Public Relations Market to Grow Through Year 2020

September 29, 2016

The public relations (PR) side of any business concerns itself with building brand awareness to assist with sales and boost revenue. It is a necessary mix-in with sales and marketing teams. Therefore, it is unsurprising that a recent market study has predicted growth for the global PR services market between 2016 and 2020.

During that forecast period, said global tech research and advisory company Technavio, the PR market should experience a steady compound annual growth rate (CAGR) of 8 percent from now until the end of the decade. Angad Singh, a category specialist at Technavio, further commented on the role of PR by boiling down its individual functions that benefit enterprises.

“The key role of a PR service provider is to deliver the right message to the right people at the right time and place,” Singh said. “A PR service is a management function that manages public attitudes; simplifies and interprets policies, procedures, and interests; and performs actions required to enhance public awareness about an organization. It provides support with regard to corporate communications, event management, internal/external affairs, and crisis management.”

Clearly, Technavio believes that this indispensable element of business life has many facets. It deals both with company content that faces the public and with intra-office procedures that help make companies perform well in the outside world.

Perhaps one of PR’s most important tasks in tech companies is the handling of cybersecurity affairs. Although TMC noted that October is Cybersecurity Awareness Month, savvy brands keep an eye on their security at all times. Within their wings of PR experts, writers and speakers keep abreast of the latest attacks – such as those on the Democratic National Committee, LinkedIn, and Yahoo – so they can better address the global state of affairs and relate that to their companies’ own states.

Technavio mentioned that the future of PR services will include the digitization of services, such as in printing materials on blogs and on social media; an increase in use of communications channels that consumers favor, such a branching to multiple social media sites; tailoring services to meet individual consumers’ needs; and creating a positive focus for brands, even through tough times. In the face of crises like those that hit LinkedIn and Yahoo, brands must soldier forward with their heads held high.

Edited by Alicia Young

View All Branding Articles

Article comments powered by Disqus