Indian MarTech landscape is on track to reach $50 bn by 2026: Jacob Joseph, CleverTap

As we conclude another year, it is essential to reflect on the key developments, challenges, and achievements that have shaped different sectors throughout the past 12 months. 2024 has been marked by dynamic shifts, rapid innovation, and the continued adaptation to external factors and emerging trends.

Adgully’s annual feature – REWIND – revisits different sectors and identifies the key developments as well as gauges the long-term impacts of those developments. We speak to a cross-section of industry leaders to bring a 360-degree view of the industry landscape, growth trends, financial performance, disruptions, innovations, challenges, and more.

In this Rewind 2024 article, Jacob Joseph, VP - Data Science, CleverTap, sheds light on how the year 2024 has been for the industry and the Indian economy as a whole and the sector in which it operates, the trends and developments dominating the sector during the year. He also shares about how CleverTap has performed during 2024 and the key developments, and achievements of it during the year.

Overview of Martech industry in 2024

2024 has been an exciting and challenging year for the martech industry. Despite global headwinds, India’s economy continues to thrive, with sectors like tech, fintech, and e-commerce leading the path. Digital transformation has picked up pace, and businesses are finding new opportunities to connect with customers in meaningful ways. In the Martech space, the rise of AI and machine learning has pushed brands to innovate rapidly.

It has seen tremendous growth worldwide and is projected to grow at a CAGR of 18.5% till 2032, which is powered by AI adoption, hyper-personalization, and smarter, data-driven decisions. India isn’t far behind. With the rising demand for AI-powered platforms and omnichannel solutions, the Indian MarTech landscape is on track to reach $50 billion by 2026. This isn’t just growth; it’s a sign of how brands are using advanced tools to keep up with a digital-first, always-on audience.

Key trends and developments

With AI emerging as the driving force behind personalized customer engagement, 2024 turned out to be a milestone year for the industry. The shift from static, one-way communication to real-time, two-way interactions has redefined how brands engage with their audiences. AI is no longer just about efficiency; it’s enabling brands to deliver deeper, context-driven experiences that feel intuitive and tailored to individual needs.

Hyper-personalization has been a key outcome of this evolution. Powered by AI and machine learning, brands can now engage customers with highly relevant content in real-time, making conversational marketing a cornerstone of modern strategies. AI-driven tools are facilitating meaningful interactions across multiple touchpoints, ensuring a more seamless and impactful customer journey.

At the same time, cross-channel marketing has become essential. With customers constantly moving between social media, websites, and physical stores, brands are prioritizing omnichannel communication through platforms like WhatsApp, RCS, and in-app messaging. Tools such as real-time analytics and predictive AI are helping marketers optimize these touchpoints, anticipate customer needs, and deliver experiences that resonate on a deeper level.

The Martech industry has proven that it’s about building impactful, trust-driven experiences that keep customers engaged and businesses ahead of the curve.

CleverTap’s performance in 2024

In 2024, we have continued to build on our commitment to helping businesses create personalized, meaningful experiences for their customers. Our focus on delivering innovative, customer-centric solutions has been recognized through accolades at platforms such as the Stevie Awards and Forrester Wave reports, reflecting our commitment to excellence in technology and customer service.

We made significant strides in enhancing our offerings by launching products like Clever.AI which enables brands with the next generation of AI capabilities and Product Experiences which acts like a one-stop solution to effortlessly experiment and elevate customer experiences across the web and apps. Additionally, we worked hard to expand our global presence and help businesses worldwide tap into the power of mobile marketing with collaborations with companies like Kitabisa, Fonos, VP Bank, and more.