The global Partner Relationship Management (PRM) Solution Market is estimated to be valued at US$12,755 Million In 2022 and is expected to exhibit a CAGR of 18% over the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Partner Relationship Management (PRM) solutions are designed to streamline and optimize the management of partner relationships and collaborations. These solutions provide a centralized platform for effective communication, collaboration, and reporting between companies and their partners. PRM solutions offer several advantages, including improved partner engagement, increased sales effectiveness, enhanced partner loyalty, and efficient management of partner programs. The need for PRM solutions is associated with the growing complexity of partner networks and the need for organizations to effectively manage and nurture their partner relationships.
Market Key Trends:
One key trend in the partner relationship management (PRM) solution market is the increasing adoption of cloud-based PRM solutions. Cloud-based PRM solutions offer several advantages, including scalability, cost-effectiveness, and accessibility. These solutions enable real-time collaboration and provide a centralized platform for partners to access relevant information, resources, and tools. The adoption of cloud-based PRM solutions is driven by the need for flexibility and agility in managing partner relationships and the increasing demand for remote collaboration. The shift towards cloud-based PRM solutions is expected to continue to grow in the coming years, as organizations recognize the benefits of adopting these solutions for efficient partner management.
Segment Analysis:
The partner relationship management (PRM) solution market can be segmented based on type, application, and region.
In terms of type, the Partner Relationship Management Solution Market can be divided into on-premise and cloud-based solutions. The cloud-based segment is expected to dominate the market during the forecast period. This is mainly due to the advantages offered by cloud-based solutions, such as cost-effectiveness, scalability, and easy accessibility from various devices. Additionally, the increasing adoption of cloud computing and the growing trend of digital transformation in enterprises are driving the demand for cloud-based PRM solutions.
Based on application, the PRM solution market can be categorized into partner recruitment, partner onboarding, partner training, partner enablement, and others. Among these, the partner enablement segment is anticipated to dominate the market. This can be attributed to the increasing focus on enhancing the performance of partners through effective communication, training, and support. Partner enablement solutions help organizations to improve partner collaboration, streamline processes, and drive revenue growth.
Key Takeaways:
The global partner relationship management (PRM) solution market is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period (2021-2028). This growth can be attributed to several factors. Firstly, the increasing need for effective management and optimization of partner relationships in the evolving business landscape is driving the adoption of PRM solutions. Organizations are realizing the importance of building strong partner ecosystems to expand their reach, enhance customer satisfaction, and drive revenue growth.
Regionally, North America is expected to be the fastest-growing and dominating region in the PRM solution market. This can be attributed to the presence of major market players, technological advancements, and the increasing adoption of PRM solutions among enterprises in the region. Additionally, the growing focus on partner enablement, the rising trend of channel marketing, and the need for efficient partner collaboration are contributing to the market growth in North America.
Key players operating in the partner relationship management (PRM) solution market include 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. These key players are focusing on strategic collaborations, product innovations, and acquisitions to strengthen their market position and expand their customer base.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the partner relationship management market include Affise Inc., Allbound, Inc., Everflow, Impact Tech, Inc., LeadMethod, Inc., Magentrix Corporation, PartnerStack, PartnerTap, Zift Solutions and ZINFI Technologies.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Partner Relationship Management Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/partner-relationship-management-market/download-sampleMarket DynamicsOwing to the increasing need for planning and managing channel communication to optimize the overall operations, the partner relationship management software is experiencing significant growth.
However, the lack of adoption of partner relationship management software by SMEs in underdeveloped and certain developing countries is hampering the market's growth.
Meanwhile, organizations' growing inclination for developing strategic alliances is anticipated to create substantial growth opportunities for the partner relationship management software market.The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level.
Partner Relationship Management Platform Market report published by Value Market Research, which studies the future outlook of the market.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the partner relationship management platform market include Allbound, AppDirect Inc., Channeltivity, Channelxperts, Cosell, Creatio, Crossbeam, Everflow, Impartner, Kiflo, Leadmethod, and Logicbay.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Partner Relationship Management Platform Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/partner-relationship-management-platform-market/download-sampleMarket DynamicsThe global partner relationship management platform market is anticipated to see impressive growth in the coming years.
Partner relationship management assists businesses to increase their profit, maintain data confidentiality, and help sustain a competitive world.
The market is facing challenges in terms of complex data and system integration issues.
The report "Partner Relationship Management Market by Component (Solutions (Engage, Collaborate, and Manage) and Services (managed and training, consulting, and integration)), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2026", size is expected to grow from USD 920 million in 2020 to USD 1,997 million by 2026, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period.
The key factors that are expected to drive the growth of the market are need to control the functional relationship between organizations and external partner channels and focus on the enhancement of partner communication and reduction in channel management costs.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=9348944Solutions segment to hold a larger market size during the forecast periodBased on solutions, the PRM market is segmented into engage, collaborate, and manage.
These solutions assist end users in managing partners with ease and improve the overall operational performance.
They also enable companies to identify, recruit, and secure new channel partners; maintain channel partner relations; monitor channel partner compliance; and measure channel partner performance and revenue.
Moreover, they help organizations to reduce costs and improve efficiency while working with their partners.SMEs segment to grow at the highest CAGR during the forecast period SMEs have a low marketing budget and often lack resources and capabilities for effective marketing orchestration.
With limited budgets, SMEs try to scale up their business through cost-effective techniques to generate maximum RoI from their spending.
