The Partner Relationship Management Solution Market is estimated to be valued at US$ 17,760.06 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Partner Relationship Management (PRM) solutions enable businesses to centralize the management of partner-related data and operations in a single platform. It offers modules for partner onboarding, training, lead management, marketing campaign management, sales incentive management, reporting and analytics. PRM solutions improve visibility across partner ecosystem which helps organizations to achieve collaborative growth. The integrated capabilities in PRM solutions help businesses to scale their partner programs globally.
Market Dynamics:
The growth of the market is primarily driven by the increasing need for collaboration and cooperation between businesses and external partners. Partner ecosystem plays a significant role in expanding business outreach, increasing revenue opportunities and driving product innovation. PRM solutions provide centralized access to critical partner data that help businesses to streamline operations and relationship management. Additionally, PRM solutions powered with analytics and predictive modelling capabilities help organizations to identify partnership growth opportunities proactively. Furthermore, these solutions offer self-service partner portal that help businesses in onboarding new partners quickly while ensuring adherence to compliance requirements.
Segment Analysis
The Partner Relationship Management Solution market is dominated by the cloud based segment due to flexibility and cost advantages. Cloud based PRM solutions can easily scale as per business needs without substantial infrastructural investments. They provide flexibility to access applications and data from anywhere using internet connected devices. This provides flexibility to businesses and partners to manage relationships while on the move.
PEST Analysis
Political: There are no significant political risks affecting the PRM market currently.
Economic: The global economic recovery post pandemic is driving demand for PRM solutions from businesses to strengthen partner relationships and drive sales.
Social: Growing digital transformation of businesses and focus on providing seamless customer experience is increasing adoption of PRM solutions to centrally manage partner ecosystems.
Technological: Advances in cloud technologies, artificial intelligence and analytics are enabling the development of more innovative PRM solutions to automate processes and gain insights into partner performance.
Key Takeaways
Global Partner Relationship Management Solution Market Size is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing focus of businesses on digital transformation and centrally managing partner ecosystems. The market size for 2023 is estimated to be US$ 17760.06 Mn.
North America dominates the global PRM market currently owing to presence of major solution providers and early adoption by businesses to strengthen partner relationships. Asia Pacific is expected to be the fastest growing regional market stimulated by rapid digitization of businesses and economic growth in various countries.
Key players operating in the Partner Relationship Management market are Salesforce.com, Inc., LogicBay Corporation, Oracle Corporation, Allbound Inc., International Business Machines Corp, Impartner Software, ZINFI Technologies, Inc., Zyme Solutions, PartnerPath, Blackhawk Engagement Solutions, Inc., The Planet Group, Allbound Inc., and Channeltivity, LLC. Salesforce leads the market with its comprehensive portfolio of solutions like Sales Cloud, Service Cloud & AppExchange that enable businesses to centrally manage all aspects of partner relationships.
Businesses are increasingly adopting PRM solutions to foster collaboration, drive revenue through partners, offer contextual experiences to joint customers, streamline processes & payments and gain real-time visibility into partner performance. Major providers are focusing on integrating analytics, automation and AI capabilities to help organizations extract more value from their partner ecosystems.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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