Marketing has become a strategic and co-ordination function. Strategic in that the Marketing Director has to manage and execute on campaigns and a consistent vision - co-ordination in that most marketing today is actually done by external agencies and contractors. The other major shift in marketing is that Marketers are ever more being explicitly tasked with generating leads, and broader marketing concerns such as visibility and brand trust have been relegated. Pushing marketing back to its original home as a subset of Sales.
In my experience, CMO's are not technologists, nor do they want to be, as they have better things to do with their time. So though much more money will of course be spent on digital marketing efforts in the future trusted external agencies that will become key stakeholders in any technology decision making process.