Will IT Market Grow in 2024, Novel MarTech Directions, NRF & Retail Market Outlook
There just is not a guarantee of where the information technology market will go in 2024.
Forrester is forecasting that global tech spend will reach $4.7 trillion in 2024, growing 5.3% in 2024, led by spending from APAC. This spending must be optimized by eight high level categories according to Aberdeen's Brian Michelotti .
AI will also play a big part in this growth with ISG noting that by 2030, estimates of AI-related services alone will increase the global market for managed services by an incremental $175 billion annually.
This is in stark contrast to last year's output, especially in the VC world.
Some tech will continue to grow and evolve like martech spending where spending on marketing technology tools to surpass $215 billion by 2027, implying a 13.3% annual growth.
Visualization Of The Week: User-Generated Content & MarTech in 2024
With martech looking to grow as we just noted, the vision for how to use marketing has evolved.
Influencer marketing is having a moment with brands looking to put more focus on users and outside influencers, leading to big deals in the market like Sprout Social acquisitions of Tagger Media for $140 million. Even Gartner sees influencer marketing programs can extend brand reach and deliver desired customer behaviors, while providing fresh, authentic content at scale.
It's not just influencer marketing but interesting engines like community-led growth programs ( Michael Fauscette 's definition: business strategy where a company focuses on building and nurturing a community of users, customers, or enthusiasts around its product or service), audience data from your events, and even using analyst relations programs to drive sales.
NRF Notes Growth In Retail With Consumers Unsure About Market
Ahead of NRF 2024 last week in Javits Center, holiday sales looked good, 3.8% over 2022 to a record $964.4 billion, and sales for the full year grew 3.6% over 2022 to a record $5.13 trillion. This is further cemented by indications for on-time performance levels among major parcel and logistics services providers appear to average in the high nineties.
How does the public feel about this? According to The Futurum Group 's Sherril Banks Hanson , not great, noting needs for more variety, faster check outs, and more personalized information.
Perhaps self checkout might be out after healthy experimentation but maybe more AI-enabled opportunites (from Microsoft and Google).
国际数据公司 's Heather Hershey has some ideas on the Future of Retail Digital Commerce as well from NRF.
Interesting Bits & Blogs
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Senior Marketing Automation Specialist | Marketing Consultant | ???????? ???????? ???? ?????????????? ???
10 个月Exciting times ahead for the tech industry!
Producing end-to-end Explainer & Product Demo Videos || Storytelling & Strategic Planner
10 个月Interesting trends and projections for the tech industry! Exciting times ahead! ??
Crafting Audits, Process, Automations that Generate ?+??| FULL REMOTE Only | Founder & Tech Creative | 30+ Companies Guided
10 个月Amazing insights into the current and future trends! ?? AI and martech are definitely shaping the business landscape.
Impressive projections on tech spending! How can AI advancements boost the managed IT services market? ??
Senior Marketing Automation Specialist | Marketing Consultant | ???????? ???????? ???? ?????????????? ???
10 个月Exciting times ahead for the tech industry!