The 2015 Industry Barometer from the International Communications Consultancy Organisation (ICCO), which represents more than 1,900 firms across 30 countries, paints a "highly positive" picture of the sector, with just five per cent predicting a decline of 10 per cent.
The survey, taken last month across the ICCO membership, found 40 per cent of agencies agreed that budget discussions were "very positive". Just seven per cent said they were expected to over-deliver all the time for less money.
Similarly, 42 per cent said RFPs were increasing versus 13 per cent reporting the market as "very competitive and overcrowded".
Almost one third (31 per cent) said they had refreshed their business model over the past year and that it was making "a real difference". The same proportion said this was "a priority" over the next 12 months.
Francis Ingham, ICCO chief executive, said: "The outlook for the global PR community remains highly positive, with growth expected and budget discussions positive. In large part, this reflects the resilience and flexibility of consultancies – their ability to change their models, to diversify their offerings, and to grow into new markets is their trademark, and is providing the engine of their growth."
The research was undertaken in conjunction with Question & Retain, the PR sector research firm.