Dublin, Dec. 03, 2020 (GLOBE NEWSWIRE) -- The "Public Relations Global Market Report 2020-30: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
Public Relations Global Market Report 2020-30: COVID-19 Impact and Recovery provides strategists, marketers and senior management with the critical information they need to assess the global public relations market as it emerges from the COVID-19 shut down.
The global public relations market is expected to grow from $95.9 billion in 2019 to $96.2 billion in 2020 at a compound annual growth rate (CAGR) of 0.4%.
The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 7% from 2021 and reach $117.8 billion in 2023.
North America was the largest region in the public relations market in 2018. This region is expected to remain the largest during the next five years. The public relations market in North America is forecasted to register the highest CAGR during 2018-2023, followed by Europe.
Rising need to gain competitive advantage is driving the public relations market. Public relations can unite all functions with a single vision as per the mission of the organization. A well-made, integrated PR plan can connect customers and clients with the organization and creates competitive advantage for organizations. It helps to attract attention and raise the visibility for the product/service.
They set up an interactive billboard in London and showed an animated character, Little Glass, which discussed the health benefits of Vitamin C, of orange juice, specifically Tropicana and Tropicana representatives gave away 150ml glasses of orange juice. A research report in The Telegraph following the campaign showed that 88% of respondents said the campaign drove them to buy Tropicana more often and 100% of the respondents said that they had come away from the campaign believing Tropicana is worth paying more.
Stringent data collection regulations such as GDPR (General Data Protection Regulation) prove to be a restraint on the market. These regulations strengthen data protection and privacy of a country's citizens, regardless of where they live or work. For instance, the companies that collect personal information from EU customers, receive web traffic from the EU, or do business with EU citizens, fall under the ambit of GDPR. GDPR helps customers be aware of the type of data being collected and thus can opt-out or decline to opt-in. The market for PR focuses heavily on the collection, storage and use of personal information for media relations. The data must be collected more cautiously and individuals have the option to not provide their personal information, which could restrain the market for public relations.
Public relations (PR) companies are increasingly investing in programmatic PR in the digital medium. Programmatic PR refers to the automation of advertising. Increasing volume of global digital communications led to handing over the manual tasks to artificial intelligence. Programmatic PR increases transparency and control and is more efficient as it has better targeting capabilities for audiences. The area of reach is also greater in programmatic PR. For instance, in 2018 Accenture Interactive entered ad-buying world will incorporate the planning, buying and management of programmatic advertisement campaigns. It will also help brands in developing a strategy on attacking programmatic buying. These technological advances will help PR and drive the market further.
Globally, governments have enforced data protection laws in order to bring enforcement actions to protect consumers against unfair practices. For instance, the General Data Protection Regulation (GDPR) in European Union protects the personal data of individuals in the EU. For PR companies to ensure compliance with GDPR, they must publish a data protection policy that explains the kind of data they hold, what they do with it and with whom they share it with. The policy should also explain how subject access requests such as requests to reveal, change or delete data are handled and give an overview of how they intend to keep the data secure. These are referred to as a privacy notice/policy. Also, a regular review is required to ensure that the IT systems and internal security processes are updated to current good practice.
Major players in the market are IPG, Publicis, Omnicom, WPP and Prezly.
Key Topics Covered:
1. Executive Summary
2. Public Relations Market Characteristics
3. Public Relations Market Size And Growth
3.1. Global Public Relations Historic Market, 2015-2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Public Relations Forecast Market, 2019-2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Public Relations Market Segmentation
4.1. Global Public Relations Market, Segmentation By Medium, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.2. Global Public Relations Market, Segmentation By End User, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
Consumer Goods and Retail
Government and Public Sector
4.3. Global Public Relations Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
Private PR firms
Public PR firms
5. Public Relations Market Regional And Country Analysis
5.1. Global Public Relations Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Public Relations Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
Mikhailov & Partners
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