Global Partner Relationship Management Market
The GMI Research forecasts that the Partner Relationship Management Market is witnessing an upsurge in demand over the forecast period. 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.
Introduction of the Partner Relationship Management Market
Partner relationship management (PRM) is a mixture of the software, processes and strategies companies use to simplify business processes with partners who sell their products. They are often web or cloud-based and include a partner portal, customer database to enable companies and partners to manage leads, revenues, opportunities and sales metrics.
Key Players of the Global Partner Relationship Management Market:
- Mindmatrix Inc.
- ZINFI Technologies, Inc.
- LogicBay
- com, inc.
- Channeltivity, LLC
- Zift Solutions
- Magentrix Corporation
- Impartner Inc.
- Channeltivity, LLC
Partner Relationship Management Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
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.
Deployment Type Segment Drivers
Based on the Deployment Type, On-premises will expand at a faster rate in the coming years. This type of delivery model is established and operated from customers’ in-house server and computing infrastructure. The installation cost is included in the Capital Expenditure (CAPEX). This strategy is largely used for applications that involve the processing of sensitive and private data. Companies, these days produces massive amount of business data owing to the use of ML, IT devices, sensors and clickstreams devices, manage hardware, implement cybersecurity applications, train staff and update new versions, and arrange backup for data or damaged parts.
Regional Drivers
Based on the regional coverage, North America is contemplated to hold the largest share owing to the prevalence of several leading players offering PRM solutions & services. Organisations are increasingly emphasising on embracing emerging technologies and increasing investment in digital business strategies. Also, enterprises are experiencing an augmentation in budget allocations for cloud services which is further proliferating the market growth.
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)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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