Global Public Relations (PR) Tools Market Trends and Forecast 2023
It is expected to exhibit a 12.9% CAGR from 2017 to 2023 (forecast period). PR tools comprise various methods to gauge performance of campaigns and to gain measurable insights. Popularity of social media platforms to reach a wide consumer base is one of the primary drivers for the market.
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Emergence of digital media as a medium to disseminate information can positively impact the market for public relation tools. Traditional PR agencies are forsaking legacy methods to engage digital audiences. Techniques such as big data, machine learning, analytics, and artificial intelligence (AI) are being utilized to gauge performances and results. In addition, the partnering with third-parties by PR agencies to spread word on latest happenings can bolster market growth during the forecast period.
Demand for advanced tools to understand consumer patterns and sentiment has spurred innovation. For instance, the LexisNexis Group has launched the Newsdesk, a business intelligence platform, to be used by its clients to gain insights and to create appropriate strategies suited to their business models. The need for integrated communication strategies to reach niche segments can bode well for the market in the near future.
The public relation (PR) tools market is segmented by product, end user, and region. Products in the market include relationship management, data aggregation, monitoring and analysis, content creation and distribution, publishing tools, and social media monitoring & management. Major end users comprise media & entertainment, IT & telecom sector, consumer good and retail, government and public sector, and banking, financial services and insurance (BFSI).
Regions covered in the public relation (PR) tools market report include China, Japan, India, Southeast Asia, European Union (EU), and United States (U.S.). The EU market for PR tools is expected to attain a valuation of USD 1665 million by exhibiting an 11.9% CAGR during the forecast period. AI can be capitalized by PR firms to gain foresights on impending crisis and predict consumer behavior. Customer relationship management software can be utilized by players in maintaining relations with clients and measuring campaign performances.
The China, India, and Southeast Asia markets are projected to gain a larger share by the end of the forecast period due to their rapid adoption of latest tools. The growing luxury sector in China due to growing number of millennials and proliferation of brands can drive the public relation tools market. Brands are partnering with influencers and bloggers to disseminate information on luxury items to widen their reach. The India market offers premium solutions due to abundance of a creative workforce and a deft hand on digital media channels.
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The U.S. public relation (PR) tools market is expected a substantial growth, in terms of demand, due to huge number of social media influencers, Internet users, and rapid development of tools. Crowdsourcing has gained mainstream attention with major players collaborating with independent content providers to attract consumers. This is exemplified by the Ads by Doritos made for the Super Bowl by outside parties from 2006 to 2016.
Prominent market players include Google LLC; Salesforce.com, Inc.; Business Wire; Isentia; and Prezly. Research and development, design on new products, and development of cost-effective products are strategies being pursued by these players to maintain their hold in the market.