'Mirum India MarTech Report' powered by Wunderman Thompson provides an insightful guide to the emerging MarTech landscape in India. The report captures how MarTech solutions are being utilized by brands to effectively communicate their brand messages to the right set of audiences at the right time.
The report highlights that while the global spend on MarTech solutions is around 25 percent of the total marketing budget, in India, majority organizations spend less than 15 percent, indicating significant potential for growth. With MarTech spending set to increase across company sizes and sectors, 88 percent of respondents expect to increase their MarTech spending over the next three years. The report also emphasizes the need for brands and organizations to work with growth partners as preferred by MarTech HEROES, focusing on ROI, and delivering value to the brands.
Data-driven organizations, which make up 15 percent of the respondents, have a data-driven marketing edge that most other organizations might miss. However, the report cautions that with the advent of Web3, and the shift towards a cookie-less world, rethinking marketing strategies is on the cards for most organizations.
Speaking on the launch of the report, Hareesh Tibrewala, joint chief executive officer, Mirum India, said, "The estimated size of the MarTech industry in India is expected to be between $35bn and $50bn by 2026, presenting a sizeable opportunity for businesses. Our latest report highlights how brands are using MarTech solutions to effectively deliver the right brand message to the right customer at the right time, creating fabulous customer experiences and increasing brand loyalty."
CVL Srinivas, country manager, WPP India, said, "The report highlights the need for growth partners, preferred by MarTech HEROES, to ensure strong ROI for clients. It brings clarity to the ecosystem and presents an exciting opportunity for businesses to create fantastic customer experiences and increase brand loyalty. At WPP, we've invested heavily in building our tech and data practices, creating a comprehensive ecosystem where value is delivered at every touchpoint."