PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1092218
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1092218
The global Partner Relationship Management market is estimated to be worth $1,006.6 million in 2021. Partner Relationship Management market is expected to expand at an 14.7% CAGR during the forecast period.
A partner relationship management (PRM) platform is a collection of tools and software that allows businesses to track, associate with, and maintain positive business relationships with their sales partners. Partner relationship management creates methods and roles to manage and facilitate cooperative sales.
Each partner has access to data such as documents, promotional materials, campaign materials, prospects, market development money, and deals through a remote portal provided by a partner management software platform. Partner management software is used by sales managers in particular to improve their interactions with partner channels.
By permitting close interaction with an organization's ERP, CRM, and marketing automation software, PRM applications facilitate better implementation of business channel management strategies.
The need for Partner Relationship Management is expected to rise as linked gadgets, and the Internet of Things (IoT) become more prevalent (PRM). Furthermore, the market for partner relationship management will be supported by the need to govern the functional link between external partner channels and organizations, as well as a focus on strengthening partner communications and lowering channel management expenses. Threats to data privacy and security, on the other hand, are expected to stifle market growth. Companies can use PRM solutions to automate customer support jobs, order administration returns processing, and warranties, as well as eliminate human processing expenses related to promotional money management. As a result of the help provided by PRM solutions, demand for them is expected to increase across various sectors over the forecast period. Channel managers are declaring new market prospects and delivering branded solution offerings to their partners to boost channel loyalty and reach. According to a recent Accenture research, the majority of tech companies rely on indirect sales channels to advertise their products. Cisco Corporation gets one-third of its sales from indirect channels and 80% of its revenue from channel partners. As a result, the necessity to manage the functional relationships between businesses and external partner channels is likely to augment the PRM market upward.
Partner Relationship Management Market is segmented by deployment, component, organization size, and vertical. Based on components, the solution segment dominates the global market during the forecast period. Companies can use PRM systems to automate customer support tasks and reduce human processing expenses in areas like promotional money management, order management, warranty management, and returns processing. The demand for PRM solutions across industrial verticals is likely to rise over the forecast period as a result of the benefits they provide. Decreased profit margins and a lack of IT budget allocation are two major factors for the fall of PRM solutions during the COVID-19 epidemic around the world. As a result of these factors, new subscription investments are minimal. With low technology spending on new subscriptions, demand for consulting, integration, and installation services has also fallen. The demand for PRM solutions and services is predicted to decline as a result of these changes.
The global Partner Relationship Management market is fragmented with the presence of a large number of international and national players. Some of the major players in the market are Allbound, Channeltivity, Oracle, and Salesforce, among others. Industry players are relying on product approvals, product launches, mergers, and acquisitions to gain a significant share of the global Partner Relationship Management market. For instance, in March 2020, Allbound announced the launch of a new integration solution for HubSpot that automatically integrates and syncs data inside of the HubSpot platform.
The scope of this report covers the market by its major segments, which include as follows: