The Europe Partner Relationship Management Market would witness market growth of 11.1% CAGR during the forecast period (2021-2027).
Partner Relationship Management (PMR) refers to a set of strategies & software, which is mainly used by organizations to ensure better business relationships with their marketing and selling product partners. PMR starts ranging from simple approaches that offer management of co-marketing relationships to complex approaches that include management of data and software.
The relationships of companies with their customers have changed in B2B commerce. However, it is necessary for manufacturers to naturally expand their relationship management to the partner network. If companies adopt PRM, they will get benefits of both PRM and B2B commerce and will help in improving the relationship between partners coupled with improvements in customer experience. Marketing or sales leaders select the solutions in advance that are used in partner relationship management. Due to this, IT leaders have less time in taking decisions related to the technology. Several industries are not aware of the advanced technologies, which has highly evolved in the past few years, due to this IT leader involved in sales are facing challenges in choosing best PRM vendors for their channel organization.
Earlier, several companies were managing their numerous channel activities with an outdated combination, personalized legacy systems, and native processes instead of assessing and employing the latest functions, which are offered by partner relationship management solutions.
Europe comprises developed and developing nations, where the adoption rate of PRM solutions is rising as well as the market growth of the PRM is also growing. PRM solutions involve features for on boarding new channel partners, executing marketing campaigns, performance management, training, and lead management, and other features designed to enable companies’ relationships with their channel partners.
In this region, enterprises are struggling to meet the rising customer expectations and requirements along with the shifting market and economic conditions. Companies are focusing on building highly effective internal and external relationships that make sure that the companies’ objective is fulfilled and can meet the evolving growth initiatives. The key players in this region are growing due to this, there is high adoption of cloud services. More adoption of cloud services is expected to augment the growth of the partner relationship management market.
The Germany market dominated the Europe Cloud Partner Relationship Management Market by Country 2020, thereby, achieving a market value of $68.6 million by 2027. The UK market is showcasing a CAGR of 14.2% during (2021 - 2027). Additionally, The France market is anticipated to grow at a CAGR of 15.9% during (2021 - 2027).
Based on Component, the market is segmented into Solution and Services. Solution Segment is further bifurcated across Engage, Manage and Collaborate. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into Telecom & IT, Retail & Franchising, BFSI, Healthcare, Manufacturing, Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.