LONDON and NEW YORK, May 20, 2020 /PRNewswire/ -- Annual spending on Media Intelligence solutions for public relations professionals increased 7.5% in 2019, reaching a record $4.5 billion, according to a new benchmark study published today by Burton-Taylor International Consulting, part of TP ICAP's Data and Analytics division.
The new report found that the industry was characterized by strong growth for many small to medium-sized Media Intelligence providers in 2019, which was offset by muted or negative performance by several industry leaders.
"A new generation of providers such as Intrado Digital Media, UNICEPTA and Signal AI have expanded their offerings and experienced impressive growth with their innovative solutions," said report contributor Chris Porter, Director at Porter Walford Consulting and a consultant to Burton-Taylor.
"This market is still very much in transition, with significant change to come. Cision and Kantar, two of the largest PR software and information providers, have recently gone through ownership transitions, while Meltwater recapitalized its operations in 2019," he added.
The report also highlights the continued rapid growth of social media software tools such as Sprinklr, Sprout Social and Brandwatch, as well as significant expansion in the social media space by Meltwater and Cision.
"Companies supplying tools for communications professionals have quickly adapted business models to meet the challenges of operating businesses impacted by the coronavirus pandemic," said Andy Nybo, Managing Director at Burton-Taylor. "The Covid-19 pandemic provides a key opportunity for suppliers of PR software and social media management tools to prove their worth and help clients get their messages out to the public."
The 128-page Burton-Taylor report Media Intelligence/PR Software & Information Global Share & Segment Sizing 2020 is available for immediate download by Burton-Taylor research members through the research portal. A detailed information kit for the report can be downloaded here or the report can be purchased by visiting https://burton-taylor.com/product/mediaprreport/ or by contacting [email protected], +1 646 225-6696.
Burton-Taylor International Consulting, part of TP ICAP group, is the recognized leader in information industry market research, strategy and business consulting. Burton-Taylor Exchange, Credit, Risk, Compliance, Media Intelligence, PR and Market Data share figures are seen as industry benchmark standard globally. For further information see www.burton-taylor.com.
TP ICAP brings together buyers and sellers in global financial, energy and commodities markets. It is the world's largest wholesale market intermediary, with a portfolio of businesses that provide broking services, data & analytics and market intelligence, trusted by clients around the world. We operate from offices in 31 countries, supporting award-winning brokers with market-leading technology. For further information see www.tpicap.com.