PRCAI's latest "SPRINT: Study of Public Relations Insights, Nuggets and Trends 2024-25" study shows the industry achieved ₹2,500 crores in revenue for FY 2023, reflecting a 19%
year-on-year growth—significantly outperforming the global growth rate.
The 19% growth, however, refers to numbers based on April 2022 to March 2023. 2022 was a high growth year for the PR business, as for other sectors, with the slowing down of COVID-19 releasing pent-up demand.
"In FY23, the industry saw a 19% primarily due to a smaller market base post-Covid-19. For FY 2024 the industry is projecting 11% growth considering the larger market base. The growth is fueled by the industry’s adaptability—whether it’s the rise of AI-driven tools or the expansion of regional outreach and diverse set of services, which is contributing to projected growth,” said Atul Sharma, president of PRCAI, explaining the number for FY 2023 and projected growth for FY 2024.
The study, conducted by Ipsos and PRCAI in collaboration with Astrum Reputation Advisory, reports a compounded decadal CAGR of 12.8%. Based on the CAGR, the report predicts a doubling of revenue for the PR industry, reaching ₹4,570 crores by FY 2030.
“The PR industry in India is undergoing a consolidation phase, characterized by a remarkable growth rate of 1.4x of GDP, in 2024. This surge is driven by the increasing influence of digital media, influencer marketing, and social media. As the industry embraces AI and big data, it faces the challenge of navigating AI-generated misinformation, highlighting the need for strategic differentiation,” concluded, Deepak Hanumantharayappa, partner & country lead, Ipsos Strategy 3.
Softening Growth due to Cost Pressures and Talent Shortage
However, the report also highlights that while the industry has witnessed a compounded decadal CAGR of 12.8%, the industry, the growth is likely to soften as PR firms are experiencing growth pangs and dealing with intense cost pressures in talent and infrastructure, and client budgets are not growing at the same pace at which consultancies are incurring costs.
Talent Challenge
The struggle for talent that keeps pace with the evolution of PR has become sharper. The study shows a shortage of PR talent in certain crucial areas:
As per PRCAI, the 2024-25 SPRINT survey is based on 220 respondents, including top decision-makers in the India Public Relations industry. The scope of SPRINT 2024-25 expanded this year to include middle and entry-level PR professionals, HR and finance heads
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