In a recent report released by Open PR World Wide, it has revealed in its data analysis that the rising need to gain competitive advantage has been driving the public relations market.
The report said this driving force has pushed the global public relations market to grow from $92.55 billion in 2021 to $ 102.80 billion in 2022 at a compound annual growth rate ( CAGR) of 11.1%.
Looking forward, it is projected that the public relations market is expected to reach $149.44 billion in 2026 at a CAGR of 9.8.
OpenPR ascribed the growth to several recoveries made by companies in the post-covid-19, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
| The data supplied some of the prominent strategies adopted by actors in the sector to navigate through the competitive landscape.It said Public relations (PR) companies are Increasingly Investing in programmatic PR in the digital medium, leveraging programmatic PR to boost automation of advertising. READ ALSO: Pyramid Game show debuts in Nigeria promising fun, entertainment, and big wins The platform observed that factors such as the increasing volume of global digital communications led to handing over the manual tasks to artificial intelligence.The data gave a breakdown analysis of the continents who are the global movers in the ecosystem. These regions covered in the public relations market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.Giving a comprehensive analysis of major market players, it reeled out notable agencies who are competing stiffly in the space to include Key competitors in the public relations market include IPG, Publicis, Dentsu, Omnicom, WPP, Prezly, Business Wire, Havas PR, MWWPR, Mikhailov & Partners and several others.The analysis disclosed that despite the presence of intense competition, due to the global recovery trend, investors are still optimistic about this area, and there will still be more new investments entering the field in the future.The report highlighted that the global public relations market is segmented into Medium which consists of events, social media, influencer marketing, company websites, TV, Print and others. While the next segment is by end user, consisting of consumer goods and retail, government and public Sector, Telecom , IT, HealthCare, Media, Entertainment, as well as by type with private PR firms , Public PR firms serving under it. |
