The global public realtions services market was valued at almost $14 billion in 2015 and is expected to surpass $19 billion by 2020
Procurement market intelligence analysts have announced its latest market research report on public relations services for the period 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the public relations services market during the forecast period. Some of the top vendors listed in this industry analysis include Edelman, Weber Shandwick, FleishmanHillard, Ketchum, and Burson-Marsteller.
In terms of geographical analysis, the Americas is the largest shareholder in the global market, with a market share of around 55%. The US was the key revenue generating country in this region by accounting for almost 45% of the market in the Americas.
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According to Angad Singh, a category specialist at Technavio for research on category spend intelligence, “Digital campaigns are becoming increasingly popular across the globe. Organizations are attempting to expand their reach and engage consumers by engaging in PR-related activities and leveraging social media platforms. This trend is spurred by high penetration of various digital platforms among consumers. Some of the most commonly used tools for the development of relationships with industry leaders and influencers include SEO, content amplification, and social media marketing.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Digitization of PR services
Many companies are now using digital channels for several PR-related activities. Digitization of PR services enables companies to leverage the increase in the number of Internet and social media users and the advances in digital communication tools. This approach of using creative engagement tools for social media community management is expected to augment the demand for public relation services in the global market through the forecast period.
Demand for specialized services
The demand for specialized services in the global public relations services market is currently on an upsurge. Many agencies are now hiring specialists such as speechwriters as well as specialists in investor relations, labor relations, public affairs, media relations management, corporate reputation management, consumer products marketing, and crisis management to category to this increased demand for specialized services. Offerings such as these increases the dependency of large organizations on PR firms, thereby fueling the market’s growth.
Growing focus on positive brand image
A positive brand image is imperative for the well-being of any organization. Companies are emphasizing and investing greatly on branding in an attempt to drive sales and revenue. Public relations services help such organizations achieve the brand image that they aspire to achieve brand recognition by enhancing the consumer appeal for the client’s brand and service offerings. Furthermore, companies are also increasing their spending on public relations to mitigate the effects of negative brand publicity, meet the need for reputation management, and to extend their reach.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Public Relations Services – Procurement Market Intelligence 2016.’
