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San Francisco, 13 August 2020: Public Relations Tools Market Size, Share & Trends Analysis Report By Industry, By Solution, By Application, By Deployment, By Region, And Segment Forecasts, 2018 - 2024
The global public relations tools market size is estimated to reach USD 12.99 billion by 2024, according to a new report by Grand View Research, Inc. The recent years have seen a considerable change in the public relations (PR) landscape as it has taken the center stage in the marketing activities of organizations. There has been an increasing number of efforts at quantifying the impact of public relations and the return on investments in the related activities. The emergence of digital communication and social media is also contributing to the increased demand for tracking and monitoring the activities of organizations and customers on these media platforms, thus culminating into a widespread demand for the tools and techniques to keep a tab on the PR activities.
Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.
The public relations are forsaking their traditional boundaries to attract and engage customers for creating a larger following and building up long-term relationships, which are driving the growing trend of using a diverse set of tools in the industry. These techniques include the use of big data, analytics, machine learning, and artificial intelligence for the same purpose. The advent of digital media has also brought in new stakeholders in the PR industry, such as bloggers, influencers, and third-party platform providers, who need to be wooed to ensure the smooth creation and distribution of organization news.
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The PR tools market is witnessing a steady rise in the demand for tools based on analytics and aggregation to better understand the current trends and predict the behavior of the public. Driven by the requirements from diverse industries ranging from retail and consumer goods to the information technology and healthcare industries, the market for PR tools is anticipated to see a considerable growth. The PR tools provide a wide range of capabilities from content creation and aggregation to the distribution of organization stories and automated report generation. In addition, the need for integrated marketing communications and the ability to reach a niche market segment are also helping the PR tools industry grow.
Further key findings from the report suggest:
The public relations scenario is being dominated by the ephemeral content, which includes a growing number of videos, images, and infographics
The public relations tools market is marked by the presence of a large number of solution providers, which offer differentiated products that deliver a wide range of varied tasks and capabilities
The new product development, industry players’ concentration on research and development activities, and developing cost effective products for a differential market are the major strategic plans adopted by the industry players
The increasing usage of different platforms to reach out to customers has created a need for developing tools and techniques that can track and control these diverse platforms from a single pane. In addition, the sprawl of popular social networking sites and niche social media is also responsible for creating a demand for media tracking solutions that help optimize the media spending of organizations. These conducive factors are expected to help the market grow in the coming years.
The use of the Internet as an information channel has been a great influence for companies targeting internet users to attract them, which makes real-time intelligence for such activities a necessity. The new technological advancements and different platforms for data drilling and gathering insights may also have a positive effect on market growth.
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Grand View Research has segmented the global public relations (PR) tools market on the basis of industry, application, deployment, solution, and region:
PR Tools Industry Outlook (Revenue, USD Million; 2014 - 2024)
Consumer Goods and Retail
Government and Public Sector
IT & Telecom
Media & Entertainment
PR Tools Application Outlook (Revenue, USD Million; 2014 - 2024)
PR Tools Solution Outlook (Revenue, USD Million; 2014 - 2024)
Social Media Monitoring & Management
Content Creation and Distribution
Data Aggregation, Monitoring, and Analysis
PR Tools Deployment Outlook (Revenue, USD Million; 2014 - 2024)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information:www.grandviewresearch.com