Market Research Insights: First Half of 2024
Objective:
Provide businesses with a comprehensive analysis of 2024’s marketing and IT trends, highlighting key challenges and potential solutions.
Scope:
- Marketing and IT trends
- Business gaps and common issues in both fields.
Marketing Trends in 2024
AI-Powered Marketing Automation
Growth Rate:
The global marketing automation market is expected to reach $8.42 billion by 2027.
Key Trend:
Businesses increasingly adopt AI to automate repetitive tasks like email marketing, social media posting, and ad optimization.
Business Gap:
Many businesses lack the technical knowledge or resources to properly implement and manage these tools, leading to suboptimal use of AI technology.
Personalization in Marketing
Trend Insight:
Consumers expect hyper-personalised content. According to a report, 80% of consumers are more likely to purchase from a brand that offers personalised experiences.
Gap:
Many small and medium-sized businesses struggle to collect, analyse, and act on customer data to offer personalised marketing at scale.
Video Marketing Dominance
Trend:
Video content continues to dominate platforms like TikTok, YouTube, and Instagram. Video marketing offers higher engagement, with a 54% increase in purchasing intent among viewers.
Gap:
Limited resources for video production remain a challenge, especially for small businesses. Many also lack clear strategies on how to integrate video into their overall content marketing plan.
Influencer Marketing Expansion
Trend Insight:
Micro and nano-influencers are gaining popularity as businesses target more niche audiences. Spending on influencer marketing is projected to exceed $21 billion in 2024.
Gap:
Many businesses find it difficult to identify the right influencers who align with their brand values and audience, while also ensuring that campaigns deliver measurable ROI.
SEO Evolution with AI and Voice Search
Trend:
AI is shaping search algorithms, and voice search is increasingly influencing SEO strategies. Businesses are optimising content for voice queries and natural language.
Gap:
Smaller businesses often struggle with keeping up with rapid algorithm changes and optimising content for both traditional and voice search.
IT Trends in 2024
Cloud Computing and Hybrid Cloud Adoption
Trend:
As remote work and digital transformation continue, businesses are increasingly adopting hybrid cloud models for scalability and cost-effectiveness.
Gap:
Many businesses experience difficulties in optimising cloud costs and ensuring data security when integrating cloud solutions.
AI and Machine Learning Integration
Trend Insight:
AI-driven solutions are being used for data analytics, customer service (e.g., chatbots), and IT automation. According to a report, AI adoption in IT has increased by 30% since 2023.
Gap:
A major challenge is the lack of skilled personnel and data quality issues that hinder the effective deployment of AI/ML solutions.
Cybersecurity Concerns and Solutions
Trend:
With more businesses going digital, cybersecurity is a top priority. Ransomware attacks have surged, and the demand for stronger IT security protocols is higher than ever.
Gap:
Small businesses struggle to allocate budgets for robust cybersecurity measures, leaving them vulnerable to attacks.
Edge Computing Growth
Trend Insight:
Edge computing is gaining traction as businesses look for low-latency solutions that enable real-time data processing closer to the source.
Gap:
The complexity of implementing edge solutions and managing the infrastructure is a common barrier for businesses, particularly in industries with legacy IT systems.
5G Implementation in Business Operations
Trend:
5G is enabling faster data transfer rates, improving IoT functionality, and enabling remote work and collaboration tools to function seamlessly.
Gap:
High implementation costs and lack of infrastructure in certain regions make it difficult for some businesses to fully leverage 5G’s benefits.
Common Marketing Challenges
Businesses Face in 2024
Inadequate Digital Transformation
Data Point:
45% of businesses report they are struggling with fully implementing digital marketing strategies due to limited resources or technical expertise.
Challenge:
Many businesses still use outdated methods and are slow to adapt to new tools and strategies, resulting in missed opportunities.
Difficulty in Measuring ROI
Gap Insight:
While businesses are investing more in digital marketing channels, 40% struggle with measuring the ROI of campaigns. Attribution remains a key issue as businesses use multiple touchpoints.
40%
Budget Constraints
Fact:
Businesses, especially SMEs, often struggle with allocating sufficient budget for comprehensive marketing strategies, leading to reliance on outdated or ineffective tactics.
Gap:
A lack of resources to invest in critical tools such as CRM systems, paid advertising, and advanced analytics.
Content Saturation and Engagement Decline
Issue:
With 2X more content being produced every day, businesses face a challenge in standing out and maintaining audience engagement, particularly on social platforms.
2X
Fragmented Customer Journeys
Challenge:
Businesses struggle to unify customer data and deliver cohesive, personalised experiences across multiple channels. Thai results in a 36% decrease in operational efficiency.
36%
Common IT Challenges Businesses Face in 2024
Insufficient Cybersecurity Protection
Data Point:
Cyberattacks rose by 37% in the first half of 2024, with ransomware being the top threat.
Challenge:
Businesses often fail to invest in strong cybersecurity solutions, leaving them vulnerable to data breaches.
Data Management and Integration
Issue:
As businesses collect increasing amounts of data, many struggle to integrate and analyse it effectively. This can lead to missed opportunities for insights and decision-making.
Lack of Skilled IT Professionals
Gap Insight:
There is a significant shortage of IT talent, particularly in fields such as AI, cloud computing, and cybersecurity.
Challenge:
Businesses are unable to keep up with innovation due to a lack of qualified personnel to implement and manage advanced IT solutions.
Legacy Systems
Problem:
Many businesses are stuck with outdated legacy systems that are difficult to modernise and integrate with newer technologies.
Gap:
A lack of budget or a proper roadmap to transition from these systems creates inefficiency and limits growth.
Lack of Skilled IT Professionals
Gap Insight:
There is a significant shortage of IT talent, particularly in fields such as AI, cloud computing, and cybersecurity.
Challenge:
Businesses are unable to keep up with innovation due to a lack of qualified personnel to implement and manage advanced IT solutions.
Summary:
This research shows that while technology and marketing are rapidly evolving, businesses often struggle with adoption, talent, and budget constraints. By addressing these gaps, businesses can unlock significant growth potential.
Recommendations
For Businesses:
Invest in cybersecurity, AI/ML expertise, cloud solutions, and marketing automation tools.
For SMBs:
Leverage low-cost tools that provide high ROI, such as targeted marketing automation, cloud IT infrastructure, and data analytics platforms.
