Ameco Research: Spending on AI for Marketing Expected to Reach $137B by 2032

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With demand fueled by the need for data-driven decision-making and personalized customer experiences, spending on AI solutions for marketing will skyrocket from around $14 billion in 2022 to $137 billion by 2032, according to an analysis by Ameco Research.

HERE’S TODAY’S ACTIONABLE AI MARKETING AGENDA:

• Top News of the Day: Juice Media Acquires Demand-Side Adtech from Lumen, Hires Two Execs

• More M&A News: Peppermint Innovation Acquires XPON Technologies Business Unit

• Today’s Top AI Marketing Trend: Ameco Research: Spending on AI for Marketing Expected to Reach $137B by 2032

• Today’s Master Marketing Tip: Laura Fitton, founder of oneforty

TOP NEWS

Juice Media Acquires Demand-Side Adtech from Lumen, Hires Two Execs

Juice Media, a Los Angeles-based provider of data-driven omnichannel advertising services, announced it has acquired demand-side adtech assets from Lumen Research, a provider of media buying and traffic measurement solutions.

Juice also announced two major new hires at the company, including former Roku executive Sachin Gupta who is joining in the role of CTO. Jeff Mayo, who previously served in digital advertising roles at Google, Discovery and LinkedIn, is joining Juice as its chief product officer.

Juice offers technology and strategy support for advertisers, as well as a white-labeled media and measurement platform. Over the last 10 years, its client list has included brands such as Constant Contact, Dollar Shave Club, Bombas, and 23andMe.

“The addition of Sachin and Jeff, alongside the addition of supply path optimization technology is part of our broader vision to deliver cutting-edge adtech products that drive real impact for our customers and platform partners, who are navigating an increasingly complex media measurement and customer journey ecosystem,” said Mark Zamuner, president of Juice Media.

"The industry continues to dive deeper into more interactive and technological advancements to support the increasing challenge of delivering effective advertising,” Gupta said. “I look forward to leading our vision around a technology ecosystem that seamlessly supports our ambitious goals to solve some of the complex problems of privacy, targeting, and measurement."

MORE M&A NEWS

Peppermint Innovation Acquires Xpon Technologies Business Unit

Peppermint Innovation, an Australian fintech company that operates in the Philippines, has acquired a business division from the marketing software development company XPON Technologies that includes a team of 19 experts in artificial intelligence and customer experience (CX) solutions.

The acquired business unit generated revenues of $5.5 million in 2023. Peppermint said the deal will serve to enhance its technology platform, optimize its development programs, and deliver a better user experience to its customers.

Terms of the deal included a nominal cash payment and mutual competition restraint clauses.

“The acquisition of XPON’s AI & CX business division is a strategic move for Peppermint, aligning perfectly with our long-term objectives and priorities,” said Peppermint’s Managing Director and CEO Chris Kain.

Kain called the deal “a massive shot in the arm for Peppermint that has the potential to really turbo charge our revenue stream growth in a short space of time.”

XPON’s AI and CX team has been “instrumental in leading significant digital transformations and integrating advanced AI capabilities into various renowned businesses in the UK,” he added.

TODAY’S TOP AI MARKETING TREND

Ameco Research: Spending on AI for Marketing Expected to Reach $137B by 2032

With demand fueled by a need for data-driven decision-making and personalized customer experiences, spending on AI solutions for marketing will skyrocket from around $14 billion in 2022 to $137 billion by 2032, growing at a compound annual growth rate of 26%, according to a new forecast by Ameco Research.

Technologies included in the research firm’s new report include machine learning, natural language processing, and other AI-based approaches to analyzing data and enhancing marketing strategies. AI solutions are becoming increasingly cost-effective, making them a more attractive option for marketers.

North America currently dominates the market, thanks to its technological innovation, digital infrastructure, and high business adoption rate, according to Ameco’s analysis.

Among the potential factors that might slow adoption of AI are regulatory hurdles that could make it difficult for marketers to deploy new tools. Also, some AI technology can be complex and difficult to understand, which also could slow the rate of adoption.

Another challenge is that AI-powered tools sometimes require customization to meet the specific needs of individual marketers.

TODAY’S MARKETING MASTER TIP:

The founder of the Twitter app store oneforty, which was acquired by HubSpot, Laura Fitton was a pioneer in the use of social media for marketing.

She’s been listed by Fast Company as one of the Most Influential Women in Technology, and by Huffington Post as a Female Founder to Watch, among numerous other notable mentions.

When it comes to creating content that helps sell, Litton emphasizes the importance of stories that illustrate how a product or service solves real problems, and that serve as clear examples of actionable ideas, told with a sense of enthusiasm.

Also—as she advises in the above quote—err on the side of producing plenty of great content, rather than being stingy about it.

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THAT’S ALL FOR TODAY, FOLKS!