10 B2B Marketing Insights and Trends by Industries in 2024

Navigating the dynamic world of B2B marketing requires a keen grasp of industry-specific insights. The success of a campaign hinges on the ability to tailor strategies to match the distinctive traits of each sector. 

Join us to explore 10 key B2B marketing insights and trends, shedding light on the subtle intricacies that play a pivotal role in shaping success throughout 2024.

1. Beauty and Cosmetics Industry

Sustainable and Clean Beauty Takes Center Stage

As environmental concerns grow, so does the clamor for sustainable and clean beauty products. Recent findings reveal that, when navigating the aisles of beauty and personal care, consumers prioritize natural ingredients (40.2%), environmental respect (17.6%), and the use of recyclable packaging (15.8%).

For B2B marketers, it’s a golden opportunity to shine a light on their clients’ commitment to eco-friendly practices, whether it’s through recyclable packaging or ethically sourced ingredients. 

What amplifies the significance of this trend is the remarkable sales figures in the natural cosmetics segment—$1.75 billion in the U.S. and an impressive $2.69 billion in the U.K. in 2023. 

We’re not just talking about tapping into environmentally conscious businesses here; we’re talking about riding the wave of broader consumer trends that can catapult your campaigns to success.

Virtual Reality (VR) and Augmented Reality (AR)

The beauty industry is witnessing a shift towards personalized experiences, thanks to tech advancements. Augmented reality (AR) virtual try-ons have become a standout trend this year, offering consumers the confidence to test products virtually before making a purchase. This tech wave has paved the way for beauty tech companies, customizing apps, AR, and VR experiences for beauty brands. 

Here are some proofs of the trend: 

• Tarte Cosmetics scored a +200% boost in sales with makeup virtual try-on.
• Benefit Cosmetics saw a 101% spike in website engagement and a 20% rise in add-to-cart purchases with hair brows try-on. 
• Aveda experienced a 220% surge in Hair Color Try-On Tool traffic and a 5x increase in salon visits. 

2. Retail and E-commerce

Sell Through Third-Party B2B Marketplaces

B2B marketplaces are key players in the buyer’s journey, acting as a wellspring of inspiration and the kick-off point for product hunts. 

Today third-party B2B marketplaces available like Amazon, Alibaba, Salesforce, and more are in the mix, these platforms are bustling hubs for B2B transactions, offering a variety of options to explore and expand business reach.

Interestingly, a sizable portion of buyers, 73% of B2B buyers are keen on having a personalized business-to-consumer (B2C) experience – access to product reviews, shopping comparison, customer rating, etc. 83% express a preference for digital commerce when it comes to ordering or handling payments.

Omnichannel Selling is on the Rise  

Lately, B2B companies are stepping up their game by making their mark on various platforms. Whether it’s in-store, on social media, or across multiple online and offline channels, the goal is integration—essentially, the whole omnichannel vibe.

Today, B2B companies are looking for smooth interaction across ten or more channels from their suppliers. And those businesses quick to jump on this trend are reaping the benefits. In fact, a whopping 72% of B2B companies that sell across seven or more channels have seen a significant boost in their market share.

Mobile-First Approach Will be Prioritized

In 2023, the global stage witnessed a remarkable $2.2 trillion surge in mobile e-commerce sales, comprising a significant 60% of the entire e-commerce landscape. This momentum owes much to the widespread integration of smartphones, a trend driven by the ever-increasing count of global smartphone users.

In the B2B realm, buyers are actively navigating around 10 sales channels as part of their product or service exploration. The game-changer lies in the channels themselves, with a notable shift towards a more mobile-centric focus.

In response to these evolving dynamics, businesses are well-advised to prioritize initiatives such as crafting a responsive mobile website, developing a user-friendly mobile app, or adopting strategies that amplify overall convenience. Adapting to these trends is the golden ticket for companies aspiring to effectively meet the changing preferences of both B2C and B2B consumers.

3. Healthcare Industry

Telehealth Still Growing

The fusion of digital tech in healthcare, covering everything from telehealth to at-home testing and prescription doorstep deliveries, has been steadily gaining traction. This trend is sticking around, ensuring that patients continue to enjoy hassle-free and accessible healthcare services.

Projections indicate substantial market growth, with an anticipated increase from $151.42 billion in 2023 to $290.01 billion by 2028. This represents a CAGR of 13.88% during the period.

A noteworthy demographic, Gen Z, comprising 32% of the global population and featuring individuals in their mid-twenties as the oldest members, stands out as particularly tech-friendly and tech-savvy. 

