Partner Relationship Management Market

Partner Relationship Management Market witnessed USD 918 million in 2020, growing at a robust CAGR of 13.2% during forecast period.

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Market Dynamic

Key Drivers and Emerging Trends

The factors driving the global Partner Relationship Management market include the necessity to control the functional relation between companies and external partner channels and focus on the enrichment of partner communication and reduction in channel management expenses. In the current competitive market dynamics, and companies are finding it challenging to differentiate their offerings. Companies are instantly reaching out to sales partners to expedite rapid growth. Sales partnerships empower businesses to develop into new territories. Channel managers are stating new market opportunities and providing branded solution offerings to their partners to gain channel loyalty. The need to establish the functional relationship between corporations and external partner channels is expected to drive the PRM market growth.

The novel Coronavirus outbreak has had a negative impact on the growth of Partner Relationship Management market size. Organizations use PRM solutions to enhance coordination between their business functions and channel partners. The solutions primarily support companies in automating customer service functions and minimizing manual processing costs related to promotional funds management, order management, warranties, and returns processing. The deployment of PRM solutions, either in cloud or on-premises, assists companies in maintaining consistency and authenticity across their partner management.

Increasing adoption of PRM solutions by various industries to decrease manual processing cost, reduce complications, improve sales automation in learning management, return processing, and warranties while overcoming the challenges stands to be a major factor fueling the Partner Relationship Management Market size. In addition, the use of advanced technologies such as artificial intelligence (AI) and business intelligence (BI) to help businesses in making data-driven marketing decisions will further expand the market growth. Moreover, as per the Partner Relationship Management Market report, growing prominence of connected devices and the Internet of Things (IoT) has driven the market growth.

Restraint in the Partner Relationship Management Market

However, data security and privacy perspectives are major factors restraining the growth of Partner Relationship Management market.

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Component – Segment Analysis

Based on the Component, the Solution segment is expected to grow at a higher CAGR during the forecast period. PRM solutions serve companies in automating customer service functions and limiting manual processing costs related to promotional funds management, order management, warranties, and returns processing. Due to such advantages offered by PRM solutions, their need across industry verticals is expected to increase during the forecast period. Major causes behind the decline of PRM solutions during the COVID-19 pandemic across the globe are diminished profit margins and less allocation of IT budgets. These reasons lead to low investments in new subscriptions. The demand for consulting, integration, and implementation services has also reduced with low technology spending on new subscriptions.

Increasing adoption of PRM solutions across several end-use industry verticals including healthcare, BFSI among others is projected to expand the growth of PRM solutions.

Deployment Type – Segment Analysis

Based on the Deployment Type, the On-premises segment is expected to grow at a higher CAGR during the forecast period. The on-premises type of delivery model, software or solutions are established and operated from customers’ in-house server and computing infrastructure. The cost of installing on-premises solutions is included in the Capital Expenditure (CAPEX). This strategy is mostly adopted for applications that involve the processing of sensitive and private data. Nowadays, companies produces massive amount of business data due to the use of ML, IT devices, sensors, clickstreams, and many other devices. In addition, companies must manage hardware, implement cybersecurity applications, train staff and update new versions, and arrange backup for data or damaged parts.

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Regional – Segment Analysis:

Based on the region, North America region is projected to dominate the market during the forecast period. The Partner Relationship Management maket share in this region is expected to growth steadily owing to the large proximity of several players offering PRM solutions & services. Companies are focusing on embracing emerging technologies and witnessing an increase in investment in digital business strategies that are the major factors stimulating the demand for PRM offerings in North America. Enterprises are witnessing an addition in budget allocations for cloud services, which is a key factor that is projected to drive the growth of the market in North America.

North America is forecast to witness a steady growth over the forecast period, owing to the rising internet users and ongoing technological advancements. In addition, the presence of various leading companies such as Impartner, Inc.; Salesforce.com, Inc.; and Oracle Corporation will further expand the regional growth. Increasing adoption of PRM software in BFSI and IT and telecom industries in the region has driven the market growth.

Top Market Players

Various notable players operating in the market, include, Allbound, Inc., Channeltivity, LLC., Oracle, Salesforce.com, inc., Impartner Inc., LogicBay, Magentrix Corporation, ZINFI Technologies, Inc., Zift Solutions., Mindmatrix Inc., among others. 

Key Developments:

• • In 2021, Zinfi technologies launched advanced capabilities for channel organizations to partner relationship management productive as well as easier.
  • In 2020, Allbound, Inc. initiated a new integration solution for HubSpot. The new integration solution can automatically combine contacts and opportunities from partner referrals from Allbound and sync data inside of the HubSpot platform with an all-new Allbound workflow action.
  • In 2020, Impartner Inc., launched the Impartner Channel Ignite PRM Package. The company originated a new tailored solution in order to help companies stimulate the performance of their channel in a challenging business condition.
  • In 2019, Salesforce.com, inc. renewed its PRM platform. The company added AI and self-reporting skills in its PRM platform to help channel managers to optimize partner engagement.

Segments covered in the Report:

The global Partner Relationship Management market has been segmented on the basis of Component, Deployment Type, Organization Size, Vertical and regions. Based on Component, the market is segmented into Solutions and Services. The Solutions segment is further categorized into Engage, Collaborate and Manage. The Services segment is further categorized into Managed services and Training, Consulting, and Implementation. Based on Deployment Type, the market is segmented On-premises and Cloud. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on Vertical the market is segmented into BFSI, Retail and Franchising, Healthcare and Life Sciences, Manufacturing, IT and Telecom and Other. 

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Key questions answered in this research report:

• • At what pace is global Partner Relationship Management market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Partner Relationship Management market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Partner Relationship Management market?
  • Which Component generated maximum revenues in 2019 and identify the most promising Component during the forecast period?
  • What are the various Deployment Type areas of global Partner Relationship Management market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Partner Relationship Management Market by Component

• • Solutions
    • Engage
    • Collaborate
    • Manage
  • Services
    • Managed services
    • Training, Consulting, and Implementation

Global Partner Relationship Management Market by Deployment Type

• • On-premises
  • Cloud

Global Partner Relationship Management Market by Organization Size

• • Large Enterprises
  • Small & Medium Enterprises (SMEs)

Global Partner Relationship Management Market by Vertical

• • BFSI
  • Retail and Franchising
  • Healthcare and Life Sciences
  • Manufacturing
  • IT and Telecom
  • Other

Global Partner Relationship Management Market by Region

• • North America Partner Relationship Management Market (Option 1: As a part of the free 25% customization)
    • By Component
    • By Deployment Type
    • By Organization Size
    • By Vertical
    • US Market All-Up
    • Canada Market All-Up
  • Europe Partner Relationship Management Market (Option 2: As a part of the free 25% customization)
    • By Component
    • By Deployment Type
    • By Organization Size
    • By Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Partner Relationship Management Market (Option 3: As a part of the free 25% customization)
    • By Component
    • By Deployment Type
    • By Organization Size
    • By Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Partner Relationship Management Market (Option 4: As a part of the free 25% customization)
    • By Component
    • By Deployment Type
    • By Organization Size
    • By Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Partner Relationship Management (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Allbound, Inc.
  • Channeltivity, LLC.
  • Oracle
  • com, inc.
  • Impartner Inc.
  • LogicBay
  • Magentrix Corporation
  • ZINFI Technologies, Inc.
  • Zift Solutions.
  • Mindmatrix Inc.