Partner Relationship Management Industry Overview
The global partner relationship management market size was valued at USD 54.82 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 16.2% from 2021 to 2028.
The rising popularity of connected devices and the Internet of Things (IoT) is anticipated to drive the demand for Partner Relationship Management (PRM). Furthermore, the need to control the functional relationship between external partner channels and organizations and focus on improving partner communications and reducing channel management costs will support the market for partner relationship management. However, data privacy and security threats are projected to hinder market growth.
In the first half of 2020, the market witnessed a significant negative impact due to the spread of the COVID-19 virus. The manufacturing units were temporarily closed due to the lockdown restrictions imposed by various governments globally. However, the demand for PRM solutions to effectively manage partner channels is expected to increase over the forecast period. The deployment type of PRM solutions on the cloud helps organizations maintain authenticity and consistency across their partner management.
Gather more insights about the market drivers, restrains and growth of the Global Partner Relationship Management Market
In the IT industry, various organizations adopted the channel partner method to market their service/products. However, these techniques prove to be a challenging job to efficiently manage partners. Nowadays, new partner programs and partner types are emerging to retain and attract partners. The use of the latest technologies, including analytics and Artificial Intelligence (AI), to provide Business Intelligence (BI) solutions is expected to further fuel the acceptance of PRM solutions.
BI turns information into actionable insights that can assist various businesses in tactical and strategic business decision-making. Furthermore, BI rapidly tracks partner performance, provides channel visibility, and aids partners in discovering opportunities to diversify their business. It can help businesses in making data-driven marketing and sales decisions. Therefore, the PRM solutions integrated with BI for improved channel performance offer growth opportunities for various players in the global PRM market.
PRM solutions help companies reduce manual processing costs associated with promotional funds management and automate customer service roles, order management, returns processing, and warranties. Owing to such assistance offered by PRM solutions, their demand across different industries is anticipated to surge over the forecast period.
Browse through Grand View Research’s IT Services & Applications Industry Research Reports.
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Market Share Insights
- June 2021: Federal Bank entered into a strategic partnership with Oracle Inc. and Infosys to offer customer experience through the Oracle CX platform.
- September 2020: Channeltivity announced its partnership with Alcatraz. The partnership assisted Alcatraz in using the PRM platform of Channeltivity for developing training programs and business channels.
- June 2020: Impartner introduced the Impartner Channel Ignite PRM Package. This assisted various organizations to increase their channel’s performance.
Key Companies profiled:
Some of the prominent players in the global partner relationship management market include:
- Oracle Corporation
- com Inc.
- Channeltivity
- Allbound Inc.
- Zinfi Technologies Inc.
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