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Market research analysts at Technavio predict the global public relations (PR) market to grow at a moderate CAGR of around 7% during the forecast period. PR can act as an effective reputation management tool for brands, politicians, public figures, NGOs, hospitals to leverage their strengths in shaping public opinion. The power to reach mass audience is one of the most predominant advantages of PR owing to their enhanced credibility. The importance of PR is increasing significantly across organizations which is helping them to position themselves better among stakeholders. Technavio estimates that an average PR campaign generates 8 times more credibility than an advertising campaign. In the recent times, the scope of public relations is witnessing a dynamic change where the PR professionals are not just responsible for media mentions but also provide a strategic aim to protect the reputation of their brands. One of the latest developments in this market is the growing popularity of digital PR campaigns that are viewed three times more than the traditional ones. These digital campaigns allow campaigners to track the performance and effectiveness of PR through real-time information, which helps companies to plan their future campaigns in a better way.
In terms of geography, the Americas accounted for the majority of the PR revenue in 2015 and will continue to dominate the market during the forecast period. The US alone accounted for around 75% of the total revenue in this region. The huge number of global vendors based in the US is one of the major factors contributing to the high market share of the Americas. The growing use of digital mediums, especially social media, will spur further growth of the market in the Americas in the coming years.
The global PR market is primarily dominated by global firms such as DJE, IPG, Omnicom, Publicis, and WPP. According to the public relations market statistics report, recovery and growth in the PR market after recession have not only attracted several new players but also provided a huge growth room for the existing market vendors to increase their market shares. Intense competition exists among market vendors as they strive to build credibility with their customers through their quality campaigns.
Leading vendors in the market are -
Other prominent vendors in the PR market include APCO, Coyne PR, Bell Pottinger, Dentsu, FTI Consulting, Havas, Hopscotch Group, Huntsworth, KREAB, Mikhailov & Partners, MMWPR, Prain Global, Ruder Finn, W2O, and WE.
Based on the public relations market outlook, private PR firms accounted for more than 59% of the total market share in 2015 and will continue to dominate the market during the forecast period. Much of this segment’s growth comes from the increased freedom these firms have in decision making. These firms have the advantage of making innovations in the PR strategies rather than following a traditional PR approach, which will further augment the growth prospects for this segment over the predicted period.
Print is the largest medium for PR and accounted for around 50% of the total market share in 2015. One of the major advantages that the print media offers is that the companies can convey a high degree of professionalism through it. The enhanced credibility associated with the print medium has made it the first choice among PR firms to gain publicity.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by type of firm
PART 07: Market segmentation by medium
PART 08: Geographical segmentation
PART 09: Key leading countries
PART 10: Buying criteria
PART 11: Market drivers
PART 12: Impact of drivers
PART 13: Market challenges
PART 14: Impact of drivers and challenges
PART 15: Market trends
PART 16: Vendor landscape
PART 17: Appendix
PART 18: Explore Technavio
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