Partner Relationship Management Market Trends, COVID – 19 Outbreak, Market overview and scope, Applications Analysis and Growth by Forecast to 2027
Market Analysis
The Partner Relationship Management Market Trends will touch USD 1,994.76 million at a 13.77% CAGR in the forecast period (2020 2026), states the latest Market Research Future (MRFR) report.
Drivers
Need to Control Functional Relationship between External Partner Channels and Organizations to Boost Market Growth
The need to control the functional relationship between external partner channels and organizations and the focus on the improvement of partner communication & reduction in channel management costs will boost market growth over the forecast period.
Opportunities
Incorporation of AI into PRM to offer Robust Opportunities
The incorporation of artificial intelligence into partner relationship management to optimize partner engagement and enable quick decision-making will offer robust opportunities for the market over the forecast period.
Restraints
Data Privacy and Security to act as Market Restraint
Data privacy and security may act as a market restraint over the forecast period. PRM needs extensive data that is confidential to enhance the relationship. Thus enterprises hesitate in sharing any critical data and other information.
Challenges
Complex System Integration and Data Issues to act as Market Challenge
The complex system integration and data issues will act as a market challenge over the forecast period.
COVID-19 Analysis
The COVID-19 pandemic possessed a drastic effect on the partner relationship management market. Various business organizations utilize the integrated solution in PRM to improve the relationship between their various channel partners and other functions. Yet owing to the crisis all these processes were put on halt that has largely impacted the market growth. The market faced a severe decline in revenue growth during the first quarter of 2021. It is however suggested that this market will regain its potential post pandemic.
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Market Segmentation
The partner relationship management market is bifurcated based on organization size, component, vertical, and deployment mode.
By organization size, the large enterprises segment will lead the market over the forecast period.
By deployment mode, the on-premises segment will dominate the market over the forecast period.
By vertical, the IT and telecommunications segment will spearhead the market over the forecast period.
By component, the solution segment will command the market over the forecast period.
Regional Analysis
North America to Remain Domineer in Partner Relationship Management Market
North America will remain domineer in the partner relationship management market over the forecast period. Rapid adoption of new technologies in the US and Canada, the presence of several key players that offer enhanced and adequate PRM services, the region being the most promising for key verticals like BFSI, IT and telecom, growing adoption in the US and Canada, the region being the hub for different technological innovations and internet users, and constant investment on partner coordination solutions are adding to the global partner relationship management market growth in the region. Besides, enterprises witnessing a rise in budget allocation for cloud services, increasing investment in digital business strategies, and organizations focusing to adopt emerging technologies are also adding market growth.
Key Players
Prominent industry players profiled in the global partner relationship management market report include Allbound Inc (US), Channeltivity (US), Oracle Corporation (US), Salesforce.com Inc (US), Impartner (US), LogicBay (US), Magnetrix Corporation (Canada), ZINFI Technologies (US), Zift Solutions (US), Mindmatrix (US), PartnerStack (Canada), ChannelXperts (Germany), Affise Inc. (Lithuania), Creatio (US), Appdirect (US), Webinfinity (US), PartnerPortal.io (Canada), Kiflo (France), Agentics (Australia) and Sharework (France).
The global partner relationship management market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more.
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Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Market Structure
Continued…
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