Major companies in the advertising, public relations and related services market include WPP PLC; Omnicom Group; Publicis Groupe SA; Dentsu Inc and Interpublic Group of Companies Inc. The global advertising, public relations, and related services market is expected to grow from $691.
New York, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Advertising, Public Relations, And Related Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009740/?utm_source=GNW
41 billion in 2020 to $754.13 billion in 2021 at a compound annual growth rate (CAGR) of 9.1%. 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. The market is expected to reach $966.02 billion in 2025 at a CAGR of 6%.
The advertising, public relations and related services market consists of the sales of advertising, public relations and related services and related goods by entities (organizations, sole traders and partnerships) that plan, develop, create and manage advertisement and promotional activities. Advertising, public relations and related services establishments undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client. The advertising, public relations, and related services market is segmented into advertising agencies; public relations; direct mail advertising; billboard & outdoor advertising; media buying agencies and representative firms; print advertising distribution and other advertising services.
Asia Pacific was the largest region in the global advertising, public relations, and related services market, accounting for 33% of the market in 2020. North America was the second largest region accounting for 28% of the global advertising, public relations, and related services market. Africa was the smallest region in the global advertising, public relations, and related services market.
Advertisement and PR agencies are rapidly shifting towards digital campaigns due to increasing digitalization and advances in social media, search engine marketing, content marketing and e-commerce technology. As a result of increasing internet penetration and smartphone users, online content marketing campaigns are expected to be three times more effective than traditional ones and cost comparatively less. Such digital campaigns are targeted towards a growing user base of social media websites, such as Facebook, Twitter, Instagram and Pinterest, and other internet portals like Google and Netflix. Moreover, they allow businesses to track the performance and effectiveness through real-time information. This helps companies to plan their future PR campaigns and marketing strategies.
The outbreak of Coronavirus disease (COVID-19) has acted as a restraint on the advertising, public relations, and related services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the advertising, public relations, and related services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Advances in technology is expected to drive targeted advertising making it more accurate than ever before. Companies such as Google, Facebook, and Twitter have developed advertisement delivering methods where they track netizen’s movements around the web and enable advertisers to reach users via tailored advertisements, where people see products based on what they have previously searched for. Other examples of targeted advertising include tracking where people shop, what they buy online and what they read about online. This helps companies build up profiles of consumers with their behavioral patterns and shopping habits and other information such as their job and income. This facilitates advertisers in reaching people with personalized advertisements. Such improvements and advances in online advertising are expected to drive market growth in the forecast period.
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