Research By Moore Stephens: U.K. and U.S. Agencies Use 16% Of Their Marketing Budget On Martech

New research carried out by the global accountancy firm Moore Stephens estimates that the size of the martech industry for the U.K. and U.S. markets is US$34.3 billion a year. The results show that on average, brands are spending 16% of their marketing budget on marketing technology.“We carried out this research to better understand the size of the market and the drivers behind its growth. It is only recently that martech has been given its own name, having previously been engulfed by the adtech umbrella” said Damian Ryan, Partner at Moore Stephens.” “The growth of the market shouldn’t come as a surprise to brands, agencies or anyone in the media industry. We are entering a new chapter of business, one that will be governed by trust and economic common sense.”According to the study —that consulted U.K. and U.S. brands and agencies—, marketers are most likely using aMartech tool for email, with 85% currently doing so. Most use social networks and CRM tools, whereas experience optimisation and collaboration tools are currently used by 37% of those questioned.Many businesses are looking to increase the investment in martech. According to the research, 46% of businesses in the U.K. and more than 38% in the U.S., are planning to increase this investment in the next 12 months, despite agencies noticing a lack of understanding of the marketing technology available.