PR CRM Market Size (2023-2030)

Elevate Your Communications: Unleashing the PR CRM Market Advantage.

The Global PR CRM Market was estimated to be worth USD 34.5 Billion in 2022 and is anticipated to reach a value of USD 97.73 Billion by 2030, growing at a fast CAGR of 13.9% during the forecast period 2023-2030.

PR CRM or Public Relations Customer Relationship Management is used by PR agencies and individual PR professionals to manage relationships with their clients, media, and stakeholders. These systems are tools designed specifically to enhance PR activities such as media outreach, press release management, event planning, influencer relationship management, and others. Moreover, these tools assist PR teams to organize and track interactions with various media outlets, journalists, and agencies for the successful execution of PR campaigns. Some of the key features of PR CRM include content management, media monitoring and analytics, managing media databases, campaign management tools, automatic press release distribution, and reporting. Furthermore, increasing demand by influencers and celebrities for maintaining positive relationships with media and journalists, is fuelling the market growth for PR CRM.

Global PR CRM Market Drivers:

The growing importance of public relations has boosted the market demand for PR CRM.

Rising digitization and a competitive business environment have emphasized maintaining positive media relations and protecting brand reputation. Further, building and protecting positive brand recognition in the market is crucial for every company as it directly affects their market demand and revenue. Moreover, PR professionals are responsible individuals required to manage public relations for brands. They use PR CRM software for managing PR activities such as media coverage, interacting with consumers on social media, tracking marketing, monitoring brand campaigns, and others. Additionally, these tools enable PR professionals to track the growth of the company and identify relevant prospects to increase the brand’s presence in the market. Further, PR CRM software offers crisis management solutions that enable quick response and centralized messaging to brands in times of media crisis or reputation issues.

Growing trends of influencer marketing drive the demand for PR CRM in the market.

Influencer marketing has gained momentum in recent years due to an increase in digitization and social media penetration in the market. Moreover, brands are collaborating with social media influencers to connect to a larger audience for promoting their product or service efficiently. PR CRM systems used for influencer marketing help in managing all the influencer data at a centralized platform, managing collaboration campaigns, track campaign performance such as reach, engagement with the audience, conversions, ROI, and others. Further, it also enables PR agencies and professionals to streamline compliance processes and contract management in influencer marketing such as document storage, approval workflows, tracking contractual obligations, and others. Furthermore, PR CRM allows integration with other applications that provide additional benefits to brands such as measuring the performance post-marketing, monitoring influencer activities, social-media metrics, and others.

Global PR CRM Market Challenges:

Data privacy and security concerns can hamper the market growth of PR CRM. PR CRM software store and manage sensitive media and brand data, which include contact details, media interactions, campaign data, growth and performance data, and other information that is posed to unauthorized access online such as data breaches, privacy leak, or misuse of data by oppositions. This can reduce the demand for PR CRM in the market.

Further, the lack of proper technical training for PR professionals and the slow pace of adoption among media professionals can reduce the demand for PR CRM in the market.

Global PR CRM Market Opportunities:

The Global PR CRM Market is anticipated to deliver lucrative opportunities for businesses, which include acquisitions, partnerships, collaborations, product launches, and agreements during the forecasted period. Furthermore, the increasing trends in influencer marketing and rising demand by brands to manage their reputation and increase market presence are predicted to develop the market for PR CRM and enhance its future growth opportunities.

COVID-19 Impact on the Global PR CRM Market:

The pandemic had a significant impact on the PR CRM market. Due to the lockdown, all entertainment activities were closed down, however, companies and organizations shifted their presence online, which increased the demand for PR CRM for virtual events such as webinars, virtual press conferences, and interviews. Moreover, PR CRM software enabled remote work and collaboration with PR professionals, which helped them to carry out PR activities efficiently. Apart from this, PR CRM played a crucial role in the management of crisis during the pandemic such as by managing communication across different channels, reputation management, centralized crisis response plans, and tracking media presence.

PR CRM MARKET REPORT COVERAGE:

Global PR CRM Market Segmentation:

Global PR CRM Market Segmentation: By Enterprise Size

• Small and Medium-Sized Enterprises
• Large Enterprises

Based on market segmentation by enterprise size, large enterprises occupy the highest share of the market. Large enterprises require PR CRM software for managing diverse media and stakeholder needs. These include managing events, functions, large media engagements, press conferences, and others. These PR CRM solutions offer advanced features to large enterprises such as CRM customization options, integration capabilities, marketing automation support, advanced data analytics, workflow automation, and others. Additionally, this software comes with large storage capacities that allow companies to manage high volumes of media data.

Global PR CRM Market Segmentation: By Deployment Mode

• On-Premise
• Cloud

Based on market segmentation by deployment mode, the cloud segment occupies the highest share of the market. Cloud-based PR CRM software also known as SaaS (Software as a Service) allows PR professionals to host and maintain data on remote servers. Further, it allows them to access service via a web browser, resulting in increased accessibility and low infrastructure costs. Furthermore, cloud-based PR CRM offer remote monitoring and working, easy collaboration with different departments of the companies, and real-time access to PR datasets. In addition, it offers automatic upgradation and maintenance features, which reduce the need for human intervention and provide task automation to the users.

The on-premise segment is the fastest-growing segment during the forecast period. On-premise CRM software is installing the software directly on the organization’s systems that allow full control over the software and data. Further, it offers customizing options to organizations that allow them to tailor the software as per their PR workflows. Additionally, it offers strict data security and compliance requirements that prevent data leaks and security breaches, as all the data is stored on the organization’s system rather than on an online platform, which is exposed to web threats.

Global PR CRM Market Segmentation: By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America

Based on market segmentation by region, North America occupies the highest share of the market. The growing PR industry and increasing demand for data-driven decision-making have boosted the demand for PR CRM in the market. Due to the increased presence of brands on social media, there is a growing need to maintain brand image and relations with the media, which has increased the usage of PR CRM in the region for media relationship management, campaign planning, media monitoring, and others. Furthermore, data-driven decision-making is gaining momentum in the region, as companies increase their demand for analytics and reporting. Moreover, PR CRM software offers sentiment analysis, media engagement analysis and monitoring, ROI (Rate of Investment) measurement, and other key metric analyses that allow companies to make better marketing decisions and manage their reputation in the market.

Asia-Pacific is the fastest-growing region during the forecast period. Due to the increasing demand for influencer marketing by beauty and apparel brands, there is an increase in demand for PR CRM in the region. Beauty and apparel brands are increasing their online presence by collaborating with celebrities and social media influencers for promoting their products and services. Some of these brands that use PR CRM include apparel brand Myntra and beauty brand L’Oreal, which collaborate with social media influencers and celebrities through fashion tutorials, video campaigns, giveaways, and others for increasing their brand’s reach and influencing consumer’s buying decisions.

Global PR CRM Market Key Players:

1. Prezly
2. PRgloo
3. PR Max
4. PR.co
5. Pragmatist
6. Tractivity
7. Presscloud
8. Prowly
9. Agility PR Solutions