By Ocient Staff
In the world of advertising technology (AdTech), keeping a finger on the pulse of the industry is essential for businesses to stay ahead. To gain a deeper understanding of the current state of AdTech, we asked our customers to share insights on their priorities and strategies over the next 1-3 years. Their responses provided valuable insights into the challenges, opportunities, and trends shaping the AdTech landscape in 2023.
It is striking to be reminded of how fast industry leaders anticipate the rapid growth of data volume within their organizations over the next 1-3 years. 100% of respondents expect their data to grow “very fast” or “fast” in the years ahead. This exponential growth poses both opportunities and challenges for businesses in terms of harnessing the power of this data to drive insights and targeted advertising.
To address the growing volumes of data, organizations are taking several strategic approaches. The data indicates that 50% of respondents plan to modernize their data strategy, while 75% are replacing older systems and adopting new technologies. This emphasis on technological advancement showcases the recognition of the need to consolidate tech stacks to build scalable and efficient data management solutions in AdTech. A topic that we touch on more in our recent webinar: The Power of Consolidation for Cost-Effective, Real-Time Insights in partnership with AdExchanger.
Performance and scalability rank as the most significant data concern for all surveyed participants. As data volumes continue to skyrocket, ensuring that systems and infrastructure can handle the load becomes imperative. Additionally, the cost of managing and analyzing large volumes of data is a concern for 25% of respondents, underscoring the importance of efficient and cost-effective data management practices.
The industry feels to be at a pivotal moment and there is a lot of hope on the horizon. The survey data reveals several promising opportunities for the AdTech industry in 2023. Leveraging Artificial Intelligence (AI) tools garners significant interest among 75% of respondents. AI-powered solutions offer unparalleled capabilities for data analysis, personalization, and automation, allowing advertisers to deliver more targeted and impactful campaigns.
While AI and cutting edge technology offers the AdTech industry immense opportunities, we continue to hear how it presents a very human challenge. A quarter of respondents express concerns about the lack of talent, particularly in roles such as Chief Data Officer/Executive Leadership. The shortage of skilled professionals highlights the need for organizations to invest in developing talent pipelines and fostering a data-driven culture or finding the right partners to drive new projects towards specific business goals.
When evaluating new technical solutions for these projects, the survey data indicates several critical considerations. Streamlining data management systems architecture and future-proofing for flexibility, scale, and performance rank highest among the respondents. These considerations emphasize the importance of selecting solutions that can seamlessly integrate with existing infrastructure and adapt to evolving industry needs. Maintaining security and compliance, reducing costs, and improving ROI are also cited as significant factors in evaluating technical solutions. Ease of adoption is an additional consideration, underscoring the importance of solutions that are user-friendly and require minimal disruption during implementation.
The data collected from this survey provides valuable insights into the trends and challenges shaping the AdTech industry in 2023. It highlights the rapid growth of data, the need for modernization and new technologies, and the increasing emphasis on privacy and security. Leveraging AI tools, enhancing consumer privacy, and monetizing CTV emerge as significant opportunities for businesses.
As the AdTech landscape continues to evolve, organizations must adapt by embracing technological advancements, never stop innovating, and attracting top talent. By staying informed about industry trends and leveraging data-driven insights, businesses can navigate the dynamic world of AdTech successfully and drive meaningful results for client needs.
If you’d like to share your insights or learn how we can be of help, please get in touch.