Partner Relationship Management (PRM) Platform Market Growth, Rising Demand, Emerging Trends and Regional Forecast Till 2031
Partner relationship management (PRM) platform is a group of tools and software that enable businesses to track their sales partners, associate with them, and maintain smooth business relationships. Partner relationship management develops strategies and offers functions that control and ease cooperative sales activities. A partner management software platform offers a remote portal for each partner, that allows them to access data including documents, marketing materials, campaign materials, opportunities, market development funds, and deals. Sales managers especially, use partner management software to enhance their relationships with partner channels. PRM applications offer effective implementation of business channel management strategies by allowing close integration with an organization's ERP, CRM, and marketing automation applications.
Global Partner Relationship Management (PRM) Platform Market: Dynamics
Global Partner Relationship Management (PRM) Platform Market: Key Drivers
Requirement to control and manage the functional relationship between a company and its remote partner channels is estimated to boost the partner relationship management (PRM) platform market during the forecast period. Need to track partner workflow for compliance with organization rules and data security is a major factor expected to boost the partner relationship management (PRM) platform market. Applications of partner relationship management software including enhancement of partner communication, KPI benchmarking of partner performance, and reduction in channel management costs are further projected to drive the market.
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Incorporation of AI into partner relationship management software to enhance partner engagement and fast decision making, and business intelligence for improved channel operation is also anticipated to create opportunities for the market. However, complex data, privacy and system integration issues, and data security is anticipated to hamper the partner relationship management (PRM) platform market during the forecast period.
Impact of COVID-19 on the Global Partner Relationship Management (PRM) Platform Market
Increasing cases of COVID-19 across the globe is resulting in economic slowdown and has severely affected businesses across the globe. Many countries are experiencing partial or full lockdown; therefore, manufacturing facilities are temporarily suspended. Financial concerns have forced organizations to reduce their IT spending during the pandemic. Hence COVID-19 has a negative impact on the partner relationship management (PRM) platform market.
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North America to Hold Major Share of the Global Partner Relationship Management (PRM) Platform Market
In terms of region, the global partner relationship management (PRM) platform market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America North America dominated the global partner relationship management (PRM) platform market with the largest share. Growth of the market in North America is driven by the increasing adoption of developing technologies among businesses and growing investment in digital business strategies. Businesses are witnessing a surge in budget provisions for cloud services, which is further anticipated to drive the growth of the market in the region.
The partner relationship management (PRM) platform market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to the increasing IT spending among organizations, and the rise in adoption of partner relationship management solutions.
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Global Partner Relationship Management (PRM) Platform Market: Competition Landscape
Several local, regional, and global players are active in the partner relationship management (PRM) platform market with a strong presence. Rapid technological advancements have created significant opportunities in the market. Players in the market are continuously focusing on developing technologically advanced solutions for their customers.
Key Players Operating in the Global Partner Relationship Management (PRM) Platform Market Include:
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