Jade Eckardt 17 May 2017 // 8:49AM GMT
NEW YORK — Spend on media intelligence information and software solutions by PR professionals grew 6.6% to $3.16bn in 2016, according to a report published today by Burton-Taylor International Consulting. The report found that the market has grown at a compound annual rate of 5.72% over the last five years.
The study revealed that media intelligence company Cision, which recently announced plans for a $2.4b public listing, has a revenue three times larger than that of its nearest competitor and accounts for 20% of the market. The company's strong market presence follows its 2016 acquisition of PR Newswire.
However, the report points out that new players are emerging in the market, offering alternatives such as TrendKite and Mynewsdesk. In addition, Burton-Taylor said it expects heavy competition to arise, and foresee various mergers and integrations to shake up the market in the near future.
"Despite Cision's substantial position, there is a strong competition," says report contributor Chris Porter, director at Porter Walford Consulting and a consultant to Burton-Taylor. "As established names such as Cision itself, Gorkana, PR Newswire, Kantar Media, GlobeNewswire and Marketwired go through their various merger and integration processes, new firms are pressing forward with alternatives. We expect significant changes in market dynamics over the coming year."
An addition report analyzes Meltwater's latest financial filings which show that while the company has put pressure on Cision in the US and Asia-Pacific market leader iSentia, it has been facing challenges.