The North America Marketing Technology (MarTech) Market would witness market growth of 19.1% CAGR during the forecast period (2023-2029).
MarTech has firmly established itself as an indispensable component of digital marketing operations. Still, it may also be applied to enhancing marketing efforts carried out via any other marketing channel. The way that people receive, understand, and react to information has changed due to technology. Technology is becoming more and more important in marketing. The marketing landscape is always evolving and expanding because MarTech is becoming more sophisticated, enabling businesses to keep up with the fragmented and constantly changing consumer journeys.
Additionally, marketing technology is essential since it considers all requirements for implementation. Marketers may scale their campaigns holistically because of it. Finally, MarTech is essential since it improves the user's capacity for interaction and communication with co-workers and clients. As these B2B and B2C ties develop, a positive snowball effect benefits the relationships built with customers.
E-commerce and remote workforces have served as the cornerstones of the modern economy. Online sales growth has accelerated the trend by a few years. Additionally, owing to MarTech, marketers may continue to be productive even when working with remote teams and across numerous digital platforms. Digital media is the main way marketers communicate with their audience today; it is vital to expanding marketing technology.
Canadians have embraced online shopping despite the enormous upheaval in retail. Nearly 27 million Canadians, or more than 75% of the country's population, used eCommerce in 2022. It is expected that by the year 2025, this percentage will have increased to 77.6%. Statistics Canada reported that Canadian eCommerce retail trade sales hit a new high of $3.82 billion in December 2020, exceeding the rise witnessed in May 2020 (US$3.2 billion) due to the closure measures in response to the pandemic. It is predicted that e-commerce will bring in about $2.34 billion in sales in March 2022. eCommerce retail sales are anticipated to reach $40.3 billion USD by 2025. The expanding e-commerce sales and high internet penetration rate in the region will fuel the need for efficient and cost-effective marketing to better reach the desired audience, driving the market in North America.
The US market dominated the North America Marketing Technology (MarTech) Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $262,230.5 million by 2029. The Canada market is experiencing a CAGR of 21.8% during (2023 - 2029). Additionally, The Mexico market would grow at a CAGR of 20.8% during (2023 - 2029).
Based on Product, the market is segmented into Social Media Tools, Content Marketing Tools, Rich Media Tool, Data & Analytics Tools, Sales Enablement Tools and Automation Tool. Based on Type, the market is segmented into Digital Marketing and Offline Marketing. Based on Application, the market is segmented into Healthcare, Retail & E-commerce, Media & Entertainment, Sports & Events, BFSI, Real Estate, IT & Telecommunication and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Marketing Technology (MarTech) Market is Projected to reach USD 1050.8 Billion by 2029, at a CAGR of 19.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC (Alphabet Inc.), Microsoft Corporation, Oracle Corporation, SAP SE, Amazon Web Services, Inc. (Amazon.com, Inc.), Amdocs Limited, Adobe, Inc., Apple, Inc., Buzzoole (Buzzoole Holdings Limited), and FullCircl Ltd.
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