Their inclination towards seeking savings and more convenient services positions them as a unique market for the further expansion of telehealth. This trend is expected to endure, making telehealth a prominent player in healthcare trends for 2024 and beyond.

AI and Machine Learning Continues Transforming the Industry

The use of artificial intelligence (AI) and machine learning in healthcare applications, such as diagnostics, personalized medicine, and predictive analytics, was expected to advance further, providing more accurate and efficient healthcare solutions. 

Projections indicate that the global AI in the healthcare market could reach close to $137 billion by 2029. Various companies, ranging from startups to key players like Intel, IBM, Microsoft, Google, and Koninklijke Philips are actively engaged in AI healthcare projects, with increasing investments in this sector.

Presently, AI is making notable contributions to healthcare:

• Utilizing pattern recognition in patient genetics and healthcare data analysis to tailor treatment to individual patient needs.
• Improving diabetes care and outcomes through AI-generated machine learning insights.
• Drastically reducing the drug development cycle with AI-driven efficiencies across the entire process.

4. Technology Industry

Machine Learning and AI Still the Key Player 

By 2025, the AI market is projected to surge, reaching a robust $190 billion industry. Global expenditure on cognitive and AI systems is anticipated to surpass $154 billion in 2023. 

As AI continues its widespread integration across various sectors, a surge in job opportunities is expected in fields such as development, maintenance, testing, programming, and support.

Machine Learning, an imperative subset of AI, is making significant strides across diverse industries as well. The combined impact of AI, machine learning, and automation is forecasted to contribute to 9% of new jobs in the U.S. by 2025. These roles will encompass positions such as robot monitoring professionals, data scientists, automation specialists, and content curators.

Cyber Security is Vital

In today’s interconnected digital landscape, whether you’re an individual, a small business, or a large multinational corporation, reliance on computer systems is a daily reality. With the bulk of our crucial data residing in online cloud services, the ever-present threat of hackers is a stark reality.

Undoubtedly, the demand for cybersecurity has risen at an alarming rate. Cybersecurity career opportunities are expanding at a rate three times faster than the broader IT job market. 

Notably, a staggering 80% of reported cyber crimes, especially in the technology sector, stem from phishing attacks. Accounting for 16%, phishing stands as the second most common cause of data breaches, and it’s also the costliest, with an average breach cost of $4.91 million.

In this context, the significance of information risk management has never been more pronounced.

5. Financial Services 

The Light Spots on Climate Change

Every year, financial services organizations are placing more strategic emphasis on sustainability and environmental initiatives. The challenge of climate change persists, with various sectors actively working to mitigate global warming. 

While the private sector is expected to be the primary source of climate funding, the current efforts fall short. Bridging this funding gap presents an opportunity for financial services organizations to take a leading role.

For instance, in the Asia-Pacific region, Visa enables banks to participate in Eco Benefits. This program calculates the carbon footprint of transactions, allowing consumers to offset emissions through a user-friendly mobile app.

Users of Visa cards have the option to offset individual purchases, establish monthly offsetting payments, or automatically purchase offsets for frequent transactions.

Evidently, carbon offsets are becoming integral to daily purchasing decisions for retail consumers. It is anticipated that consumer spending on carbon offsets will become widespread, growing into a nearly $100 billion market in developed economies by 2030.

The Demand for Personalized Experience

B2B financial service providers are upping their customer service game, creating offerings that cater specifically to each business’s unique needs. 

This personal touch is achieved by tapping into insights from the financial activities of these businesses, leveraging advanced technologies like AI, ML, and other tech advancements.

In the realm of equities trading, for example, generative AI takes center stage. It aids traders in swiftly analyzing and simplifying company and industry fundamentals, running valuation models, testing trading strategies, and providing personalized recommendations to both institutional and retail clients. 

It’s akin to having a tech-savvy ally, making trading more efficient and tailored to individual preferences. The influence of technology in propelling businesses forward is evident, allowing for swift responses to customer preferences. 

With over 70% expressing a willingness to switch to a financial services provider offering a superior digital experience, staying updated on tech trends and advancements becomes a competitive edge for your business.

How can the latest tech updates help tailor your operations to meet customer expectations? That’s where the competitive advantage lies.

6. Manufacturing Industry

Digital Twin Adoption

The use of digital twins is picking up speed, with more than 72% of executives across various industries planning to integrate this technology into their operations by 2026.

B2B manufacturers are creating digital duplicates of their physical assets and processes. This allows for real-time monitoring, analysis, and optimization. Essentially, it’s like having an identical virtual version of a product or process that businesses can test extensively without the need for real-world trials.

Digital twins are particularly handy for running scenario simulations with upcoming products, providing insights into potential usage, reliability, and efficiency. This tech not only improves decision-making but also minimizes downtime and enhances overall operational resilience.

