New York, US, Oct. 26, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Partner Relationship Management Market information by deployment mode, by components, by organization size and region – forecast to 2027” market size to reach USD 1,994.76 Million, growing at a compound annual growth rate of 13.77% by 2026.
Partner relationship management (PRM) is a software used by large companies to connect with all its partners and assist in streamlining all major operations. It is used in generating leads, converting into sales, and prevent duplication of data in all channels. The global partner relationship management market report by Market Research Future (MRFR) covers all major trends and predictions for the industry during the forecast period (2020-2027).
Dominant Key Players on Partner Relationship Management Market Covered are:
- Oracle Corporation
- Salesforce.com Inc
- Zift Solutions
- Magnetrix Corporation
- Allbound Inc
- ZINFI Technologies
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Market USP Exclusively Encompassed:
Control of Functional Services between Companies and Partners
The rise in partnerships among manufacturers and developers can drive the demand for PRM software. This is due to dynamic changes in digitalization and aim to companies to expand into new territories. Use of branded offerings and need to collaborate with external partners to improve profit margins can drive market growth.
Data Security Concerns to Limit Market Growth
Data security concerns owing to regulations such as the General Data Protection Regulation (GDPR) as well as efforts to conserve customer privacy can drive market growth. Huge need for companies to comply with regulations without compromising on user data can limit market growth.
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Segmentation of Market Covered in the Research:
Solutions to Hold Larger Market Share
By component, the global partner relationship management market has been segmented into solution and services. The solution segment is further sub-divided into collaborate, engage, and manage. The services segment is further sub-divided into training, consultation, managed, and implementation. Solutions are likely to take a larger share of PRM market revenue owing to demands to lower processing costs. But the pandemic has dampened the prospects of the segment.
On-premises Deployment to Lead till 2027
Based on deployment mode, the global PRM market has been segmented into on-premises and cloud. On-premises solutions can lead the market demand due to its application in data integrity and protection of core applications. Generation of huge sets of data due to integration of technologies such as machine learning, artificial intelligence, and devices can bode well for the segment. Hesitancy towards adoption of cloud can sustain its standing in the market.
Large Enterprises to Dominate Market Growth
On the basis of organization size, the partner relationship management market has been segmented into large enterprises and small & medium-size enterprises. Large enterprises can dominate the market owing to investments in new technologies and compatibility of PRM software with existing hardware. Training and support services provided by vendors as well as its requirement in maximizing profits can bode well for the market.
IT & Telecommunication Vertical to Generate Maximum Demand
By vertical, the partner relationship management market has been segmented into IT & telecommunication, retail & franchising, BFSI, healthcare & life sciences, manufacturing, and others. The IT & telecommunication vertical is set to generate market demand owing to intellectual property copyrights and challenges by regulators. Automated processes and partner onboarding are benefits attracting clients in the vertical.
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North America to Lead Global Market
North America is likely to lead the global market owing to increasing consolidation of various niche industries and rise of partnerships and collaborations between companies to assure smooth flow in the supply chain. Increasing digitalization of processes and need for transparency from clients can drive market growth. The U.S. and Canada are major demand generators of the market.
APAC to Display Rapid Growth
APAC is pipped to display a robust growth rate over the forecast period owing to surge in economic growth of countries and rapid investments in China, India, and Indonesia. Use of accountability through partner relationship management software for maximizing returns on investments and bringing in visibility to performance can bode well for the market. Use of metrics such as customer behavior, conversions, order value, and commission rates can augur favorably for large players. Use of special purpose acquisition companies (SPACs) to enter countries with stringent regulations is a prime potential of the market and enter new industries.
COVID-19 Impact on the Global Partner Relationship Management Market
The COVID-19 pandemic has negatively affected the partner relationship management market owing to lack of customer support for tackling challenges during remote work. Automation of customer service functions and curtailing costs pertaining to order management, warranties, returns processing, and management of promotional funds can drive market growth. Deployment of PRM solutions to maintain consistency among partners through the cloud can boost the market.
Data privacy and security accorded to confidential data can provide new scope for the partner relationship management. Companies can leverage on SOC type 2 reports generated by cloud service providers to assess risks posed by third-party providers. Partner relationship management software can pave the way for transparency and accountability of organization and its partners.
Allbound Inc. has created a plug-in for Hubspot customers to create new relationships with resellers, referral partners, and others. The partner relationship management software can encourage collaborations among various vendors and drive sales.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.