The global Partner Relationship Management Market size is
expected to reach USD 180.01 billion by 2028, registering a CAGR of 16.2%, from
2021 to 2028, as per the new research conducted by Grand View Research, Inc.
The outbreak of the COVID-19 pandemic has adversely
impacted the market growth. The lockdown restrictions imposed by various
governments have directed various organizations in the IT & telecom
industry to adopt work from home. The prominent players that dominated the
market for partner relationship management in 2020 include Oracle
Corporation; Salesforce.com Inc.; Allbound Inc.; Zinfi Technologies Inc.; and
Mindmatrix Inc. These players majorly focus on new product and service
launches to enhance their business operations. In March 2020, Allbound
introduced a new integration solution for HubSpot. The solution can
mechanically integrate opportunities and contacts from partner referrals from
Allbound and sync data.
The need to control the functional relationship
between external partner channels and organizations and emphasis on reducing
channel management costs and enhancing partner communication are the major
factors supporting the overall market growth.
Several enterprises are anxious about the initial
maintenance and implementation costs. These enterprises also prefer to present
data on-premises. Moreover, issues with downtime and staff expenses are some of
the concerns faced by organizations. To reduce expenses and downtime, these
enterprises prefer adopting Partner Relationship Management (PRM) solutions. To
reduce enterprise costs, many organizations are shifting toward digital
transformation and the adoption of cloud services. Increased Return on
Investments (ROI) with less storage and infrastructure costs are expected to
further drive the market growth over the forecast period.
Increasing internet penetration and cloud computing
service in various countries such as China, the U.S., and the U.K. are expected
to generate lucrative growth opportunities by supporting organizations in
adopting technological innovations in their systems. For instance, according to
the data published by World Bank, internet users in the U.S. have increased
from 87.27% of the total population in 2017 to 88.49% in 2018. Similarly, in
China, 54.3% of the country’s total population used the internet in 2017.
Related Press Release@ Partner Relationship Management Market Report
Partner Relationship Management
Market Report Highlights
- The training and consultation segment is expected to dominate the
PRM market due to a surge in the adoption of consulting services globally.
The segment is expected to reach USD 35.38 billion by 2028
- The service segment is anticipated to register the highest CAGR of
17.3% over the forecast period
- The cloud deployment segment led the market and the trend is
expected to continue over the forecast period. The cloud segment is
anticipated to reach USD 93.71 billion by 2028
- The IT and telecom segment is anticipated to register the highest
CAGR of 19.1% over the forecast period. The growth can be attributed to
increasing demand for technological innovations in various sectors namely
BFSI, and telecom
- North America is projected to account for the majority share of the
market over the forecast period. The region is anticipated to reach USD
68.3 billion by 2028. The rapid adoption of technological innovations and
the presence of various prominent players in the region are some of the
major drivers of the market growth in this region
- Some of the prominent industry participants include Salesforce.com,
Inc.; Allbound Inc.; Channeltivity; and Zinfi Technologies Inc.
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in San Francisco. The company provides syndicated research reports, customized
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