Marketers Aim to Spend Big on Martech in 2021 Than They Did in 2020

Marketers Aim to Spend Big on marketing technology in 2021 Than They Did in 2020

With the pandemic presenting new business opportunities and challenges, marketers across industries plan to spend more on martech in 2021.

As technology marketers look ahead to the remainder of another unprecedented year, a new study suggests that companies will be investing more into marketing-centric technology (martech). In fact, artificial intelligence will become central to their business’s plans for 2021.

Tealium has recently published the “State of the Customer Data Platform” report for this year. As per the statistics, a vast majority of marketers (89%) are willing to spend more on martech in 2021 than they did last year. In addition, about 32% of the respondents indicated that they will be spending significantly more than they did earlier.

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Furthermore, alongside investing in martech in general, AI appears to be a primary factor among marketers’ plans. Nearly 59% of surveyed respondents revealed that AI capabilities are very important to achieve their marketing priorities and objectives this year.

Regardless of this eagerness global marketers are showing in terms of adopting AI and advanced technologies, many of the companies are still beginners in this matter. Certainly, technology is poised to play a critical role in how brands navigate through uncertainty.

The Drift and Marketing Artificial Intelligence Institute have jointly conducted the “2021 State of Marketing AI” study recently.  The data shows that most marketers (about 50%) still call themselves “beginners” in respect of their understanding of AI capabilities and terminology.

Almost 37% of the marketers reported that they are in the “intermediate” level and only 13% claim they are well versed with the fact, consider them as “advanced.” Many brands consider this sudden change as one of the most perplexing yet interesting features of using martech.

Also Read: Most Marketers Are Still Beginners When It Comes to AI Operations

With reference to the confidence level while evaluating AI-powered marketing technology, the majority of marketers (40%) ranked themselves as “medium.” Another 23% of respondents gave themselves a “high” level ranking – indicating there is still more work that needs to be done.

Clearly, the pandemic era has taught businesses that no organization is 100% resilient. However, those fortified by digital technology are more resilient and have increased capability of transforming when faced with sudden martech changes like now.

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