Partner Relationship Management Market Projected to Hit USD 1,994.76 Million at a 13.77% CAGR by 2030 - Report by Market Research Future (MRFR)
The Partner Relationship Management Market is expected to grow at a (CAGR) of 13.77% between 2016 and 2026.
What are the various market dynamics influencing the worldwide Partner Relationship Management Market?
• PRM software to automate sales and marketing processes.
During the forecast period, the rising demand for automated sales processes is expected to drive growth in the global partner relationship management market. PRM software revolutionizes sales channel management by automating sales processes. Because it is a disparate system, the conventional sales process necessitates a massive workforce. The manual process is inaccessible to all partners, and reaching all customers to deliver novel promotional activities is difficult. As a result, businesses are turning to partner relationship management software to automate sales and marketing processes. As a result, these factors are expected to drive market growth over the forecast period. Rising revenue from partner channels is expected to propel the global partner relationship management industry. Over the forecast period, rising partner channel revenue is expected to propel the global partner relationship management (PRM) solution market. Increasing return on investment (ROI) is a key driver of market growth.
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The presence of competitive players in the Partner Relationship Management Market
Zinfi Technologies Inc., Salesforce.com Inc., Channeltivity (US), Oracle Corporation, Allbound Inc., Kiflo (France), Mindmatrix Inc, io (Canada), and Impartner are the prominent players that will dominate the global PRM market in 2020. These players prioritize partnership, acquisition, and collaboration to increase their market presence and gain a competitive advantage.
• Customized Partner Relationship Management as a trend:
Customized PRM solutions for various industry verticals can open up new business opportunities. PRM solutions represent a large potential opportunity because they are used in various industries and verticals, including BFSI, IT & telecommunications, healthcare, retail, and manufacturing. The BFSI and, IT & telecommunications verticals are among the first to adopt PRM solutions. Healthcare, manufacturing, and oil and gas are all lucrative revenue streams for PRM solution providers. As a result, vendors of PRM solutions, such as Salesforce.com, can concentrate on developing customized solutions to meet the specific needs of companies in these verticals. CRM that cannot manage a partner's relationship can present excellent growth opportunities. It primarily emphasizes a customer-centric approach. As a result, CRM solution providers must concentrate on PRM functions to improve enterprise performance.
• Customized Partner Relationship Management solutions as a constraint
The applications of prem-based solutions vary depending on the needs of the business. It is a complex process that aids in the management of various business requirements. As a result, PRM solutions are tailored to the size of business organizations, such as large, medium, and small businesses. Most of these businesses have outdated systems, which can be difficult for providers in the form market. As a result, the complex installation process and systems and the presence of old systems can make it difficult for the partner relationship management market to grow.
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Partner Relationship Management Market Segmentation:
Partner Relationship Management Market By organization size:
• Medium and small size enterprises
• Large enterprises
Partner Relationship Management Market By component:
Partner Relationship Management Market By vertical:
• Franchise and retail
• Telecommunication and it
• Life sciences and healthcare
Partner Relationship Management Market By deployment:
Partner Relationship Management Market By region:
• North america
• Latin america
• The middle east and africa
What is the impact of COVID-19 on the Global Partner Relationship Management Market?
Due to a lack of customer support for dealing with challenges during remote work, the COVID-19 pandemic has had a negative impact on the partner relationship management market. Automating customer service functions and reducing costs associated with order management, warranties, returns processing, and promotional fund management can propel market growth. The deployment of PRM solutions in the cloud to maintain consistency among partners can boost the market.
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Market participants emphasize strategic initiatives to strengthen their market position, such as partnerships, new product launches, joint ventures, and agreements and contracts.
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