Public Relations Global Market Report 2024

Public relations involve the process of arranging and communicating information from an individual or organization to the relevant public or target audience, with the aim of influencing that audience's perception. The objective of public relations is to assist a business in developing, structuring, and assessing the efficacy of its public relations strategies over time.

The primary categories of public relations are private PR firms and public PR firms. A public relations firm endeavors to shape public opinion regarding a company's products or services. Various mediums, such as events, social media, influencer marketing, company websites, TV, print, and others, are utilized across diverse industries, including consumer goods and retail, BFSI, government and public sector, telecom, IT, healthcare, media, and entertainment.

The public relations market research report is one of a series of new reports from The Business Research Company that provides public relations market statistics, including public relations industry global market size, regional shares, competitors with a public relations market share, detailed public relations market segments, market trends and opportunities, and any further data you may need to thrive in the public relations industry. This public relations market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 ascribed to the expansion of the traditional media landscape, requirements for corporate reputation management, crisis communication needs, the impact of word of mouth and advocacy, as well as the emphasis on community engagement and corporate social responsibility (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 anticipated growth in the forecast period is linked to the dominance of digital and social media, the integration of influencer marketing, emphasis on authenticity and transparency, the impact of globalization and cross-cultural communication, and the increasing reliance on data-driven decision-making. Noteworthy trends in the forecast period include a focus on diversity, equity, and inclusion in communications, the rise of interactive content and experiences, the promotion of employee advocacy, the importance of regulatory compliance, and the encouragement of collaboration across departments.

The public relations market is being driven by the increasing need to gain a competitive advantage. PR has the capacity to align all functions with a unified vision in line with the organization's mission. A well-crafted, integrated PR plan can establish connections between organizations and their customers, providing a competitive edge. It serves to capture attention and enhance visibility for products or services. An illustrative example is Tropicana's PR campaign, where an interactive billboard in London showcased an animated character, Little Glass, emphasizing the health benefits of Vitamin C in Tropicana orange juice. The subsequent research report in The Telegraph indicated that 88% of respondents were prompted to buy Tropicana more frequently, with 100% believing the brand was worth paying more for after the campaign.

The growing prevalence of influencer marketing is anticipated to drive the expansion of the public relations market. Influencer marketing, a facet of social media marketing, involves endorsements and product placements by individuals or organizations recognized for their expertise or social influence. This form of marketing provides an authoritative voice for positive branding, aligning with the objectives of public relations professionals. For instance, data from Meltwater reveals a 2.9% increase in LinkedIn's potential ad reach in the UK between 2022 and 2023. Notably, online influencer marketing witnessed a substantial increase in spending (+18%), amounting to nearly $1 billion. Hence, the rising use of influencer marketing is expected to boost the public relations market.

Stringent data collection regulations such as GDPR (General Data Protection Regulation) pose a constraint on the market. These regulations enhance data protection and privacy for citizens, irrespective of their location. Businesses dealing with EU customers or operating within the EU are subject to GDPR regulations. This framework enables customers to be informed about the data collected, providing them the option to opt-out or decline to opt-in. Given that the PR market relies significantly on the collection, storage, and utilization of personal information for media relations, the careful collection of data and individuals' ability to withhold personal information could limit the public relations market.

Public relations (PR) firms are increasingly investing in digital PR within the digital medium, with programmatic PR representing the automation of advertising processes. The surge in global digital communications has prompted the delegation of manual tasks to artificial intelligence, enhancing transparency, control, and efficiency in advertising. Programmatic PR, with its advanced targeting capabilities, offers improved audience reach. Accenture Interactive's foray into the ad-buying realm exemplifies this trend, encompassing the planning, acquisition, and management of programmatic ad campaigns. These technological advancements are set to propel the public relations market further.

Key players in the public relations market are intensifying their focus on introducing innovative digital solutions to stay competitive. Innovative PR digital solutions leverage digital technologies and strategies to enhance brand reputation, elevate brand awareness, and foster improved communication with target audiences. Omnicom Group Inc., a US-based media company, launched the OmniearnedID analytics platform in January 2021. This communications analytics platform provides insights into how earned media impacts sales and brand health across various sectors and communication areas, including influencer relations, corporate reputation, and crisis communications.

In April 2021, MikeWorldWide, an integrated PR company based in the US, acquired Chameleon for an undisclosed amount. This strategic acquisition bolsters MWW's UK presence by incorporating Chameleon's expertise in technology and B2B communications, establishing one of the UK's largest technology firms. With almost 30 professionals specializing in PR, content, and digital capabilities, the combined entity ranks among the top five B2B and top fifteen technology firms in the UK. Chameleon is a UK-based consultancy specializing in the technology public relations market.

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.

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.

The countries covered in the public relations market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The public relations market consists of revenue earned by entities by involving services such as managing, designing and implementing 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. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Public Relations Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on public relations market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for public relations ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The public relations market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 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
• Companies Mentioned: Google LLC; Wells Fargo Advisors LLC; Teachers Insurance and Annuity Association of America; Salesforce.com Inc.; Charles Schwab & Co.Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• 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.
• Delivery format: PDF, Word and Excel Data Dashboard.