Digital Smiles
CabinetM has released its Q1 2023 MarTech Innovation Report, a quarterly summary of new technology introductions, feature updates and acquisitions. Key findings revealed an uptick in new product announcements, with 121 products unveiled in Q1 2023. Investment in martech companies was spread across 36 categories and increased from $3 billion in Q4 2022 to $13.2 billion in Q1 2023. This number is skewed by a single investment of $10 billion in OpenAI. AI has been a major player in martech for quite some time now, and the recent emergence of generative AI tools has sparked a new level of excitement. CabinetM classifies these products into ‘Enabled’, ‘Enhanced’ and ‘Egregious’ categories.
M&A activity was down, with 40 acquisitions in Q1, in comparison to 74 and 52 in Q1 2020 and 2021, respectively. CMOs must understand how to incorporate technology into their marketing plans, and CabinetM’s report is a useful resource to do this. All CabinetM MarTech Innovation Reports can be accessed without a gate on LibraryM.
Originally reported by Martech: https://martech.org/the-martech-space-grows-as-acquisitions-decrease/
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