The Public Relations Global Market Report 2023 by The Business Research Company, provides public relations market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-yearforecast period – 2023-2032.
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According to The Business Research Company’s Public Relations Global Market Report 2023, the market size is expected to grow from$100.39 billion in 2022 to $107.05 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global public relations is expected to grow to $133.82 billion in 2027 at a CAGR of 5.7%.
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.
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The public relations market is segmented:
1) By Medium: Events, Social Media, Influencer Marketing, Company Websites, TV, Print, Other Mediums
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
Public relations (PR) companies are increasingly investing in digital PR in the digital medium. Programmatic PR refers to the automation of advertising. The increasing volume of global digital communications has 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, Accenture Interactive’s entry into the ad-buying world will incorporate the planning, buying, and management of programmatic advertisement campaigns. It will also help brands develop a strategy for attacking programmatic buying. These technological advances will help PR and drive the public relations market further.
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. Public Relations Market Size And Growth
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26. Africa Public Relations Market
27. Public Relations Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Public Relations Market
29. Public Relations Market Future Outlook and Potential Analysis
30. Appendix
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