PR Management Market

PR Management Market Outlook (2022-2032)

The global PR management market is estimated to be valued at US$ 67.3 billion in 2022 and is projected to expand at a healthy CAGR of 6.9% to reach US$ 131.2 billion by the end of 2032.

In 2021, close to 4% of enterprise marketing budgets were allocated for PR management activities. The amount spent on PR management is also likely to increase in the years ahead.

Report Attributes	Details
PR Management Market Size (2021A)	US$ 63 Billion
Estimated Market Value (2022E)	US$ 67.3 Billion
Forecasted Market Value (2032F)	US$ 131.2 Billion
Global Market Growth Rate (2022-2032)	6.9% CAGR
North America Market Share (2021)	~35%
East Asia Market Growth Rate (2022-2032)	~7.5% CAGR
United States Market Growth Rate (2022-2032)	~6.8% CAGR
Market Share of Top 5 Companies	15%
Key Companies Profiled	APCO Worldwide BlueFocus Brunswick Corporation Daniel J. Edelman Holdings, Inc. Finn Partners FischerAppelt FTI Consulting Havas PR Global Collective ICF International, Inc. Omnicom Group Publicis Groupe Real Chemistry Sunny Side Up Inc Syneos Health Teneo Holdings The Interpublic Group of Companies The mc Group Vector Inc. WE Communications WPP plc

Factors Impacting PR Management Industry in 2022 and Beyond

The PR management industry has been witnessing tremendous demand from corporates in the recent past. With the rise of social media, corporates are trying to engage with their customers digitally. Almost all companies, be it an SME or a large-scale enterprise, public or private, now have social media presence across all available platforms.

Companies are spending millions of dollars on public relations management services. PR companies mitigate the bridge between a company and its customers. PR management companies take care of reputation via owned, paid, or earned communications. The main motive of the PR management firm is to establish the brand awareness and reputation of its client.

• Short Term (2022-2025): During COVID, PR management companies played an important role in maintaining the brand awareness of corporates. It is expected that the current business scenario will push the demand for PR management services as well.
• Medium Term (2025-2028): Improved corporate numbers will continue to contribute to the demand for PR management services. In the era of a competitive world, enterprises are expected to increase their spending on PR management services.
• Long Term (2028-2032): Integration of technology into service offerings by PR management companies will create ample opportunities. Integrated PR management is the future and is continuously increasing its share in the overall PR market.

From 2017 to 2021, the global public relations management market expanded at a CAGR of 6.2%. As per Fact.MR, a market research and competitive intelligence provider, the market is projected to progress rapidly at 6.9% CAGR between 2022 and 2032.

What’s Driving the Demand for PR Management Services?

“Data and Analytics to Keep Momentum High”

Earlier, with traditional PR management services, it was difficult for PR firms to evaluate the impact of their strategies. Now, with the integration of technology, PR firms can evaluate the success of their strategies, such as total reach, brand awareness, and social media engagement.

With the help of data and analytical tools, companies can prioritize their strategies depending on the result obtained from the last run of PR (social media posts/content marketing/events). Data-driven insights can result in reducing the cost of PR strategies and ultimately helping the client reach out to its target audience with reduced cost.

Social media platforms now offer data insights to their users. This is very helpful as it contains data such as who are the people watching your content, along with their age, race, region, and gender.

“Rising Competition among Corporates Will Drive the Demand for PR Management Services”

As the world has become a global village, globalization of businesses is happening at an unprecedented pace. Enterprises are trying to capture the global market with the help of PR services through brand awareness and establishing a relationship with target consumers.

Public relations management companies help clients in creating relationships with the target audience through different strategies such as social media posts in native languages, wishing native people on important festivals, and providing customized services as per local needs.

Enterprises are more focused on maintaining a healthy relationship with their customers and engaging with them on a continuous basis. To make themselves different from their competitors, corporates are taking help from PR management companies to reach out to their target audience in a more personalized and quirky way.

“Keeping Pace with Ever-changing Industry Environment”

Public relations, as an industry, has evolved a lot over the past few years. The PR industry has witnessed major shifts in how it functions. Integration of technology, adoption of social media as a go-to platform for PR activity, and the entry of new businesses have changed the course of this industry. In the present digital world, every business needs to have an online presence.

Most of the new entrants are tech-savvy; with a small team and the help of technology they are eating out a big chunk of share from established players. The expectation of clients has also changed over the years. Nowadays, clients want to have an everlasting relationship with their customers via a different mode of communication.

