Insights on the Partner Relationship Management Global Market to 2027 - Featuring Allbound, Mindmatrix and Kiflo Among Others
DUBLIN, Oct. 13, 2021 /PRNewswire/ -- The "Global Partner Relationship Management Market By Component, By Deployment Type, By Enterprise Size, By End User, By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Partner Relationship Management Market size is expected to reach $2.1 billion by 2027, rising at a market growth of 11.9% CAGR during the forecast period. Partner Relationship Management (PRM) is a group of processes, strategies, and software that is utilized by companies to rationalize their business processes with their business partners, who are selling their products. PRM solutions are cloud-based or web-based and comprise a customer database, a partner portal, and other tools, which assist companies and their partners in managing leads, sales metrics, and opportunities. Additionally, PRM helps in keeping an eye on inventory, operations, discounts, and prices.
The factors such as emphasis on improving partner communication, lowering channel management costs, and the need to control the functional relationship between external partner channels & organizations is expected to propel the market growth of partner relationship management. Whereas, privacy and data security are anticipated to hinder the growth of the market. Besides this, partner relationship management solution vendors are witnessing some profitable opportunities in the market. A few of the opportunities for vendors in the partner relationship management market are the integration of artificial intelligence in PRM to improve partner engagement and business intelligence for offering better channel performance. These opportunities are accountable for creating new market growth possibilities for partner relationship management solution sellers.
COVID-19 Impact Analysis
The outbreak of COVID-19 has severely affected all sectors of the market globally. The governments around the world have imposed robust regulations under which people were not allowed to move out of their homes and restricted the movement. In addition, the rising number of COVID-19 cases around the world led to the slowdown of the economy and rigorously affected businesses. Many countries experienced partial or full lockdown due to which manufacturing facilities were suspended for the short period. Companies were having financial concerns due to which, they reduced their investment in the IT sector during the pandemic. Therefore, the COVID-19 pandemic had a negative impact on the partner relationship management market.
Companies majorly use PRM solutions to improve understanding between channel partners and their business functions. The PRM solutions offer some benefits to the companies like reducing manual processing costs accounted with order management, returns processing, warranties, and promotional funds management, and automating customer service functions. In addition, PRM solutions can also promote self-service transactions through self-training programs and online inquiries like account or order status and decrease collateral distribution costs. Therefore, cloud or on-premises adoption of PRM solutions assists companies to maintain reliability and accuracy while managing the relationship with their partner.
Market Growth Factors:
Helpful in controlling the functional relationship between the company and channel partners
In the present circumstances, organizations are facing challenges in making difference among the solutions provided by them and therefore, the high rate of transformation is making it more difficult. In the past few years, the rate of producing, selling, and pivoting has augmented. Therefore, to increase the growth of the business and to get a competitive advantage, enterprises are moving towards sales partners.
Adopting business intelligence (BI) for superior performance
Several companies are implementing channel partner strategies to advertise the company's services and products. In contrast, these strategies are difficult to implement and can efficiently manage partners. In the present situation, the market is changing and getting more complex due to which, companies are introducing partner programs and new partner types to retain existing and attract new partners.
Market Restraining actor:
Concerns regarding Data privacy and security
Breaches of data security and privacy issues related to data privacy is expected to make PRM solutions unreliable. Several mobile operators do not want to compromise with their customer's data privacy because if the customer's data gets leaked there are high possibilities that companies can lose their loyal customers. These devices remain connected to the internet and can be highly vulnerable to malware, identity thefts, and Denial of Service (DOS).
Cardinal Matrix - Partner Relationship Management Market Competition Analysis
The major strategies followed by the market participants are Partnership. Based on the Analysis presented in the Cardinal matrix; Oracle Corporation are the forerunners in the Partner Relationship Management Market. Companies such as Salesforce.com, Inc., Impartner, Inc., and Allbound, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Salesforce.com, Inc., Oracle Corporation, Allbound, Inc., Mindmatrix, Inc., Kiflo SAS, AppDirect, Inc., Impartner, Inc., Affise, Inc., WorkSpan, Inc. and Creatio.
Recent Strategies Deployed in Partner Relationship Management MarketPartnerships, Collaborations, and Agreements:
Product Launches and Product Expansions:
Key Topics Covered:
For more information about this report visit https://www.researchandmarkets.com/r/pjxdxv
Research and Markets
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