The global public relations (PR) tools market size is projected to touch USD 12.99 billion by 2024, as per the report released by Million Insights. There has been a noticeable change in the PR landscape as it is widely preferred by most of the marketers. There are rising efforts at measuring the PR impact and the return it generates. The evolution of social media and digital communication is also promoting the surging demand for monitoring and tracking the activities of the company and customers on various social media. These factors are projected to accelerate the demand for the product over the estimated duration.
The PR is looking at their conventional boundaries to engage and retain customers for creating and developing a long-lasting relationship. This trend is projected to propel the demand for PR tools by various organizations. These tools include analytics, AI, IoT, ML, and big data. The growth of digital media has also created new stakeholders for PR, such as third-party platforms, bloggers, and influencers, who need to be dealt properly to enable the smooth distribution of updates and new organizations.
The market is foreseeing substantial growth in the demand for aggregation and analytics tools to better comprehend the latest trends and project the public behavior and attitude. Owing to the changing requirements of the industry varying from consumer goods to retail to IT and telecom, the public relations tools market is expected to witness noticeable growth in the upcoming years. These tools offer various benefits such as content creation, analytics, aggregation and effective information distribution of automated report and organization stories. Further, the demand for combined marketing communication and the capability to reach some niche markets are also boosting the demand for product.
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Further key findings from the report suggest:
• The market is led by the transient content, which includes large number of info graphics, videos and images.
• The market is characterized by operations of numerous solution providers, which provide distinct products that offer a wide array of tasks.
• Leading players are emphasizing the development of new product, R&D activities, and developing economical products for a different market.
Million Insights 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)
• Content Marketing
PR Tools Solution Outlook (Revenue, USD Million; 2014 - 2024)
• Publishing Tools
• Social Media Monitoring & Management
• Content Creation and Distribution
• Data Aggregation, Monitoring, and Analysis
• Relationship Management
PR Tools Deployment Outlook (Revenue, USD Million; 2014 - 2024)
PR Tools Regional Outlook (Revenue, USD Million; 2014 - 2024)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa