Public Relations Agencies - Global Market Research Report

Revenue public relations agencies largely depends on the incomes of businesses and consumers. Clients use these agencies for a variety of reasons, including managing a company's image or promoting products to target certain demographics. Agencies have dedicated a greater proportion of their budgets to public relations in place of traditional advertising in recent years, they have effectively manipulated the power of digital media. Burgeoning consumer markets across emerging countries have contributed to growth in developing regions. Despite this, the COVID-19 pandemic severely ate into advertising revenue, as the economic uncertainty caused companies to tighten their budgets. Revenue isn't expected to reach pre-pandemic levels until 2023. Revenue is expected contract at a CAGR of 0.3% to $56.2 billion over the five years to 2023. This includes revenue growth of 3.5% in 2023 alone as the economy continues its recovery from the pandemic. Public relations (PR) agencies manage the communications between an organization and the public to promote favorable relationships and portray a desired image. This includes communication with the general public and with employees, investors, customers, analysts and other stakeholders. In contrast to advertising, PR campaigns aim for exposure through public interest and news items rather than paid advertisements to give their message third-party legitimacy. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.