Findings from The State of Martech 2024 Report
Did you know that May and Martech work marvelously together? On Martech Day – typically the first Tuesday of May – we celebrate all things marketing technology and how the industry has shockingly grown year over year. It is also the season where martech industry trailblazer Scott Brinker of Chiefmartec releases the new Marketing Technology Landscape supergraphic and statistics. This collective knowledge showcases the latest platforms, annual changes, and how companies are shaping and leveraging their tech stacks for better business. Today we are covering a few of our favorite findings from this fresh research so you can stay informed.
Check out the 2024 Marketing Technology Landscape
Graphic courtesy of Scott Brinker and Chiefmartec.com
If you need an industrial-sized microscope to view the thousands of software brands in the supergraphic above, know that you are not alone. Now deemed a “colorful sea of dots” by Brinker, the amount of martech platforms on the market has grown from a modest 150 products in 2012 to 14,106 products listed in 2024 (and growing by the day). Below is a breakdown of the latest growth stats:
✔️ 3,068 products added since last year’s 11,038
✔️ 27.8% growth year-over-year
✔️ 9,304% growth since 2011
✔️ 41.8% compound annual growth rate over past 13 years
You can view and download the slide graphic here or go to the interactive website at martechmap.com. Hint: you can even search and find Glances listed on the massive map!
Consolidating stacks: which apps do you cut or keep?
“The axiom of ‘less is more’ in martech stacks isn’t always true,” says Brinker. To paraphrase some of the findings from The State of Martech 2024 Report, the typical goal for many CFO and CIO types is to cut down apps from tech stacks to consolidate platforms, reduce management and maintenance, and save on annual costs. However, despite these sensible intentions, the report’s survey results present a different story.
When it comes to platforms that teams consider “the center” of their stack (think CRMs, CDPs, MAPs, etc.), professionals are opting to choose specialty apps versus use existing integrations with the same or similar features that come with the central platform. For example, a CRM platform may have a social media component or add-on, but the team would rather use a separate and more specialized social media management platform.
Brinker explains, “In fact, even though a particular feature is available in that primary platform, 82.7% of respondents admitted that they instead choose alternate products for some of their use cases. A full third (33.3%) said they adopt alternate products for many use cases.”
✔️ 67.3% said the alternate apps offered better functionality
✔️ 32.7% said the alternate apps were less expensive to use
✔️ 31.0% said the alternate apps had a better user interface
✔️ 28.6% said the alternate apps were easier to govern and control
The results show professionals are not blindly or accidently duplicating features across different apps. They are choosing to find and keep specialty software solutions intentionally. We can assume these niche apps simply do a better job of managing tasks according to each team’s unique needs and workflow preferences.
What's the center of your tech stack?
Now we’ll circle back to “the center of the stack” conversation. The report mentions that marketing professionals often “lean into one platform as the ‘orchestrator’ at the center of their stack. It’s not necessarily the single source of truth for all data, which is actually a slightly different question, but rather the conductor’s podium for their marketing operations.”
The two graphs below give a great visual of how 1) CRM platforms are still heavily relied on as the central tool, 2) successfully integrating apps with the central platform is still paramount to professional teams saving time and working more seamlessly.
Your single source of truth in one glance
Tech stacks will always evolve, but one thing remains constant: you need to be able to access your data in the precise moment you need it. Whether your stack is a humble 3 apps or dozens of different platforms, Glances acts as your seamless source of truth for not only viewing data, but completing multi-tasking Actions across your favorite business apps. Built with patented, no-code technology and backed by 5-star support, Glances helps you avoid the data-syncing, downtime, and maintenance costs of traditional integrations.
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