CabinetM released its Q1 2024 Martech Innovation Report, a quarterly summary of new technology introductions, feature updates and acquisitions. It found a substantial decrease in martech investment year over year, a significant increase in new products and more.
Investment shifts. Investment in martech companies was spread across 27 categories and significantly increased from only $699 million in Q4 2023 to $1.8 billion in Q1 2024. However, in comparison to 2023, investment in martech made a pretty significant 87% downturn, going from $13.2 billion in Q1 2023 to only $1.8 billion in Q1 2024. One Productivity-based company, Telegram, received more than any other company this quarter: $330 million (19% of the total funding).
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New products. Looking at new product announcements, we saw a significant uptick in new products from previous quarters with the number jumping to 82 in Q1 2024.
An Eye on AI. Over the past five quarters, CabinetM has been tracking and cataloging generative AI products as well as other categories and products that leverage AI. In Q1, there were 21 new AI tools announced.
M&A activity. In Q1 we saw an uptick in M&A activity compared to last quarter, with 33 acquisitions compared to to 24 in Q4 2023. However, in comparison to Q1 of last year, the number of acquisitions slightly decreased 18%, from 40 in Q1 2023 to 33 this quarter.
The Q1 2024 Martech Innovation Report is not gated and downloading it will not result in a barrage of emails and phone calls. All CabinetM Martech Innovation Reports can be accessed without a gate on LibraryM.
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