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Outpacing global growth trends, the PR industry in India touched the ₹2500 crore mark in FY 2023, up 19 per cent year-on-year, and is poised to grow to ₹4570 crore by FY 2030 with a compounded decadal CAGR of 12.8 per cent, a report by the Public Relations Consultants Association of India stated.
The survey, conducted by Ipsos, a global market research and advisory company, and PRCAI in collaboration with Astrum Reputation Advisory, is based on insights from 220 respondents.
The industry employed 13,300 professionals in FY 2023 and added 4,800 people in the last five years. By FY 2030, the Indian PR industry is expected to see the headcount grow at a CAGR of 8 per cent, and is projected to employ 22,700 professionals, the survey report added.
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“In FY22, the industry saw a 15 per cent growth, followed by a 19 per cent growth in FY23 primarily due to a smaller market base post Covid-19. For FY 2024 the industry is projecting 11 per cent growth considering the larger market base. The growth is fuelled 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, PRCAI.
However, the report also stated the growth is likely to soften as PR firms are experiencing growth pangs and dealing with intense cost pressures in talent and infrastructure. This comes at a time when companies’ budgets are not growing at the same pace at which consultancies are incurring costs.
“As the industry embraces AI and big data, it faces the challenge of navigating AI-generated misinformation, highlighting the need for strategic differentiation for us to foster creativity, adopt the right technology, and continue to build industry-ready talent. As PR professionals, this is our time when we are uniquely positioned to build trust and inspire action,” said Deeptie Sethi, CEO, PRCAI.
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Published on January 24, 2025
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