Spend across marketing analytics and data infrastructure is forecast to grow significantly over the next four years, according to a new report from Winterberry Group. The report, “From Data to Insight: The Outlook for Marketing Analytics,” surveyed 200 U.S. and European marketers and interviewed industry experts, and predicts a rise from $22 billion in 2022 to $32 billion in 2026. This reflects the increasing reliance of marketing on data.
However, despite this growth, there are still major challenges facing the data and analytics space. These include quality of data, data silos, unreliable vendor performance data, deprecation of third-party cookies, and a shortage of talent. Many marketing organizations recognize themselves as lacking maturity when it comes to data and analytics; only 10% consider themselves “leaders.”
The main areas of interest as organizations develop their data capability are audience intelligence, the customer journey, customer experience, creative and content, and media measurement and attribution. Michael Harrison, Winterberry Group Managing Partner, said: “Organizations leading the charge in analytic decision-making have demonstrated that a cohesive strategy across data, technology, people, and processes is key to success.”
These findings underline the importance of having an agile and well-integrated martech stack, as well as the need for marketing professionals to be confident in handling analytics and data.
Originally reported by Martech: https://martech.org/spend-on-marketing-analytics-and-data-infrastructure-to-grow-sharply/
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