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.
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.
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.
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.