Just How Big Is the Investor Relations Industry?

Investor Relations (IR) might not grab headlines, but it’s a silent engine behind every public company’s communication with the market. From managing earnings calls to handling retail engagement and regulatory disclosures, IR is essential.

But here’s the number that might surprise you:
The global IR industry is worth an estimated $12 billion.

Let’s unpack how that figure makes sense.

Internal IR Budgets: The Backbone

IR budgets vary by region, but the latest data paints a clear picture of consistent global spend. According to the IR Magazine Global IR Practice Report (2022), average IR team budgets are:

• North America: ~$407,000
• Europe: ~$346,000
• Asia: ~$127,000
• Global average: ~$300,000–$320,000 per company

Now consider the scale:

• Roughly 35,000 to 40,000 public companies worldwide
• Using a conservative average budget of $300,000
• That gives us: $300,000 × 40,000 = $12 billion

That’s just the internal budget — salaries, reporting, communications, compliance.

What's Included in the $12B?

This $12B figure isn't just headcount. It includes:

• IR team salaries
• Annual reports & earnings call infrastructure
• Retail & institutional investor outreach
• Disclosures, filings & governance reporting
• Roadshows & investor days
• Tech tools like IR websites, shareholder analytics, and CRM platforms

It captures the full spectrum of what public companies spend to communicate with the capital markets effectively.

The Future: More Growth Ahead

The IR function is growing — especially with rising:

• Retail investor engagement
• ESG and governance reporting needs
• Demand for transparency and analytics
• Global capital flows into small and mid-caps

That means even the conservative $12B figure could expand significantly as IR evolves into a more tech-enabled, always-on function.

Final Word

IR isn’t a niche corner of the finance world — it’s a $12 billion global industry powering the connection between public companies and their shareholders. And in today’s markets, that connection has never mattered more.