Partner Relationship Management Market worth $1,997 million by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 8, 2021 /PRNewswire/ -- According to a new market research report "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", published by MarketsandMarkets, the Partner Relationship Management Market size is expected to 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 key factors that are expected to drive the growth of the market are 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.
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Solutions segment to hold a larger market size during the forecast period
Based on solutions, the PRM Market is segmented into engage, collaborate, and manage. These solutions assist end users in managing partners with ease and improve the overall operational performance. They also enable companies to identify, recruit, and secure new channel partners; maintain channel partner relations; monitor channel partner compliance; and measure channel partner performance and revenue. Moreover, they help organizations to reduce costs and improve efficiency while working with their partners.
SMEs segment to grow at the highest CAGR during the forecast period
SMEs have a low marketing budget and often lack resources and capabilities for effective marketing orchestration. With limited budgets, SMEs try to scale up their business through cost-effective techniques to generate maximum RoI from their spending. The intense competitive market scenario has encouraged the SMEs to invest in PRM solutions and services, and grow their partner networks. To restore economies affected by the COVID-19 pandemic, countries across the globe are launching financial packages. For instance, the US is looking at a Senate vote to rollout a USD 2 trillion rescue package.
BFSI industry vertical to grow at the highest CAGR during the forecast period
The advent of advanced technologies would play a crucial role in the growth of the BFSI vertical. Digital technologies have enabled banking customers to access real-time banking and financial information services on any device. Cloud computing is helping the BFSI industry vertical to easily connect, store, and enable transactions anytime and anywhere, resulting in reduced efforts and time for customers to complete the process. Moreover, cloud computing is helping BFSI vendors in focusing more on the customer-centric model by creating a multi-channel relationship with customers at every step of service offered by them.
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North America to account for the highest market share during the forecast period
North America is projected to account for the largest market share in the global PRM Market in 2020, and the trend is projected to continue during the forecast period. The region is at a growth stage due to the large presence of several players offering PRM solutions & services. Organizations are focusing on adopting emerging technologies and witnessing an increase in investment in digital business strategies that are the major factors encouraging the demand for PRM offerings in North America. Enterprises are witnessing an increase in budget allocations for cloud services, which is a key factor that is projected to drive the growth of the market in North America.
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The major players in the Partner Relationship Management Market are Allbound (US), Channeltivity (US), Oracle (US), Salesforce (US), Impartner (US), LogicBay (US), Magentrix (Canada), ZINFI Technologies (US), Zift Solutions (US), Mindmatrix (US), PartnerStack (Canada), ChannelXperts (Germany), Creatio (US), AppDirect (US), Webinfinity (US), PartnerPortal.io (Canada), Kiflo (France), Crossbeam (US), Everflow (US), Affise (Lithuania), WorkSpan (US), LeadMethod (US), Sharework (France), Agentcis(Australia), and CoSell (US). The study includes an in-depth competitive analysis of key players in the PRM Market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
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