Statista’s research on the global digital twin market size predicts that the manufacturing digital twins market will lead the pack, reaching a substantial $6.69 billion by 2025. This indicates a significant shift towards embracing this technology in the manufacturing sector.

Highlight the Importance of Waste Management

What makes the manufacturing industry a focal point is its significant contribution to greenhouse gas emissions, extensive use of water and energy, and the substantial amount of waste it produces.

According to CDP, there’s a noticeable and growing market demand for environmental disclosure. To support this claim, CDP highlights that 590 investors with assets exceeding $110 trillion and over 200 major purchasers with a procurement spend of more than $5.5 trillion are urging numerous companies to disclose their environmental data.

Given this surge in demand for sustainability, autonomous operations, and digitalization, the manufacturing industry is left with no option but to address waste management practices. 

This involves automating processes such as waste collection, sorting, and disposal, adopting advanced recycling methods, and exploring innovative composting processes, among other initiatives.

Further supporting this trend is the fact that the worldwide Smart Waste Management System market is projected to grow at a rate of 16.72% in the forecast period, 2022 – 2030, reaching $5,021 million by 2027.

7. Hospitality and Tourism 

Digital Transformation and Contactless Experiences

The industry is in the midst of a digital makeover, putting a spotlight on delivering smooth and hands-free experiences. B2B players are putting their money into tech solutions like mobile check-ins, digital room keys, and contactless payment systems, all geared towards making safety and convenience top priorities.

Take the Hilton Honors loyalty program, for example. Their mobile app lets guests choose their favorite room, order meals in advance, handle check-ins and check-outs, and even unlock doors and elevators with a digital key. These features have simplified various processes for the hotel and guests effectively. 

Sustainability Initiatives

This shift has become a significant movement in the hospitality and travel industry, indicating a growing awareness of environmental responsibility and a change in what travelers value.

There’s a collective effort within the sector to adopt sustainable practices, diminish ecological footprints, and actively contribute to global conservation objectives.

The research underscores the impact of this trend, with 85% of global travelers expressing a desire to travel sustainably post-pandemic. Environmental, Social, and Governance (ESG) considerations are now crucial for both business travelers and their employers.

Moreover, Booking.com’s Sustainable Travel Report for 2023 reveals that nearly half of today’s travelers (43%) are willing to pay extra for travel options with a sustainable certification, showing a heightened commitment to making a positive impact.

In response to these trends, Green Key Global, the sustainable certification program in the hotel and lodging industry, has teamed up with Tripkicks, a business travel technology company. 

This collaboration empowers business travelers to reduce their environmental impact by easily identifying hotels with a Green Key Eco-Rating on the Tripkicks platform. This is one of the evidence that businesses are actively stepping toward making sustainability a tangible and accessible aspect of business travel choices.

8. Automotive Sector

Electrification Acceleration

This surge is electrifying the B2B automotive sector as businesses eagerly embrace electric vehicles (EVs) and make significant investments in the necessary infrastructure. This shift perfectly aligns with the overarching drive towards sustainable and eco-friendly transportation solutions.

In just five years, from 2017 to 2022, EV sales skyrocketed from approximately 1 million to over 10 million. This remarkable growth highlights the exponential nature of the rise in EV sales.

At the heart of electrification acceleration is the intense competition to enhance battery technology. B2B automotive companies are actively engaged in improving battery performance, lifespan, and charging speed to address common concerns and foster widespread adoption of EVs.

The demand for batteries in EVs across all road segments is projected to hit around 5.5 TWh by 2030. Assuming an average utilization rate of battery production facilities at 85%, the announced capacity in 2030 would adequately cover the requirements outlined in the Net Zero Scenario, which is approximately 6.5 TWh of capacity. 

This indicates a concerted effort to meet the increasing demand for EVs while ensuring sustainable and efficient production practices.

Autonomous Driving Advancements

The pursuit of autonomous driving technology is still on the fast track. B2B automotive companies are honing and advancing the capabilities of autonomous vehicles, incorporating artificial intelligence, machine learning, and cutting-edge sensors to boost safety and efficiency in transportation.

Autonomous vehicles, often hailed as the future of travel, are gaining momentum. It’s estimated that by 2035, the autonomous driving wave could generate a hefty $300 billion to $400 billion in revenue.

Why the push? Safety is at the forefront. In the B2B sector, advancements in autonomous driving include crafting and integrating sophisticated safety features like emergency braking, lane-keeping assistance, and collision avoidance systems—all aimed at ensuring a secure driving environment.