We have witnessed that on many occasions when companies are trying to resolve their clients’ queries/concerns over social media. In today’s digital world, anyone can reach out to companies with their concerns through social media and can get them resolved in no time.

Established major players need to keep themselves updated with the new industry’s unspoken norms that keep on changing in no time. Sometimes, it becomes impossible to keep up the pace with clients’ requirements, as it has also become dynamic in nature.

As a PR firm, you never know what your client’s next requirement is and you always have to be on top of your game. If not, there are tons of new entrants armed with advanced technology and ready to grab the opportunity.

Country-wise Insights

Improved Business Numbers Creating Demand for PR Management in the U.S.

The U.S. has always been a major market for PR firms. It is perceived as the U.S. has the most mature and informed consumers in comparison to the rest of the world. Post-COVID, enterprises are witnessing a revival in their business and it is expected to continue over the coming years.

Most U.S. businesses are multinational and require a lot of PR activities to establish brand awareness and increase visibility. Simultaneously. multinational companies are facing tough competition from local players. That’s where a great PR management firm can help. Companies are spending millions of dollars on PR strategies to stand out from the competition and increase brand awareness.

India to Be Promising Market for PR Management Companies

India, as an economy, is continuously growing at a higher rate in comparison to most major economies. This has led to a stable and efficient market for enterprises. Corporates are reporting good financial numbers and expanding their business to other regions.

Demand for PR management services has increased over the last few years, supported by good a business scenario. Given its high population, India is a very lucrative market for any company. Enterprises are trying to make a mark for themselves with the help of the right PR management. Armed with an affordable Internet data pack, the Indian PR management market is poised to grow manifold over the coming years.

Category-wise Insights

Social Media Services Will Continue to Lead Market Growth

The role of social media has changed over the years. Nowadays, social media is being used as the first choice of communication. From corporates to the general public, social media has become a mutual mode of communication. Whether a new product launch or a merger/acquisition or an appointment of new key personnel, companies are choosing social media as the preferred way to reach out to the general public.

Earlier, most companies had an in-house PR management team; however, with the evolving nature of social media, it became tough for in-house teams to keep up with new trends. As a result, companies are now outsourcing PR management services.

Retail & Consumer Goods Sector to Be Prime Focus of PR Management Companies

The retail & consumer goods sector is one of the most competitive among all existing sectors. To distinguish themselves from the competition, companies tend to spend a lot of time, money, and effort on their PR, marketing and advertisement.

In the era of fast products and digital disruption, keeping up with the evolving demands from the consumer end requires agility and speed to respond with adequate products or services. Public relations services bridge the gap between corporates and their clients. On behalf of their clients, PR firms with different strategies reach out to end users with adequate information so that brand awareness remains intact and companies can easily sell their products/services.

Competitive Landscape

Prominent PR management companies are APCO Worldwide, BlueFocus, Brunswick Corporation, Daniel J. Edelman Holdings, Inc., Finn Partners, FischerAppelt, FTI Consulting, Havas PR Global Collective, ICF International, Inc., Omnicom Group, Publicis Groupe, Real Chemistry, Sunny Side Up Inc., Syneos Health, Teneo Holdings, The Interpublic Group of Companies, The mc Group Vector Inc., and WE Communications, WPP plc.

The global PR management market is highly competitive with several domestic and global players competing. Marketing strategies by key players, such as mergers and acquisitions, expansions, collaborations, and partnerships, are being witnessed.

• In September 2022, Finn Partners, a global marketing agency, acquired The Winston Agency. This acquisition will bolster the firm's social impact and ESG communications.
• In September 2022, Hill+Knowlton Strategies acquired Latin American Specialist The JeffreyGroup and dramatically expanded its capabilities in the region.
• In August 2022, Selbey Anderson group acquired AML Communications, a creative and experience agency.

Fact.MR has provided detailed information about the providers of PR management services positioned across regions, revenue growth, and service offering expansion, in the recently published report.

Segmentation of PR Management Industry Research

• By Type :

  • Private PR Firms
  • Public PR Firms

• By Service :

  • Investor Relations
  • Social Media
  • Public Affairs
  • Crisis Management
  • Content Marketing
  • Corporate Communication
  • Media Relation
  • Event Management
  • Others (Not Covered elsewhere)

• By End-use Industry :

  • BFSI
  • Retail and Consumer Goods
  • Business and Consumer Services
  • Healthcare
  • Manufacturing
  • Transportation and Mobility
  • Energy and Utility
  • Media & Entertainment
  • Hospitality
  • Others (Not Covered elsewhere)

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa