60% of Companies Expect to Increase Marketing Budgets within the Next Year, with the Greatest Portion Dedicated to Marketing Technology

A recent survey of over 650 senior marketing leaders found that more than half plan to increase digital marketing spending over the next year. An additional 58% of respondents reported increased utilization of marketing technology throughout the past year, with software spending representing the largest proportion of marketing budgets. The focus on increased martech spending was seen across various company sizes, although larger firms expressed a greater likelihood to invest more. 59% of respondents with marketing budgets over $5 million intend to allocate a greater portion of marketing spending to software this year, while only 10% plan to reduce technology spending. Two of the most popular martech providers were Salesforce and Adobe, with over 80% of respondents using one of the two platforms. Customer data platforms (CDPs) were the fastest-growing area of martech investment as companies look to better utilize the data they generate. Despite uncertainty in some areas of the technology industry, these results indicate that many companies are still prioritizing marketing technology as a way to remain competitive.