There are several restraints of the global partner relationship management market that will prevent its growth. One of the major restraints of the prm market is data privacy and security. The global partner relationship market requires extensive data which are confidential for enhancing the relationship. This is why the enterprises hesitate to share any critical data and other information. Also, the mobile operators don't want to breach the security data as they fear losing customers. In the past few years, the cases of cyber-attacks have been rising which can be a risk for data security and privacy.
Medium-sized, small, and large enterprises use the prm technology for efficient marketing of their services or products to their customers. Due to continuous technological developments and upgrades, the uses and other features are getting more complicated. There are partner relationship management market opportunities such as the innovation of new and simple technologies such as the use of artificial intelligence can promote the uses of prm solutions.
The uses of prm based solutions differ among the business which is based upon their needs. It is a complicated process as it helps to manage various business needs. Hence, the prm solutions are based upon the size of business organisations such as large, medium, and small enterprises. Most of these enterprises have old systems which can be challenging for the providers in the prm market. Thus, the complicated installation process and systems along with the presence of old systems can be challenging for the partner relationship management market to grow.
The rising technological advancements are one of the major factors for the growth of the prm market. The compound annual growth rate of the prm market is projected to be at 13.77%. The partner relationship management market revenue will grow exponentially and will reach around usd 1,994.76 million during the forecast period 2020-2026.
Value Chain Analysis
The growing adoption of integrated solutions for catering more customers will influence the market. Various businesses around the world are using prm solutions to establish better connections with channel partners. Hence, the partner relationship management market demand will increase in the upcoming period.
Global Partner Relationship Management Market, 2018–2026 (USD Million)
Source: MRFR Analysis
The partner relationship management market share is segmented into deployment mode, vertical, component, and organisation size.
On the basis of organisation size, the partner relationship management market is further segmented into medium and small enterprises and large enterprises.
The partner relationship management market on the basis of deployment mode, is divided into on-cloud and on-premises,
On the basis of vertical, the prm market is further classified into life sciences and healthcare, bfsi, telecommunication and it, franchising, and retail and manufacturing.
The component segment of the prm market is further divided into services and solutions. The solution category is further bifurcated into consultation, managed, training and implementation.
On the basis of region, the global partner relationship management market size is divided into north america, latin america, europe, asia-pacific, the middle east, and south africa. It is projected that the north american region will hold the largest market share during the forecast period. One of the major reasons for growth is the rapid adoption of new technologies in countries such as canada and the us. Various leading key players are also present in these regions that offer adequate and enhanced prm services.
However, the asia-pacific region is expected that it will have the fastest growth during the forecast period. Rapid technological growth in countries such as japan, china, and india will help to escalate the growth in the upcoming years for the partner relationship management market.
Various key players in the global partner relationship management market are continuously trying to improve their geographical foothold in the market. They do several improvements in their companies to improve their business and generate more revenue. For example, mergers, product launches, collaborations, market analysis, acquisitions, etc. For market growth.
Alcatraz is one of the leading key players in the partner relationship management market. It recently partnered with a company called channelivity for improving its business.
Another major company called salesforce also updated its prm services by integrating artificial intelligence and other functions
Some of the major partner relationship management market key players are-
In the year 2020, allbound inc. Announced the launch of its new services in its prm platform along with “hubspot." with the new technology, its customers can combine the necessary contacts, services, and other opportunities automatically. They can also sync their data in its prm platform to improve their workflow.
During 2020, impartner announced the launch of its new service called "impartner channel ignite prm package.” It provides sufficient and integrated solutions for various enterprises to improve their channel performance.
The report overview of the global partner relationship management (prm) market-
Report score and segmentation
The score of the report is to provide information related to the relationship management market outlook. This report provides various market details such as market drivers, opportunities, challenges, and restraints. It also highlights the strength and the growth of the market in the upcoming years. Furthermore, the report also provides brief information about the major key players in the market.
By organisation size
|Market Size||USD 1,994.76 million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, Services|
|Geographies Covered||North America, Europe, Aisa Pacific|
|Key Vendors||com inc (us) Sharework (france) Allbound inc (us) Magnetrix corporation (canada) Oracle corporation (us) Zift solutions (us) Channelxperts (germany) Logicbay (us) Partnerstack (canada) Allbound inc (us) Creatio (us) Mindmatrix (us) Affise inc. (lithuania) Webinfinity (us) Agentics (australia) Zinfi technologies (us) io (canada) Kiflo (france) Channeltivity (us) Impartner (us)|
|Key Market Opportunities||There are partner relationship management market opportunities such as the innovation of new and simple technologies such as the use of artificial intelligence can promote the uses of prm solutions.|
|Key Market Drivers||The major factors for the partner relationship management market growth are the rising need for controlling establishing a better relationship between partner channels and the organisations.|
The market size is estimated to reach USD 1,994.76 million by 2026.
The market is expected to grow at a CAGR of 13.77%
Some of the prominent partner relationship management market players are com inc (US), Sharework (France), Allbound inc (US), Magnetrix corporation (Canada), Oracle corporation (US), Zift solutions (US), Channelxperts (Germany), Logicbay (US), Partnerstack (Canada), Allbound inc (US), Creatio (US), Mindmatrix (US), Affise inc. (Lithuania), Webinfinity (US), Agentics (Australia), Zinfi technologies (US), io (Canada), Kiflo (France), Channeltivity (US), Impartner (US).
North America will hold the largest market share during the forecast period.
The increased requirement for establishing and building a better relationship between partner channels and organizations are the major factors driving the growth of the partner relationship management market.