The global Partner Relationship Management (PRM) 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.
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.
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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.
The PRM market comprises major providers, such as 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.
The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements; and geographic expansion, partnerships, merger and acquisitions and agreements, have been the most dominating strategies adopted by the major players from 2018 to 2020, which helped them strengthen their offerings and broaden their customer base.
Allbound was founded in 2014 and is headquartered in Scottsdale, Arizona, US. The company offers PRM solutions and services. The PRM solution enables the automation of the organizations’ channel partner program in order to help accelerate sales and empower partners. The solution has features such as channel marketing and channel sales enablement. The channel marketing feature helps organizations in gaining visibility into the partner program engagement metrics, onboarding partners, increasing brand awareness, managing MDF across all partners, and creating and organizing content while restricting access to certain content based on partner groups. Whereas the channel sales enablement enables partners to create customized private landing pages for each potential customer to track engagement with the content. The company offers a cloud-based PRM solution and has offices in North America, Europe, and APAC.
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Oracle was founded in 1977 and is headquartered in California, US. The company offers various solutions for PRM and consulting services. It further operates through three business segments: Cloud and License Business, Hardware, and Services. The Cloud and License Business segment is engaged in the sale, marketing, and delivery of applications and infrastructure technologies via various deployment models, such as Oracle Cloud Services offerings, cloud and on-premises license offerings, and license support offerings. The Hardware business segment is responsible for the sale of Oracle Engineered Systems, servers, storage, and industry-specific hardware products. The Services segment provides various IT solutions and consulting services, including application support and technology services, helping organizations enhance efficiency, reduce costs, and meet risk and compliance requirements.
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