Public Relations Market is forecast to reach $130.5 billion by 2025, at a CAGR of 10.50% during 2020-2025. Increased demand across several organizations which act as an effective reputation management tool for brands, politicians, public figures, NGOs, hospitals to leverage their strengths in shaping public opinion and to position themselves better among stakeholders are the major factors which propel the growth of the Public Relations market. In addition to this Public relations (PR) firms are rapidly involved in the digital media in programmatic PR. Programmatic PR refers to the automating of ads. In programmatic PR, the scope is also greater. For Instance, in 2018, Accenture Interactive will integrate the scheduling, procurement and management of programmatic advertising campaigns into the ad-purchasing environment. It will also allow companies to develop a strategy to combat programmatic purchasing. These technological advances will help Public Relations to further drive the market.
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By Solution – Segment Analysis
Social media management market is expected to at highest CAGR of 14.1% during the forecast period. The demand for social media management solutions is expected to increase over the forecast period due to several factors, including the rapid adoption of social media and the large volume of data generated across major industries, including BFSI, retail and e-commerce, government, public sector and manufacturing and it proves to be a vital tool for marketers to reach their targeted audience and engage them effectively and easily. All these will accelerate the demand for social media management market on public relations market.
Application – Segment Analysis
Content marketing market size is expected to grow at a highest CAGR of 18.4% during the forecast period due to increasing focus on enhancing customer experience among the enterprises and also helps them to make data-driven decisions while formulating the marketing strategy. On the other hand, the use of content marketing technology in large enterprises is higher due to the accessibility and high economies of scale that allow large organizations to benefit from content marketing software. In addition to this, Content marketing software vendors are integrating their offerings with analytics and artificial intelligence, which provide added advantage to the marketers while analyzing the customers’ expectations. It also helps marketers provide consistent experience to its customers across multiple touch points. All these conditions will accelerate the market growth in the forecast period.
Geography – Segment Analysis
In 2018, North America dominated the Public Relations market share with more than 33.57%, followed by Europe and APAC. Increased adoption of internet and advancement in technology and adoption of new and emerging technologies, and its strong financial position enables it to invest majorly in the leading tools and technologies for effective business operations. For instance in 2017, the share of U.S. businesses investing Public relations is more than 35%. Similarly Canada has invested almost equal to United States in public relations, all these investments and advancements will accelerate the demand for Public Relations Market in the forecast period.
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Drivers –Public Relations Market
Growing need to gain a competitive advantage
The growing need to gain a competitive advantage is driving the public relations market as this market can unite all functions with a single vision according to the mission of the organization. A well-made integrated PR strategy will bind customers and stakeholders to the company and create a competitive advantage for the organization by increasing the awareness about the brand. For instance In 2017, in the PR Campaign, Tropicana brand drinks set out to show that even a small 150ml glass of Tropicana orange juice provides 60 per cent of the daily vitamin C by showing an animated character on interactive billboard in London which discussed the health benefits of Vitamin C, orange juice and specifically Tropicana brand which improved the sales of brand thereby created demand for Public relations market.
Challenges – Public Relations Market
Implementation of Stringent Data protection laws.
Implementation of stringent data protection laws are the major factors which restrain the market. For instance, according to law issued by European government in 2016, strong data protection laws such as GDPR (General Data Protection Regulation) will improve the data protection and privacy of citizens of a country, irrespective of where they live or work. For instance, businesses that obtain personal information from EU clients, receive web traffic from the EU or engage in business with EU citizens are falling within the reach of GDPR. GDPR allows consumers to be aware of the form of data being collected and can also opt-out or 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 in the forecast period.
Partnership and acquisitions are key strategies adopted by players in the Public relation market. In 2018, Public Relation industry outlook has been moderately concentrated by the top five players accounting for 52.45% of the share. The Public Relations top 10 companies include Google Inc., Business Wire Inc., Salesforce.com, Meltwater Inc., and Cision AB. The other prominent industry players are AirPR Software, Iris PR Software, ISentia, Onalytica, Prezly, Narrative Science, Rocket Fuel, iPR Software, and Outbrain Inc., among others.
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