Over the past few years the Martech (Marketing Technology) space has expanded to over 5,000 vendors. Scott Brinker has done an amazing job cataloging this dynamic space and creating graphics to organize vendors in a number of different subcategories.
The 2018 “Martech 5000” graphic actually contains 6,829 marketing technology solutions from 6,242 unique marketing technology vendors, up 27% in just the last year. You can review the complete chart here (a strong pair of reading glasses highly recommended).
However, some of that growth seems to be coming from the addition of categories that don’t seem very, um, marketing oriented. Like 490 vendors in “sales automation, enablement and intelligence.” The rational: because “marketing and sales are deeply entwined.”
For the same reason, “Customer Experience, Service & Success” are also now part of the Martech landscape, says Scott. Here’s that segment clipped out from the supergraphic:
This prompted me to think about what exactly is a “CX solution” and how big is the market.
How Big is the CXtech Market?
A few years ago a vendor emailed me to ask: “How big is the CX market?” I replied that CX wasn’t a market, it was a strategy.
I stand corrected. Clearly CX is a market (I’ll call it CXtech just to be trendy) because vendors are going to market under that label. According to Gartner analyst Ed Thompson, a good starting point would be these:
Biggest Claimed CX Technology Vendors
Ed says Gartner doesn’t have have a formal CX market sizing, because “drawing the boundaries around CX tech is near impossible.” Depending on what people think is included, CXtech could range from $2 billion to $1 trillion market.
I say, why draw any boundaries at all? All enterprise software is part of CXtech!
- Start with CX solutions for Voice of Customer and Analytics. Can’t very well execute a CX strategy without understanding customers, can we?
- Then look at technologies that help engage with customers directly (e.g. self service) or indirectly (via employees) — which scoops up all Martech, Salestech, Servicetech.
- Contact center platforms obviously have to be included, because these support all sorts of customer interactions.
- Then let’s add technology for product design, development, and manufacturing. Because products are part of the customer experience.
- Supply chain management is clearly important to deliver what customers want, at the right price.
- And internal productivity tools and HR systems support employee engagement, which is linked to CX.
I’m probably leaving out a few categories, but just looking at the above list and doing some quick research, I found at least 100K vendors. Wow!
In the coming weeks and months we’ll try to build out the CXtech 100K landscape — or CXscape for short. Please let me know what should be included in the comments!