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The partner relationship management market size is forecast to increase by USD 81.24 billion, at a CAGR of 16.98% between 2023 and 2028. Market growth hinges on several factors, notably an intensified focus on enhancing customer engagement strategies. This involves leveraging advanced technologies like partner relationship management tools and embracing the widespread adoption of cloud-based offerings, including SaaS CRM. These technological shifts aim to streamline operations, improve service delivery, and enhance overall customer experience. Furthermore, the market is witnessing a surge in demand for innovative solutions in Customer Experience Management (CEM) that facilitate seamless interactions and collaborations between businesses and their customers. This trend towards customer-centric approaches, coupled with the efficiency and scalability offered by cloud-based solutions, is reshaping the landscape of modern businesses and driving substantial market expansion opportunities.
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Partner Relationship Management (PRM) is a strategic business approach that helps companies manage and optimize their relationships with their channel partners. This market is witnessing significant growth due to the increasing adoption of Business Intelligence (BI) and Artificial Intelligence (AI) in sales and marketing processes. The PRM market caters to various industries, including manufacturing units in IT, telecom, and communication sectors. The market is segmented based on deployment type, with cloud deployment type gaining popularity due to its flexibility and cost effectiveness. Managed services and consultation services are the major service offerings in the PRM market. The market is driven by the need for data security and protection regulation compliance in the era of cybersecurity threats such as Denial of Service attacks and malware. Small and Medium Enterprises (SMEs) are also investing in PRM solutions to enhance their partnerships and gain a competitive edge. The on-premise deployment type is still prevalent in certain industries due to capital expenditure considerations. The Internet of Things (IoT) is expected to bring new opportunities in PRM by enabling real-time data sharing and collaboration between partners. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The focus on customer engagement is notably driving the market growth. Businesses are putting more of an emphasis on interacting with customers and developing lasting relationships with them. As a result, customers' lifecycles are lengthened and businesses can make money by reselling goods and services. This saves cost and time for the organization and considerably improves customer engagement.
Moreover, PRM facilitates the dissemination of the most recent offerings to both current and prospective clients. Major businesses are using partner relationship management to increase customer engagement, which raises sales and strengthens brand recognition. Customer satisfaction has a significant impact on the brand reputation therefore, companies are focusing on customer engagement. This growing focus on customer engagement will drive the demand for PRM market during the forecast period.
Integration of AI into partner relationship management is the key trend in the market. The management and optimization of business relationships is changing as a result of the incorporation of artificial intelligence (AI) into PRM. Many PRM tasks, including lead generation, partner onboarding, and performance tracking, can be automated with AI technology, which also offers useful insights into partnership data.
Moreover, AI can analyze vast volumes of data to find patterns and forecast relationship success, allowing businesses to make wise decisions and strengthen their alliances. Companies may improve partner relationship management procedures, obtain insightful information from partnership data, and foster more productive and efficient relationships by utilizing AI technology. Therefore, the increasing use of AI-enabled SaaS partner relationship management is expected to drive the growth of the PRM market during the forecast period.
Data security concern is the major challenge impeding the market growth analysis. Although SaaS-based solutions offer numerous benefits such as low upfront costs, flexibility, scalability, and ease of use, there are security and privacy concerns associated with SaaS-based solutions. Cyberattacks are affecting businesses more frequently, resulting in revenue losses and significant problems keeping up production efficiency. The main targets of cybercriminals are SMEs.
