deliver relevant and precise outcomes;
• Voice Search Optimization (aka VSO) involves tailoring the content of individual web pages and websites as a whole to align well with voice search queries and user preferences, optimizing them for voice-based interactions and ensuring visibility in voice search results.

5. Video streaming. Talking about this martech trend, one will inevitably name the key aspect that is the delivery of content in real-time and on-demand over the web. Let’s discuss some chief aspects in greater detail:

• Live video streaming enables businesses to broadcast real-time video content to their audiences. This can include live events, team building activities, product launches, webinars, interviews, group discussions, or behind-the-scenes footage. By fostering immediacy, interactivity, and authenticity, companies can engage end-users at an unprecedented level. This trend is poised to be highly influential in 2024.
• Next in line are over-the-top (OTT) video services and content repositories. In addition to live streaming capabilities, businesses can tap into on-demand experiences, offering vast libraries of readily accessible content. This grants viewers the flexibility to consume at their own pace, prolonging the impact and reach of marketing efforts and ensuring viewers remain engaged.
• Engagement channels for feedback are among the martech trends of 2024. Whether it's a live stream or pre-recorded content, contemporary platforms offer viewers numerous ways to share their opinions. From reactions to comments, upvotes to downvotes, viewers can express themselves freely. Content providers can leverage these tools to analyze the preferences of both demographics and individuals, offering valuable insights for promotional strategies.

6. Finally, as a fully compliant vendor adhering to the leading practices, Andersen recognizes the paramount importance of staying abreast of the evolving data privacy and compliance standards. This demand is evident in several essential trends of 2024:

• Implementation of consent management functionalities within martech solutions, facilitating organizations in acquiring and managing user consent for info collection and processing purposes;
• Embracing the concept of privacy by design, where martech solutions integrate privacy and safety considerations into their engineering processes. This trend ensures that privacy controls, data minimization strategies, and other applicable principles are deeply ingrained within the IT architecture;
• Provision of customer data ownership capabilities, granting users the authority to access data and export their information from martech solutions;
• Incorporation of data retention and deletion functionalities, allowing teams to define a data retention period and automatically remove customer data upon expiration, thereby ensuring compliance with data protection regulations.

Wrapping up. Choose Andersen to capitalize on martech trends in 2024

Drawing upon our extensive expertise across media and entertainment, cybersecurity, online retail, and the broader martech landscape, Andersen has offered our understanding of the most influential martech trends of 2024 in this piece.

The solutions, though technologically intricate, are universally accessible through trusted and dependable vendors, like Andersen. Whether your requirements entail automation, neural networks, or multi-channel experiences, we stand prepared to serve as your dedicated martech development partner.

With us, you can create your own social media platform, create a messaging app with AI functionalities, create a management system, create whatever you need. Reach out to us to start a discussion. All up-to-date martech trends of 2024 will be taken into consideration.