Global PR market size expected to grow $107.05bn in 2023
By Ibidunni Banjoko
In 2023, the global Public Relations (PR) market is expected to be worth approximately 107 billion USD, up 6.6 percent from around 100.4 billion dollars a year earlier. The annual figure was projected to continue to grow in the following years at a compound annual growth rate (CAGR) of 5.7 percent, thus surpassing 133 billion dollars by 2027.
According to separate reports from Edelman and New York Globe Newswire, the Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global public relations market size is expected to grow to $133.82 billion in 2027 at a CAGR of 5.7%.
The rising need to gain a competitive advantage is driving the public relations market. Public relations 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 create a competitive advantage for organizations. It helps to attract attention and raise visibility for the product or service.
Public relations (PR) companies are increasingly investing in digital PR in the digital medium. Programmatic PR refers to the automation of advertising. The increasing volume of global digital communications has led to handing over of 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, Accenture Interactive’s entry into the ad-buying world will incorporate the planning, buying, and management of programmatic advertising campaigns. It will also help brands develop a strategy for attacking programmatic buying. These technological advances will help PR and drive the market further.
According to the New York Globe newswire, 55 billion in 2021 to $102.80 billion in 2022 at a compound annual growth rate (CAGR) of 11.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
In 2022, Edelman’s global revenue increased by 12.8% in terms of constant currency growth to almost $1.1 billion. In terms of actual growth, the firm’s revenue improved by 9.6% for the year in a performance that global CEO Richard Edelman called “pretty damn good.”
Meanwhile, in 2021, Edelman, a global communication firm, reported 15.5% in the U.S., 17.1% in EMEA, and 7.4% in APAC, reaching record revenues of $985m as the world’s biggest PR firm closes in on becoming the first to cross the $1bn threshold. Edelman has over 60 offices around the world.
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