Product ID: SQMIG45B2056
Report ID: SQMIG45B2056 | Region: Global | Published Date: July, 2030 | Pages: 197 | Tables: 87 | Figures: 76
Global Partner Relationship Management Market size was valued at USD 73.47 billion in 2022 and is poised to grow from USD 85.23 billion in 2023 to USD 279.40 billion by 2031, growing at a CAGR of 16% during the forecast period (2024-2031).
Global Partner Relationship Management (PRM) market has witnessed significant growth and evolution in recent years. PRM refers to a set of strategies, processes, and technologies that enable organizations to effectively manage and optimize their relationships with channel partners, distributors, and resellers. This market has been driven by the increasing complexity of partner networks, the growing need for collaboration and coordination across various channels, and the rise of digital transformation initiatives. PRM solutions provide features such as partner onboarding, training and certification, deal registration, lead management, performance tracking, and incentive management, among others. These solutions help businesses streamline partner operations, enhance communication and collaboration, drive partner engagement, and improve overall channel performance. Global market is highly competitive, with key players constantly innovating and expanding their offerings to cater to the evolving needs of businesses. Key market players offer PRM platforms that integrate with customer relationship management (CRM) systems, providing a comprehensive view of both customers and partners. Additionally, the market is witnessing a growing focus on delivering personalized partner experiences and leveraging data analytics to drive actionable insights and performance improvements. As organizations recognize the strategic importance of their partner networks, the PRM market is poised for continued growth and advancements in the years to come. The market is also witnessing the adoption of advanced technologies such as artificial intelligence (AI), machine learning (ML), and analytics, which enable businesses to gain insights, automate processes, and make data-driven decisions. Furthermore, the increasing demand for cloud-based PRM solutions has contributed to the market's growth, as they offer scalability, flexibility, and cost-effectiveness. Global market is expected to continue its upward trajectory in the coming years, driven by the need for effective partner management, expanding partner ecosystems, and the continuous evolution of digital technologies.
US Partner Relationship Management Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Partner Relationship Management Market is segmented by component, application, deployment type and region. Based on component, the market can be segmented into solutions and services. Based on application, the market is segmented into BFSI, retail and consumer goods, manufacturing, and healthcare. Based on deployment type, the market can be segmented into on-premise and cloud. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Component
The dominant segment in the partner relationship management (PRM) market is the solutions segment. PRM solutions offer a comprehensive suite of features and functionalities that enable organizations to efficiently manage their partner relationships. These solutions provide tools for partner onboarding, training, deal registration, lead management, performance tracking, and incentive management, among others. The dominance of the solutions segment can be attributed to the increasing complexity of partner networks and the need for streamlined collaboration and coordination across multiple channels. PRM solutions provide organizations with a centralized platform to effectively manage and optimize their partner ecosystem, making them an essential component for businesses seeking to enhance their partner relationships.
The service segment is projected to exhibit the highest compound annual growth rate (CAGR) during the forecast period. Services play a crucial role in the successful deployment of any PRM solution. Many vendors offering PRM solutions provide services to assist companies in effectively implementing PRM strategies. These services help organizations identify the different integration requirements necessary to meet their PRM needs. Additionally, vendors' after-sales services aid organizations in utilizing PRM solutions effectively and efficiently.
Analysis by Application
The IT and telecom application segment held a significant share of the global revenue. This segment encompasses various applications, including data gathering, processing, and management, which are crucial for the IT and telecom industry. However, the market faces challenges related to data privacy and intellectual property (IP) copyrights. With the increasing demand for data security, privacy, and synchronization among organizations and their partners, the adoption of partner relationship management (PRM) systems is expected to experience substantial growth during the forecast period.
On the other hand, the BFSI sector is projected to be the fastest growing segment in the PRM market. This growth can be attributed to the rising number of financial service institutions and banks globally, coupled with technological advancements in the BFSI industry. Leading IT organizations such as Oracle Inc., Infosys, and Microsoft are actively partnering with banks and financial institutions to offer PRM solutions tailored to the specific needs of the BFSI sector. These solutions aim to address the unique challenges faced by the industry, ultimately driving the growth of the PRM market in the BFSI segment.
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North America emerged as the dominant region in the partner relationship management (PRM) market, capturing a significant share of the global revenue. The region's dominance can be attributed to its status as a technological innovation hub and a high concentration of internet users. Additionally, key players such as Salesforce.com, Inc., Impartner, Inc., and Oracle Corporation contribute to the market growth in North America. The region's strong base of internet users further drives the expansion of the PRM market in North America.
On the other hand, the Asia Pacific PRM market is projected to exhibit the highest compound annual growth rate (CAGR). This growth is fueled by several factors, including the increasing population of tech-savvy individuals and the rise in the number of IT companies and manufacturing units in countries like China and India. The Asia Pacific region presents significant market potential, driven by the rapid adoption of technology and the expanding business landscape, making it a key growth region for PRM solutions.
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Drivers
Increasing complexity of partner networks
Restraints
Resistance to change and adoption of new technologies
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The competitive landscape of the partner relationship management (PRM) market is characterized by intense competition among key players in the industry. These players continually strive to innovate and expand their offerings to meet the evolving needs of businesses seeking effective partner management solutions. The market is marked by a wide range of PRM platforms and solutions that offer features such as partner onboarding, training, deal registration, lead management, performance tracking, and incentive management. Moreover, the market is witnessing the adoption of advanced technologies like artificial intelligence (AI), machine learning (ML), and analytics, enabling businesses to gain insights, automate processes, and make data-driven decisions. Overall, the competitive landscape of the PRM market is driven by the constant innovation, integration capabilities, and technological advancements of the key market players.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global partner relationship management (PRM) market analysis, the market focuses on strategies, processes, and technologies that help organizations effectively manage and optimize their relationships with channel partners, distributors, and resellers. The market is experiencing significant growth due to the increasing recognition of the strategic importance of partner networks and the need for streamlined collaboration. PRM solutions offer features such as partner onboarding, training, deal registration, and performance tracking. Key market trends include personalized partner experiences and the integration of advanced technologies like AI. The market is highly competitive, with key players continually innovating to meet evolving business needs. With the continuous evolution of digital technologies and the growing demand for efficient partner management, the PRM market is poised for continued expansion in the coming years.
Report Metric | Details |
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Market size value in 2022 | USD 73.47 billion |
Market size value in 2031 | USD 279.40 billion |
Growth Rate | 16% |
Base year | 2022 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Partner Relationship Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Partner Relationship Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Partner Relationship Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Partner Relationship Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG45B2056