More than half of marketers think their company doesn't invest enough in marketing technology, according to a study released today by public relations and digital marketing firm Walker Sands Communications.

The Walker Sands State of Marketing Technology 2016 report, "Understanding the New Martech Buyer Journey," finds that 51 percent of marketers want their employers to spend more money on martech solutions. Additionally, 42 percent say their organization's current technology is out of date and insufficient for helping them do their jobs, meaning the lack of investment may be harming results.

"Marketers are tech-savvy, but their companies aren't," says Dave Parro, partner and director of the marketing technology practice at Walker Sands. "There's a wide gap between what marketers want and need, and what their companies are willing to invest. Marketers are clearly frustrated with the slow pace of change."

The Walker Sands study, based on a survey of more than 300 practicing marketers at companies of all sizes, finds that while 44 percent of marketers consider themselves innovators or early adopters of personal technology, 51 percent say their companies are among the last to adopt marketing technology.

Marketers cite budget restraints (69 percent) as the primary obstacle to investing in new martech tools, followed by difficulty to implement or integrate with other technology (35 percent), and internal resistance to change (33 percent). Other hindrances include lack of executive buy-in, lack of interest or information, and the inability to find a solution that meets their needs.

Only 20 percent of marketers say their company doesn't need new marketing technology.