Partner Relationship Management: Introduction
Partner relationship management is also known as channel automation or channel management software. Partner relationship management (PRM) is a combination of software, best practices, templates, methodologies, and workflows that enterprises use to enable smooth business relationships with their partners.
Partner relationship management is used to automate and manage business processes and relationships between channel partners and companies. The functionalities or features of partner relationship management vary across solution providers.
The global partner relationship management market is projected to expand at a rapid pace during the forecast period, due to increasing adoption among large enterprises across the globe.
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Rising need to enable channel managers and partners to share leads, manage channel programs, create quotes, register deals, and collaborate in real time, and deliver results with streamlined channel execution is expected to boost the demand for partner relationship management during the forecast period.
Increasing need to deliver real-time information, visibility, and access to enterprise business strategy, new product offerings, promotional content, and channel plans across numerous partners, sales channels, vendors, and retailers is expected to fuel the growth of the partner relationship management market.
Growing need to enhance the communication and functional relationship between enterprises and external partner channels, and continuous investment by numerous organizations to reduce channel management costs and boost partner communication are some of the major factors that accelerates the demand for partner relationship management globally.
However, data security and privacy aspects among end-users is expected to hamper the market during the forecast period.
Impact of COVID-19 on the Global Partner Relationship Management Market
Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by this pandemic. COVID-19 has a negative impact on the partner relationship management market due to decease in adoption of partner relationship management software by end-user. Additionally, a decline in revenue as many customers cancel spending plans, is expected to hamper the market during the COVID-19.
Global Partner Relationship Management Market: Competition Landscape Several local, regional, and international players are active in the partner relationship management market with a strong presence. Rapid technological advancements have created significant opportunities in the global partner relationship management market. Vendors of partner