Global Partner Relationship Management Market Size By Component, By Deployment Type, By Organization Size, By Vertical, By Geographic Scope And Forecast

Partner Relationship Management Market Size And Forecast

Partner Relationship Management Market size was valued at USD 874 Million in 2020 and is projected to reach USD 2,323.4 Million by 2028, growing at a CAGR of 13.01% from 2021 to 2028.

A need to control the functional relationship between organizations and external partner channels and focus on the enhancement of partner communication and reduction in channel management costs that can drive the Partner Relationship Management Market during the forecast period. Further developments in cloud computing technology, the emergence of serverless computing and hybrid cloud computing, and the availability of various service models can boost the growth of the market. The Global Partner Relationship Management Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Partner Relationship Management Market Definition

Partner Relationship Management (PRM) is a combination of the software, processes, and strategies companies use to streamline business processes with partners who sell their products. PRM systems are often web or cloud-based and typically include a partner portal, customer database, and other tools that allow companies and partners to manage leads, revenues, opportunities, and sales metrics. Partner Relationship Management Systems also track inventory, pricing, discounting, and operations.

Many companies rely on partner companies to sell products on their behalf as part of a channel strategy, in addition to or instead of using a direct distribution channel. Those indirect channels may include value-added resellers, retailers, consultants, managed service providers, systems integrators, original equipment manufacturers, or independent software vendors. Having a Partner Relationship Management Market in place helps channel managers streamline all of their partner sales processes and minimize duplication within the business.

Global Partner Relationship Management Market Overview

Partner Relationship Management Solution provides visibility and insights into partner activities and performance across various stages of their engagement with field organizations with better visibility. This visibility helps you to focus and get better channel ROI which is expected to drive the demand for PRM solutions during the forecast period. To improve channel loyalty and reach, channel administrators are declaring new market openings and giving market arrangement contributions to their accomplices. Thus, the need to control the practical connection among associations and outside accomplice channels is expected to drive the market. In the current serious market situation, organizations are thinking that it’s hard to separate their contributions.

The changing rate of transformation is making it even more challenging. The pace of delivering, selling, and rotating has expanded throughout the long term. To stay ahead of the curve, organizations are quickly connecting with deals accomplices to work with fast development this can impel a positive outlook on market growth. Moreover rising demand for automated engagement with partners, improving the scope of digital operations, and improving partners’ experience and services are the factors driving the demand for Partner Relationship Management Market across various industries this can lead to boost the market growth. However, factors such as data security issues and privacy aspects can hamper the growth of the market.

Global Partner Relationship Management MarketSegmentation Analysis

The Global Partner Relationship Management Market is segmented on the basis of Component, Deployment Type, Organization Size, Vertical, And Geography.

Partner Relationship Management Market, By Component

• Solution• Services

Based on Component, The market is bifurcated into Solution and Services. The Services segment is expected to huge development during the forecast period. This incorporates overseeing services and preparing, counseling, and integration services. Services are a significant piece of any arrangement’s sending life cycle. Along these lines, different vendors offer services related to PRM Solutions to assist organizations with carrying out their PRM techniques.

Partner Relationship Management Market, By Deployment Type

• On-premises• Cloud

Based on Deployment Type, The market is bifurcated into On-premises and Cloud. In the On-premises type of delivery model, software or solutions are installed and operated from customers’ in-house server and computing infrastructure. The cost of installing On-premises solutions is included in the capital expenditure (CAPEX) of companies. This approach is mostly adopted for applications that involve the processing of sensitive and confidential data. The On-premises deployment type enables organizations to ingest data into their own databases, thereby maintaining data security. In the On-premises Deployment Type, companies must install the required hardware as well as software.

Partner Relationship Management Market, By Organization Size

• Large Enterprises• SMEs

Based on Organization Size, The market is bifurcated into Large Enterprises and SMEs. The PRM Market has a stronghold in large enterprises owing to the Large Enterprises having a large corporate network and many revenue streams. They are keen to invest in new and latest technologies to effectively run their business. Partner network of Large Enterprises is more complex than SMEs.

Partner Relationship Management Market, By Vertical

• BFSI• Retail And Franchising• Healthcare And Life Sciences• Manufacturing• IT And Telecom• Others

Based on Vertical, The market is bifurcated into BFSI, Retail And Franchising, Healthcare And Life Sciences, Manufacturing, IT And Telecom, and Others. The IT And Telecom segment includes a complex partner network to handle a huge customer base. Digital transformation is necessary to survive in a globally connected and competitive environment. IT And Telecom firms are investing in new technologies, such as smart computing products, IoT, cloud computing, mobility, and analytics, for gaining efficiency and innovation, and attracting consumers this can propel the segment growth.

Partner Relationship Management Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of Regional Analysis, The Global Partner Relationship Management Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia Pacific expected significant growth during the forecast period owing to the increasing adoption of new technologies. Also, the IT spending across organizations in this region is gradually increasing, which is projected to lead to a surge in the adoption of partner relationship management solutions. North America is expected to account for the largest market size during the forecast period.

Key Players

The “Global Partner Relationship Management Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Allbound, Channeltivity, Oracle, Salesforce, Impartner, LogicBay, Magentrix, ZINFI Technologies, Zift Solutions, Mindmatrix. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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