Global $1.99 Billion Partner Relationship Management Market to 2026
DUBLIN, Feb. 23, 2021 /PRNewswire/ -- The "Partner Relationship Management Market by Component (Solutions (Engage, Collaborate, and Manage) and Services (managed and training, consulting, and integration)), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The publisher estimates the global PRM market size would grow from USD 920 million in 2020 to USD 1,997 million by 2026, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period.
The PRM market revenue is primarily classified into revenues from solutions and services. Solutions revenue is associated with a variety of solutions such as engage, collaborate, and manage and services revenue is associated with services including managed services and training, consulting, and implementation services. The market is also segmented based on component, deployment type, organization size, vertical, and region.
The key factors that are expected to drive the growth of the market 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.
The services segment is expected to grow at a higher CAGR during the forecast period
The services segment of the PRM market includes managed services and training, consulting, and integration services. Services are an important part of any solution's deployment life cycle. Therefore, various vendors offer services associated with PRM solutions to help companies effectively implement their PRM strategies. With these services, PRM solution providers advice end users and help them integrate and deploy PRM software configured to their requirements. These services help identify the type of integration required by organizations to meet their PRM demands.
IT and telecommunications industry vertical to hold the highest market share in 2020
The IT and Telecommunication industry vertical 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 Telecommunication companies are investing in new technologies, such as smart computing products, IoT, cloud computing, mobility, and analytics, for gaining efficiency and innovation, and attracting consumers. The introduction of 5G technology in the near future is expected to further pressurize players in handling their partner networks.
APAC to grow at the highest CAGR during the forecast period
APAC has witnessed the advanced and dynamic adoption of new technologies and is projected to record the highest CAGR during the forecast period. In addition, the IT spending across organizations in the region is gradually increasing, which is projected to lead to a surge in the adoption of PRM solutions.
China, India, Japan, and ANZ are the leading countries in terms of the adoption of PRM solutions & services in the region. PRM solutions automate building, tracking, and analyzing marketing campaigns and provide assignment and management of quotas that enables the markets to focus on strategy building tasks, due to which many organizations in APAC are implementing PRM platforms.
Market Dynamics
Drivers
- Need to Control the Functional Relationship Between Organizations and External Partner Channels
- Focus on the Enhancement of Partner Communication and Reduction in Channel Management Costs
Restraints
- Data Security and Privacy Aspects
Opportunities
- Business Intelligence for Better Channel Performance
- Incorporation of Ai into PRM to Enable Quick Decision-Making and Optimize Partner Engagement
Challenges
Industry Trends
- Case Study Analysis
- Implementation of Partner Program to Increase Demand Generation
- Fullstory Implemented PRM Solution to Quickly Onboard and Evaluate New Partner Opportunities
- Managing Multiple Partners Through Single PRM Solution
Patent Analysis
Porter's Five Forces Analysis
Technology Analysis
- Artificial Intelligence
- Cloud Computing
- Analytics
Regulatory Landscape
- Federal Rules of Civil Procedure
- General Data Protection Regulation
- Electronic Communications Privacy Act
- Health Insurance Portability and Accountability Act
- Dodd-Frank Wall Street Reform and Consumer Protection Act
- California Consumer Privacy Act
- Sarbanes-Oxley Act of 2002
- The International Organization for Standardization 27001
- Personal Data Protection Act
Companies Mentioned
- Affise
- Agentcis
- Allbound
- Appdirect
- Channeltivity
- Channelxperts
- Cosell
- Creatio
- Crossbeam
- Everflow
- Impartner
- Kiflo
- Leadmethod
- Logicbay
- Magentrix
- Mindmatrix Inc.
- Oracle
- Partnerportal.Io
- Partnerstack
- Salesforce
- Sharework
- Webinfinity
- Workspan
- Zift Solutions
- Zinfi Technologies
For more information about this report visit https://www.researchandmarkets.com/r/saod4o
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SOURCE Research and Markets
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