Growth opportunities in the Partner Relationship Management Market look promising over the next six years. This is mainly due to the introduction of measures to sustain relationships between vendors and their channel partners, along with facilitating the companies to streamline and customize the business operations.
Partner Relationship Management Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Several prominent drivers responsible for the growth of the global partner relationship management market include the prerequisite to control the operational relation between organizations and external partner channels and emphasize on the advancement of partner communication and the cutback in the expenses of channel management. As per the present scenario of the market, companies are encountering difficulties in differentiating their offerings. Companies are right away reaching out to sales partners to promote swift growth. These partnerships empower enterprises to establish new territories. Channel managers disclose new market opportunities and offer a branded solution to their partners to gain channel loyalty. The need to create a functional relationship between corporations and external partner channels is projected to strengthen the partner relationship management market size.
In addition, the widespread outbreak of the coronavirus pandemic negatively influenced the market growth. Organizations are mainly implementing PRM solutions to improve coordination between their business functions and channel partners. The solutions promoted companies in automating customer service functions and reducing manual processing costs related to promotional funds, order management, warranties, and returns processing. The deployment of PRM solutions, either in the cloud or on-premises, assists companies to maintain consistency and authenticity across their partner management. However, data protection and privacy perspectives restraining the market growth.
Component Segment Drivers
Based on the Component, Solution is projected to witness a higher CAGR during the forecast period. This is primarily because they serve the companies in mechanizing customer service functions and limiting manual processing costs related to promotional funds, order management, warranties, and returns processing. Due to such features offered by these solutions, their need across industry verticals is predicted to increase in the near future. Moreover, prominent reasons behind the decline of PRM solutions during the COVID-19 pandemic across the globe are contracted profit margins and less allocation of IT budgets, leading to low investments in new subscriptions. The demand for consulting, execution and incorporation services has also reduced with low technology disbursement on new subscriptions.
Partner Relationship Management Market’s leading Manufacturers:
- Mindmatrix Inc.
- ZINFI Technologies, Inc.
- LogicBay
- com, inc.
- Channeltivity, LLC
- Zift Solutions
- Magentrix Corporation
- Impartner Inc.
- Channeltivity, LLC
Partner Relationship Management Market Segmentation:
Segmentation by Solutions
- Engage
- Collaborate
- Manage
- Services
- Managed services
- Training, Consulting, and Implementation
Segmentation by Deployment Type
- On-premises
- Cloud
Segmentation by Organization Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
Segmentation by Vertical
- BFSI
- Retail and Franchising
- Healthcare and Life Sciences
- Manufacturing
- IT and Telecom
- Other
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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