Moreover, theft of data, sabotage, and espionage affect these businesses. Smaller internal finances and inadequate IT security architecture make SMEs more susceptible to threats, leading to hacks like ransomware. Sensitive data belonging to the target company is lost during these attacks, money is stolen, or business operations are disrupted. Hence, data security concerns are expected to limit the growth of the global PRM market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ZINFI Technologies Inc. - The company offers partner relationship management which automates labor-intensive manual process steps, eliminates errors, and keeps track of various local and global operations as its key offering. They offer a cloud-based SaaS platform and provide global channel marketing and management solutions.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative market research report analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. In market research and growth, data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth driven by various factors. Organizations are increasingly realizing the importance of efficient partner management, leading to a surge in demand for PRM solutions as well as marketing consulting. These solutions enable seamless communication and collaboration across external partner channels, reducing channel management costs and improving partner communication. Data security and privacy aspects are paramount in PRM, with PRM solution providers focusing on robust security measures to safeguard sensitive information. AI and Business Intelligence (BI) capabilities are integrated into PRM solutions, offering actionable insights and enhancing partner engagement. This integration optimizes sales partnerships and contributes to business growth by identifying new opportunities and improving channel performance.
The market share growth of the solution segment will be significant during the forecast period. A partner relationship management component solution refers to a software application or tool that addresses a specific aspect of the partner relationship management process. For instance, a partner portal provides a centralized hub where partners can access resources, training materials, and marketing collateral. Similarly, performance-tracking tools help companies measure and track the performance of their partners. Therefore, the availability of multiple partner relationship management components for specific purposes will help the organization streamline its customer engagement process.
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The solution segment was valued at USD 25.23 billion in 2018. By leveraging partner relationship management component solutions, Companies can streamline partner relationship management processes, drive better results from their partnerships, and improve the overall effectiveness of their partner relationship management programs during the forecast period.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In North America, the use of PRM technology has grown rapidly in recent years, with many companies turning to cloud-based PRM systems to manage their partnerships more effectively. According to a recent survey, over 70% of North American companies now use some form of PRM technology, and this number is expected to grow in the coming years. This increased adoption of PRM technology reflects the growing importance of effective partnership management in driving growth and success for North American businesses.
The Partner Relationship Management market forecasting report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
Partner Relationship Management (PRM) is a strategic business approach that helps businesses manage and optimize their relationships with their channel partners. In today's digital age, PRM plays a crucial role in driving growth and revenue for businesses, especially in industries such as IT, telecom, communication, manufacturing, and others. Business Intelligence and Artificial Intelligence are integral components of PRM, enabling businesses to gain insights into partner performance, identify trends, and make data-driven decisions. Data Security and Data Protection Regulation are also key considerations, with Cybersecurity becoming increasingly important in the face of security threats such as Denial of Service attacks. PRM solutions can be deployed in two ways: Cloud-based and On-premise. Cloud-based deployment offers benefits such as scalability, flexibility, and cost savings, while On-premise deployment offers greater control and customization. PRM solutions provide various services such as Managed services, Consulting services, Training, and Partner onboarding. Business executives rely on PRM to manage Sales funnels, Lead nurturing, and Data sharing. Partners, including Resellers, Influencers, and Technology suppliers, play a vital role in the success of PRM. PRM solutions help businesses navigate Geopolitical uncertainties and New product development by facilitating effective Partner communication and collaboration. PRM also enables businesses to manage Channel networks, Partner networks, and International Data, ensuring smooth data flow and minimizing disruptions. In conclusion, PRM is an essential tool for businesses looking to optimize their partner relationships and drive growth in a rapidly evolving business landscape. PRM solutions offer a range of services, from Managed services and Consulting services to Training procedures and Partner onboarding, enabling businesses to build harmonious relationships with their partners and stay ahead of the competition.
Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.98% |
Market growth 2024-2028 |
USD 81.24 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
15.98 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 36% |
Key countries |
US, China, UK, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Affise Technologies Ltd., Allbound Inc., AppDirect Inc., Channeltivity LLC, ChannelXperts GmbH, Crossbeam Inc., Everflow Technologies Inc., Impartner Inc., IntroCept Pty Ltd., KIFLO co. SAS, LogicBay Corp., Mindmatrix Inc., Oracle Corp., PartnerPortal.io Inc., PartnerStack Inc., PartnerTap Inc., Reveal SAS, Salesforce Inc., Zift Solutions Inc., and ZINFI Technologies Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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