14 October, 2019
RALEIGH, North Carolina, October 14, 2019 - The global public relations market has been growing at a rate of 5 percent, with around 70 percent of PR agencies providing a full range of services, according to Beroe Inc., a procurement intelligence firm. The services include media relations, crisis management services, lobbying services, and event management along with brand marketing services, and therefore the buyers have a large supply base
Western Europe, North America, and some parts of APAC, such as Australia, Japan, Hong Kong, and Singapore, have high market maturity. The major challenge public relations markets in Europe and North America is to find and retain critical talent at a time when the need for talent to manage specialized areas, like digital PR, is increasing.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: live.beroeinc.com
The PR industry is experiencing changes in response to new technology, expansion of new communication channels and greater use of data analytics, with the strength of the digital spend continuing to be the major growth driver of the PR industry overall. However, PR firms are facing a talent crunch with a lack of resources to meet the growing needs for diverse talents across mediums, resulting in buyers opting for digital agencies over PR agencies.
Recent expansions of PR agencies reflect a trend that indicates that buyers are looking at reducing roster size and want to have global contracts with incumbents. Relevant trends affecting the PR market till 2020 include specialized agency engagement, digital PR, talent crunch management and performance-based compensation.
The research methodology adopted for the report included:
As expectations increase for demonstration of return on investment for all communications spending, there has been (and will continue to be) an increased focus on measurement and evaluation, where most of the buyers are investing 5–7 percent of their PR budgets in measurement. Big spenders in the CPG, BFSI, and pharmaceutical industries are consolidating their spend and service lines to increase their negotiation power based on the volume of business.
The report also includes:
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