Currently, the marketing technology (Martech) space has augmented to more than 5000 vendors. The famous computer programmer, Scott Brinker has done an excellent job of classifying these vendors and developing graphics to arrange them in many subcategories systematically.
The “Martech 5000”graphics in the year 2018 comprise of 6,829 marketing technology solutions extensively selected from 6,242 authentic marketing technology vendors. It is a 27 per cent hike from the last year inclusion. However, in this year some of that growth consists of vendors who are not from marketing domain. We can find here 490 vendors in the sales automation, enablement and intelligence domain. The aggregation of other domains is based on the approach “marketing and sales are deeply entwined.”
In 2018, “Martech 5000” will also see “Customer Experience, Service & Success” as a part of Martech landscape. Now, let us throw some light to the big question “How Big is the CXtech Market?”
A few years ago CXtech (CX) was considered a strategy and not a market. Now it has graduated to a market as vendors prefer going to market under CXtech label. Gartner analyst Ed Thompson feels that “drawing the boundaries around CX tech is near impossible.” Depending on the current market analysis CXtech could range from $2 billion to $1 trillion markets.
According to Gartner, “All enterprise software is part of CXtech!” A simple strategy can be used to organise them.
- You can start with CX solutions for Voice of Customer and Analytics. This is because we cannot execute a CX strategy without evaluating the customers.
- After this, search for technologies that enable you to engage with customers directly or indirectly with the help of employees.
- Include contact centre platforms to support customer interaction.
- You can add technology for product design, manufacturing and development.
- Now, include supply chain management for delivering what the customers want at the appropriate price.
- Add HR systems support employee engagement which is concerned with CX
By following the above approach, you can enlist 100K vendors, which is a colossal figure.