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The US public relations firms market is forecast to grow at a compound annual growth rate (CAGR) of 4.2% over the next five years, tor each a total market value of $13.4 billion by 2017.
The industry has experienced relatively slow revenue growth during the past five years, with declines in 2008 and 2009. In the five years leading up to 2012, it was estimated that industry revenue was only able to increase at a CAGR of 0.8% to be worth a market value of $10.9 billion.
This slow growth was predominantly down to the fact that the recession forced many businesses to reduce costs wherever possible, including their marketing budgets.
Public relations agencies manage the communications between an organisation and the public to promote favourable relationships and portray a desired image. This includes communication with the general public as well as employees, investors, customers, analysts and other stakeholders.
Key players within the US public relations firms market include; Edelman (NY), the leading independent global PR firm. APCO Worldwide (D.C.), a firm with 31 offices worldwide offering integrated services with local experience and global perspective. Waggener Edstrom Worldwide (WA), a large privately owned communications agency, best known as the long-standing public relations firm for Microsoft, and Ruder Finn (NY), a leading independent communications agency with more than 65 years experience.
Through the next five years, the US public relations firms market will benefit from rising corporate profit and marketing budgets. While relatively strong growth is expected through to 2017, some of the gain will only be to counter losses that occurred during the recession.
For more information on the US public relations firms market, see the latest research: US Public Relations Firms Market Report
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