The global public relations market was valued at about $63.8 billion in 2018 and is expected to grow to $93.07 billion at a CAGR of 9.9% through 2022.
The public relations (PR) market consists of sales of public relations and related services. Public relations services' companies manage, design and implement communication between an organization and its customers. Activities of PR firms aims to promote the image of their clients and encourages favorable relations between the client and its stakeholders, such as consumers, government, general public, employees and investors.
North America was the largest region in the public relations market in 2018. This region is expected to remain the largest during the next five years. The public relations market in North America is forecasted to register the highest CAGR during 2018-2023, followed by Europe.
Rising need to gain competitive advantage is driving the public relations market. Public relations can unite all functions with a single vision as per the mission of the organization. A well-made, integrated PR plan can connect customers and clients with the organization and creates competitive advantage for organizations. It helps to attract attention and raise the visibility for the product/service.
In 2016, in a PR Campaign, beverages brand Tropicana set out to show that even a small 150ml glass of Tropicana orange juice provides 60 percent of the daily Vitamin C. They set up an interactive billboard in London and showed an animated character, Little Glass, which discussed the health benefits of Vitamin C, of orange juice, specifically Tropicana and Tropicana representatives gave away 150ml glasses of orange juice. A research report in The Telegraph following the campaign showed that 88% of respondents said the campaign drove them to buy Tropicana more often and 100% of the respondents said that they had come away from the campaign believing Tropicana is worth paying more.
Stringent data collection regulations such as GDPR (General Data Protection Regulation) prove to be a restraint on the market. These regulations strengthen data protection and privacy of a country's citizens, regardless of where they live or work. For instance, the companies that collect personal information from EU customers, receive web traffic from the EU, or do business with EU citizens, fall under the ambit of GDPR. GDPR helps customers be aware of the type of data being collected and thus can opt-out or decline to opt-in. The market for PR focuses heavily on the collection, storage and use of personal information for media relations. The data must be collected more cautiously and individuals have the option to not provide their personal information, which could restrain the market for public relations.
Public relations (PR) companies are increasingly investing in programmatic PR in the digital medium. Programmatic PR refers to the automation of advertising. Increasing volume of global digital communications led to handing over the manual tasks to artificial intelligence. Programmatic PR increases transparency and control and is more efficient as it has better targeting capabilities for audiences. The area of reach is also greater in programmatic PR. For instance, in 2018 Accenture Interactive entered ad-buying world will incorporate the planning, buying and management of programmatic advertisement campaigns. It will also help brands in developing a strategy on attacking programmatic buying. These technological advances will help PR and drive the market further.
Globally, governments have enforced data protection laws in order to bring enforcement actions to protect consumers against unfair practices. For instance, the General Data Protection Regulation (GDPR) in European Union protects the personal data of individuals in the EU.
For PR companies to ensure compliance with GDPR, they must publish a data protection policy that explains the kind of data they hold, what they do with it and with whom they share it with. The policy should also explain how subject access requests such as requests to reveal, change or delete data are handled and give an overview of how they intend to keep the data secure. These are referred to as a privacy notice/policy. Also, a regular review is required to ensure that the IT systems and internal security processes are updated to current good practice.
In April 2019, Publicis Groupe, a multinational advertising and public relations company acquired Epsilon for a $4.4 billion deal. This transaction benefited Publicis groupe to add Epsilon's innovation, technology, and creativity in its products or services that will help clients beat the competition and grow profitably. Epsilon is a marketing company which provides unique data and customer insights. Epsilon was founded in 1969 and is head-quartered in Irving, Texas, US.
Major players in the market are IPG, Publicis, Omnicom, WPP and Prezly.
- Markets Covered: 1) By Medium: Events, Social Media, Influencer Marketing, Company Websites, TV, Print, Others 2) By End User: Consumer Goods and Retail, BFSI, Government and Public Sector, Telecom , IT, HealthCare, Media, Entertainment 3) By Type: Private PR firms , Public PR firms
- Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA
- Regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
- Time Series: Five years historic and forecast.
- Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Business Wire
- Havas PR
- Mikhailov & Partners
- APCO Worldwide
- Coyne PR
- Bell Pottinger
- FTI Consulting
- Hopscotch Group
- Cision AB
- AirPR software
- IrisPR software
- IPR software
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