Overall spend for marketing analytics and data infrastructure is forecast to grow by $10 billion by 2026, according to Winterberry Group research of U.S. and European marketers.
That expected growth, from $22 billion last year to $32 billion, is “attributed to technological advancements and process improvements that have enabled businesses to achieve more with less reliance on people, empowering business analysts and engineers to leverage readily available technology, while reducing reliance on individuals with advanced degrees and offshore talent.”
Winterberry Group’s “From Data to Insight: The Outlook for Marketing Analytics” research found that the lack of reliance on data-driven decisions presented the largest challenge for 29% of the U.S. marketers surveyed.
Amongst European marketers, 31% said the lack of centralized data and analytics function across the organization was their biggest challenge. (This was also the biggest challenge for 27% of U.S. marketers.)
“As the use cases for analytics continue to expand, marketing teams must innovate and overcome challenges such as privacy regulation and loss of data identifiers to engage with customers effectively,” says Michael Harrison, Winterberry Group Managing Partner. “Organizations leading the charge in analytic decision-making have demonstrated that a cohesive strategy across data, technology, people, and processes is key to success.”