Report : Europe PR Analytics Software Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Deployment (On-Premise and Cloud-Based) and Organization Size (Small and Medium Enterprises and Large Enterprises)
Large Enterprises Segment to Dominate Europe PR Analytics Software Market during 2020–2028
According to a new market research study on “Europe PR Analytics Software Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Deployment and Organization Size” is expected to reach US$ 1,864.10 million by 2028 from 942.66 US$ million in 2021. The market is estimated to grow at a CAGR of 10.2% from 2021 to 2028. The report provides trends prevailing in the Europe PR analytics software market along with the drivers and restraints pertaining to the market growth. Rising number of internet users is the major factor driving the growth of the Europe PR analytics software market. However, issues associated with public relation promotions hinders the growth of Europe PR analytics software market.
Europe PR analytics software market is segmented into deployment, organization size, and country. Based on deployment, the Europe PR analytics software software market is bifurcated into cloud-based and on-premise. In 2020, the cloud-based segment accounted for a larger share in the market. Based on enterprise size, the Europe PR analytics software software markets is bifurcated into small & medium enterprises and large enterprises. In 2020, the large enterprises segment accounted for a larger share in the market. Based on country, the Europe PR analytics software market is segmented into France, Germany, Italy, UK, Russia, and rest of Europe. Germany held the largest market share in 2020.
In 2020, the impact of COVID-19 differed from country to country across Europe as selected countries witnessed an increase in the number of recorded cases and subsequently attracted strict and longer lockdown periods or social isolation. However, Western European countries, such as Germany, France, Russia, the United Kingdom, and others, have seen a comparatively modest decrease in their growth activities because of the robust healthcare system. To protect its citizens from the virus, the European government has made tremendous investments in incorporating technologies in its healthcare systems to help identify signs of the virus. Further, in 2021, the offices have begun to operate properly with the uplifting of lockdown and ongoing vaccination process. Almost every industry has been negatively impacted by the COVID-19 pandemic, including the PR industry. In 2020, the PR industry in the Europe region was negatively affected due to companies making losses due to a decline in selling goods and services to consumers. The companies are cutting budgets from marketing their products or services offering. The COVID-19 pandemic has caused a considerable drop in advertising spending. For instance, ad spends are down 9% on average across Europe, with Germany and France falling by 7% and 12%, respectively, according to world economic forum. Therefore, the PR industry has been negatively affected in the region during pandemic. In 2021, however, digital PR communications have been helping the PR agencies. Organizations are focusing on new advertisements and gaining insights in consumer preferences. The PR industry in this region is expected to witness robust expansion in the coming years, which is likely to reflect on the Europe PR analytics software software market.
Agility PR Solutions LLC, Cision US Inc., Meltwater, Prezly, and Prowly are among the leading companies in the Europe PR analytics software market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Innodata Inc. (NASDAQ: INOD) has announced that its subsidiary, Agility PR Solutions, has been recognized by software review site G2 as a leading PR services supplier. Agility is a Momentum Leader in the Media Monitoring category, a Leader in the Media and Influencer category, and a High Performer in the PR analytics software category, according to G2's Spring 2021 report.
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