(PR) Public Relations Market Will Grow at 9.9% CAGR Through 2022

LONDON, March 10, 2020 /PRNewswire/ -- The global public relations market was valued at about $63.8 billion in 2018 and is expected to grow to $93.07 billion at a compound annual growth rate (CAGR) of 9.9% through 2022. Increasing need to gain competitive advantage is driving the public relations market. Public relations (PR) 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. In 2016, in a PR campaign, beverages' brand, Tropicana, set out to show that even a small 150 ml glass of Tropicana orange juice provides 60 percent of the daily Vitamin C. They set up an interactive billboard in London and showed an animated character, Little Glass, who discussed the health benefits of Vitamin C and of orange juice, specifically Tropicana. Tropicana representatives gave away 150 ml 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.

Increasing Popularity Of Programmatic Public Relation Market

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 the ad-buying world and 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 public relation industry further.

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Effect Of Government Regulations In The Public Relation Market

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 the European Union (EU) 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 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.

Stringent data collection regulations such as GDPR (General Data Protection Regulation) prove to be a restraint on the public relations market. These regulations strengthen data protection and privacy of a country's citizens, regardless of where they live or work. For instance, companies that collect personal information from European Union (EU) customers, receive web traffic from the EU, or do business with EU citizens, and fall under the ambit of GDPR. GDPR helps customers be aware of the type of data being collected and thus can choose to opt-out or 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 public relations market.

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Public relations services' companies manage, design and implement communication between an organization and its customers. Activities of PR firms aim to promote the image of their clients and encourages favorable relations between the client and its stakeholders, such as consumers, government, general public, employees and investors.

Major Companies And Their Strategy In The Public Relations Market

Major players in the Public Relation market are IPG, Publicis, Omnicom, WPP and Prezly. Companies have been investing in mergers and acquisitions to strengthen their business. In April 2019, Publicis groupe, a multinational advertising and public relations company, acquired Epsilon for a $4.4 billion deal. This transaction benefited Publicis groupe to add Epsilon's innovation, technology, and creativity in its products or services that will help clients beat the competition and grow profitably. Epsilon is a marketing company which provides unique data and customer insights. Epsilon was founded in 1969 and is head-quartered in Irving, Texas, US.

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