NEW YORK, April 12, 2017 /PRNewswire/ -- The global public relations (PR) tools market is estimated to reach USD 12.99 billion by 2024, according to a new report by Grand View Research, Inc. The recent years have seen a considerable change in the public relations landscape as it has taken the center stage in the marketing activities of organizations. There has been an increasing number of efforts at quantifying the impact of public relations and the return on investments in the related activities. The emergence of digital communication and social media is also contributing to the increased demand for tracking and monitoring the activities of organizations and customers on these media platforms, thus culminating into a widespread demand for the tools and techniques to keep a tab on the PR activities.
The public relations are forsaking their traditional boundaries to attract and engage customers for creating a larger following and building up long-term relationships, which are driving the growing trend of using a diverse set of tools in the industry. These techniques include the use of big data, analytics, machine learning, and artificial intelligence for the same purpose. The advent of digital media has also brought in new stakeholders in the PR industry, such as bloggers, influencers, and third-party platform providers, who need to be wooed to ensure the smooth creation and distribution of organization news.
The PR tools industry is witnessing a steady rise in the demand for tools based on analytics and aggregation to better understand the current trends and predict the behavior of the public. Driven by the requirements from diverse industries ranging from retail and consumer goods to the information technology and healthcare industries, the market for PR tools is anticipated to see a considerable growth. The PR tools provide a wide range of capabilities from content creation and aggregation to the distribution of organization stories and automated report generation. In addition, the need for integrated marketing communications and the ability to reach a niche market segment are also helping the PR tools industry grow.
Further key findings from the report suggest:
The public relations scenario is being dominated by the ephemeral content, which includes a growing number of videos, images, and infographics
The public relations market is marked by the presence of a large number of solution providers, which offer differentiated products that deliver a wide range of varied tasks and capabilities
The new product development, industry players' concentration on research and development activities, and developing cost effective products for a differential market are the major strategic plans adopted by the industry players
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