LONDON--(BUSINESS WIRE)--The global public relations (PR) services market is expected to grow at a steady CAGR of around 8% during the forecast period, according to Technavio’s latest report.
The research study covers the present scenario and growth prospects of the global PR services market for 2016-2020. The top key suppliers listed in the report include Edelman, Weber Shandwick, FleishmanHillard, Ketchum, and Burson-Marsteller.
According to Angad Singh, a category specialist at Technavio, “The key role of a PR service provider is to deliver the right message to the right people at the right time and place. A PR service is a management function that manages public attitudes; simplifies and interprets policies, procedures, and interests; and performs actions required to enhance public awareness about an organization. It provides support with regard to corporate communications, event management, internal/external affairs, and crisis management.”
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Category spend intelligence market research analysts highlight the following four factors that are contributing to the growth of the global PR services market:
- Digitization of PR services
- Increase in use of consumer engagement formats
- Demand for specialized services
- Growing focus on positive brand image
Additional Technavio Insights: How the PR Industry Will Change in the Next Five Years
Digitization of PR services
The category has been witnessing substantial growth over the past decade, which can be attributed to advancements in digital and social media technologies. An increase in the number of internet users, social media members, and advances in digital communication tools are factors that are prompting several companies to utilize digital channels for various PR activities.
The use of creative engagement tools for social media community management is likely to continue to be the strongest growth driver during the forecast period. A majority of firms across industries are engaging with PR agencies and seeking the best possible solutions for their brands across earned, paid, owned, and shared media.
Increased use of consumer engagement formats
With buyers looking for opportunities to increase consumer engagement, suppliers are providing innovative engagement models such as story-telling, executive branding, influencer marketing, and content amplification. Creative use of appropriate content in the proper engagement channels is driving the growth of the PR services market.
The emergence of advanced technologies such as mobile engagement units has opened up avenues to interact with consumers and influence their opinions about various brands, products, and services.
Demand for specialized services
A majority of agencies are 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 cater to the demand for specialized services by clients.
In response to clients expanding their businesses into new markets, global PR firms are acquiring local agencies, as they can benefit from their expertise in local political, cultural, and mass communication aspects. Such offerings make PR services indispensable for larger firms, thus contributing to the growth of the market.
Growing focus on positive brand image
The effect of branding on sales and revenues of organizations is driving the need for PR services. These services aim to make clients, their brands, and service offerings appear exceptional. Buyers prefer service providers that can offer one-stop solutions for their communication and branding needs, which can range from corporate communications to viral marketing campaigns. Knowledge about the industry, markets, geographies, and demographics involved, allows suppliers to understand the target audience and direct branding efforts accordingly.
Corporates are increasing their PR spend for increased brand visibility, online reputation management, viral PR campaigning, and prevention of negative brand advocacy. This is achieved through innovative and proprietary tools such as client engagement models and social analytics.
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