Overview and Scope
Public relations are the process of organizing and disseminating information from a person or organization to the appropriate public or target audience in an effort to change that audience’s view. Public relations help a business create, organize, and measure the effectiveness of its public relations tactics over time.
Sizing and Forecast
The public relations market size has grown strongly in recent years. It will grow from $106.93 billion in 2023 to $114.1 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to growing traditional media landscape, corporate reputation management, crisis communication needs, word of mouth and advocacy, community engagement and csr.
The public relations market size is expected to see strong growth in the next few years. It will grow to $144.28 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to digital and social media dominance, influencer marketing integration, authenticity and transparency, globalization and cross-cultural communication, data-driven decision-making. Major trends in the forecast period include diversity, equity, and inclusion in communications, interactive content and experiences, employee advocacy, regulatory compliance, collaboration across departments.
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The public relations market covered in this report is segmented –
1) By Medium: Events, Social Media, Influencer Marketing, Company Websites, TV, Print, Other Mediums
2) By Type: Private PR firms, Public PR firms
3) By End User: Consumer Goods and Retail, BFSI, Government and Public Sector, Telecom, IT, HealthCare, Media, Entertainment
North America was the largest region in the public relations market in 2023. Western Europe was the second largest region in the global public relations market share. The regions covered in the public relations market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising need to gain a 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 create a competitive advantage for organizations. It helps to attract attention and raise visibility for the product or service. 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, who discussed the health benefits of Vitamin C and 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 was worth paying more for.
Key Industry Players
Major companies operating in the public relations market report are Google LLC, Wells Fargo Advisors LLC, Teachers Insurance and Annuity Association of America, Salesforce.com Inc., Charles Schwab & Co.Inc., WPP plc, Publicis Groupe SA, Omnicom Group Inc., Publicis Consultants and Manning Selvage & Lee, Interpublic Group of Companies Inc., Dentsu Group Inc., Transamerica Corporation, Ogilvy Public Relations Worldwide Inc., FTI Consulting Inc., Havas SA, Weber Shandwick Worldwide Inc., AirPR Corp., FleishmanHillard Inc., Outbrain Inc., Hill+Knowlton Strategies Inc., Cision Ltd., Meltwater Group, Brunswick Group LLP, Ketchum Inc., IrisPR Software LLC, Hopscotch Group SA, Bell Pottinger Private Ltd., Golin International Ltd., ICR LLC, Business Wire Inc., APCO Worldwide LLC, Ruder Finn Inc., Hotwire Global Limited, TrendKite Inc., Coyne Public Relations LLC, Zeno Group LLC, Prosek Partners LLC, Isentia Group Limited, M Booth & Associates Inc., Racepoint Global Inc., Allison+Partners Inc., MWWPR Holdings LLC, W2O Group LLC, Agility PR Solutions LLC, Hunter Public Relations LLC, BCW Global, 5W Public Relations LLC, DJE Holdings Inc., Daniel J. Edelman Holdings Inc., Onalytica Ltd., Kreab AB, Huntsworth plc, Communications Strategy Group Inc., PadillaCRT LLC, IPR Software Inc., Prezly Inc., Mikhailov & Partners Private Services Group, Swerve Public Relations Inc.
The public relations market report table of contents includes:
1. Executive Summary
2. Public Relations Market Characteristics
3. Public Relations Market Trends And Strategies
4. Public Relations Market – Macro Economic Scenario
5. Global Public Relations Market Size and Growth
…..
32. Global Public Relations Market Competitive Benchmarking
33. Global Public Relations Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Public Relations Market
35. Public Relations Market Future Outlook and Potential Analysis
36. Appendix
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