Looking ahead, predictions suggest that by 2040, a 70% of new cars will come equipped with some level of automation. Businesses are recognizing the potential perks in terms of safety and efficiency.

In the realm of commercializing autonomous driving, Waymo, a subsidiary of Alphabet Inc. (Google’s parent company), takes the lead. Their ventures into ride-hailing and goods delivery serve as tangible examples of how autonomous driving is practically applied in the B2B arena.

9. Real Estate and Construction

Digital Transformation in Project Management

The industry is embracing digital tools and technologies for project management. From virtual reality (VR) simulations for design reviews to mobile project management apps, B2B players are leveraging digital solutions to enhance efficiency and communication throughout the project lifecycle. 

A recent survey of 33 prominent construction businesses in the UK revealed a noteworthy trend—36% of them are open to incorporating technology into their operations. A prime example is AECOM, a global infrastructure consulting firm, which has embraced VR simulations in its project delivery. This innovation allows stakeholders to preview and experience construction projects in a virtual environment before actual construction begins.

Another notable player in this digital transformation is Procore, a construction management software company. Their development of mobile project management apps has significantly contributed to improving work efficiency. Through real-time collaboration, document sharing, and enhanced communication on construction sites, Procore’s platform is elevating project agility and effectiveness.

Sustainability Integration

Green practices are becoming a cornerstone in real estate and construction ventures, especially considering that the construction industry stands as the world’s largest, boasting a value exceeding $13 trillion and contributing approximately 13% to the global GDP. 

Notably, in 2019, emissions from the building sector made up a substantial 38% of global CO2 emissions, marking the movement of this impactful trend.

In response, B2B companies today are integrating green building materials, energy-efficient technologies, and eco-friendly construction methods into their operations. This movement aligns seamlessly with the growing emphasis on environmental responsibility and the pursuit of green building certifications.

The non-residential sustainable building market is witnessing a surge in demand for sustainable and eco-friendly solutions. As these alternatives become more accessible and budget-friendly, the misconception that sustainable buildings are excessively costly is gradually dispelled. Instead, the focus is shifting towards highlighting their myriad benefits. 

Notably, the Green Buildings Market is anticipated to grow at a CAGR of 9.50%, reaching an impressive $1312.12 billion during the forecast period spanning from 2023 to 2030.

10. Legal and Professional Services

Prioritizing Data Security and Privacy 

The growing emphasis on data security and privacy in the B2B legal and professional services sector reflects the industry’s response to the expanding digitalization of legal processes and the heightened need to protect sensitive information. 

Over the relatively short period of 6 years, spanning from 2021 to 2027, the market value is projected to surge from $15.1 billion to $37.9 billion. This remarkable growth aligns seamlessly with the increasing adoption of legal tech among law firms, attorneys, and corporate entities.

These numbers offer a glimpse into the dynamic dance unfolding between law and technology, providing clear evidence of the legal sphere’s growing acceptance and reliance on technology. 

More specifically, it sheds light on the legal tech industry’s robust commitment to cybersecurity. The fact that 46.1% of law firms heavily invested in fortifying their technological defenses in 2020 vividly illustrates the sector’s evolving landscape.

This financial commitment underscores the industry’s keen awareness of the critical importance of data security in the modern legal landscape.

Freelancing Lawyers are on the Rise

Lawyers delving into freelancing, often known as “contract attorneys” or “legal consultants,” are opting for adaptable models that empower them to take on specific projects or assignments. This choice liberates them from the bureaucratic and demanding nature of traditional legal offices, allowing for a living wage, a healthier work-life balance, and a working lifestyle like remote consulting.

For young lawyers, remote options are particularly crucial, with 44% expressing a willingness to leave their current jobs for the opportunity to work remotely. This newfound flexibility not only enhances job satisfaction but also reduces stress levels, positively impacting overall well-being and potentially extending their careers.

In the process, these freelancing lawyers are reshaping the landscape of legal services. 

Beyond the advantages of flexible work, it provides legal professionals with the potential to earn more than they would in a conventional law firm setup. By setting their own rates and taking on multiple projects concurrently, freelancers can optimize their income and achieve greater financial freedom.

Wrap-Up

In short, these 10 B2B marketing insights, customized for various industries, hold the key to your success in 2024. We’ve dug into strategies spanning cosmetics to legal services that truly hit the mark. 

It’s your moment to integrate these insights seamlessly into your marketing playbook, regardless of whether you’re in beauty, legal, or somewhere in the middle. 

Embracing these subtleties is the spark that can set your B2B strategies on fire. So, get ready, implement these pearls of wisdom, and let’s make 2024 the year your business dominates the B2B scene.