New data reveals artificial intelligence is powering a boom in marketing technology, with over 2,000 new tools launched in the past six months alone.
The “Martech 2024” report, published today by Scott Brinker of ChiefMartec and Frans Riemersma of Martech Tribe, found 73 per cent of the 2,042 martech solutions newly added to their database since May rely on AI. This takes the total tracked to over 13,000, representing 18.5 per cent growth in just half a year.
Content production tools accounted for 34 per cent of recent AI releases, far outpacing video tools in second place at less than 5 per cent. The US birthed over 60 per cent of new tools, but tiny Iceland punched above its weight, launching 4.6 per cent compared to regional giant India’s 3.5 per cent.
“There’s increasing desire for solutions tailored to local culture and language,” Mr Brinker explained, citing strong niche products catering specifically to national markets.
While martech mergers continue apace, the report concludes market consolidation remains unlikely given the torrent of cash-light start-ups flooding the space. “Revenue and user share presents as a classic long tail distribution,” it says. Smaller suppliers now provide about half the functionality in a typical marketer’s suite.
Two important ongoing trends are greater integration between solutions – “composability” – and aggregation of data and other infrastructure into horizontal layers consumed across stacks. Some platforms now actively invite integration with third party apps via developer marketplaces.
The authors foresee future competitive advantage flowing from business units building their own apps tailored to internal needs. Mr Brinker said with the democratisation of software engineering, “development will directly reflect how teams want their company to operate”.