The growing incorporation of PRM solutions to optimize partner engagement and accelerate business performance is driving the global partnership relationship management market.
Covid-19 Impact & Market Status
The pandemic of COVID-19 has had a negative impact on Global Partner Relationship Management Market growth. Various governments' lockdown regulations have prompted various firms in the IT and telecom industries to establish work-from-home policies. As a result, partner relationship management services have seen a considerable drop in adoption.
The market is likely to increase significantly throughout the forecast period, owing to the economic recovery and the relaxation of lockdown restrictions. The solutions primarily assist businesses in automating customer service operations and lowering human processing expenses in areas such as promotional money management, order management, warranty management, and returns processing.
The value of the Partner Relationship Management market is projected to grow to US$ 4,097.6 Mn with an estimated CAGR of 13.4% by 2032
Through online enquiries (for example, order status, account status) and self-training programs, they can reduce collateral distribution costs and boost self-service transactions. PRM solutions, whether deployed in the cloud or on-premises, assist enterprises in maintaining consistency and authenticity in their partner management. Several companies utilize the integrated solution for personal relationship management to better ties with their various channel partners and other departments.
However, due to the epidemic, all of these processes were paused, negatively impacting Global Partner Relationship Management Market growth. The market's sales growth has slowed dramatically in the first months of 2021, according to reports. However, it is predicted that after the pandemic is finished, the Global Partner Relationship Management Market would regain its potential.
Solution Category Led the Market
The global partnership relationship management market is classified into solution and services on the basis of component. Among these, the solution partnership relationship management held the largest market share of global partnership relationship management market. The market for partner relationship management is divided into two categories: solution and service. Rising demand for PRM solutions in various industries is fueling two-fold growth of global partnership relationship management market.
Managed Service Level of Service Held the Largest Market Share
The global partnership relationship management market is classified into managed service, training, and consultation on the basis of level of service. Among these, in 2020, the managed service category led the market, with a share of more than 59.0 percent. Over the foreseeable period, the managed service market is expected to gain substantial traction and grow at the fastest rate. Managed services assist a company in increasing operational efficiency while lowering costs.
On-premise Deployment Poised for Tremendous Market Growth
The global partnership relationship management market is classified into on-premise and on-cloud segment on the basis of deployment mode. The key factors such as better control over software, prevention of system from data breaches, and cyber security threats are driving the demand of on-premise segment in global partner relationship management market. Furthermore, the cost of implementing on-premises solutions is included in a company's Capital Expenditure (CAPEX). This strategy is commonly used in applications involving the processing of confidential and sensitive information.
IT & Telecom Accounted for Maximum Market Growth
The global partnership relationship management market is classified into BFSI, retail and consumer goods, manufacturing, and healthcare on the basis of industry vertical. In 2020, the IT and telecom application segment will account for more than 28.55 percent of worldwide sales. Data collection, data processing, and data management are only a few of the applications covered by IT and telecom. Maintaining data privacy and IP copyrights is a concern for the vertical.
North America Accounted for the Greatest Market Share.
During the projection period, North America is expected to account for the greatest market share. For major verticals like IT and telecom, as well as BFSI, this region is expected to be the most promising. During the forecast period, the PRM market in North America is expected to rise steadily.
The need to control functional relationship between organizations and external partner channels to improve partnership communication and reduce channel management cost has improved the reliance on partnership relationship management further the global partnership relationship management market growth.
The demand for Partner Relationship Management is expected to rise as linked gadgets and the Internet of Things (IoT) become more prevalent (PRM).
Furthermore, the market for partner relationship management is supported by the need to govern the functional link between external partner channels and organizations, as well as a focus on strengthening partner communications and lowering channel management expenses. Threats to data privacy and security, on the other hand, are expected to stifle Global Partner Relationship Management Market growth.
The requirement to manage the functional relationship between external partner channels and organizations, as well as a focus on lowering channel management costs and improving partner communication, are all important drivers of Global Partner Relationship Management Market expansion.
A partner relationship management (PRM) system is software that helps businesses reach customers through indirect sales channels such as brokers, resellers, distributors, agents, and other service providers. The PRM solution is used to define strategies and methodologies for managing vendor-channel partner interactions.
Several businesses are concerned about the upfront costs of maintenance and deployment. These businesses also choose to present data locally. Furthermore, firms must deal with challenges like as downtime and employee costs.
However, data security and privacy aspects are hampering the global partnership relationship management market. Furthermore, the wide growth opportunities like firms investing heavily in technologically advanced solutions to improve partner relationship, business intelligence software being largely implemented, and vendors coming up with AI products into PRM is anticipated to be growth opportunity to the global Partner Relationship Management Market.
To strengthen their offers in the market, PRM suppliers have used a variety of organic and inorganic growth tactics, including as new product launches, product upgrades, partnerships and agreements, business expansions, and mergers and acquisitions. Allbound (USA), Channeltivity (USA), Oracle (USA), Salesforce (USA), Impartner (USA), LogicBay (USA), Magentrix (Canada), ZINFI Technologies (USA), Zift Solutions (USA), Mindmatrix (USA), PartnerStack (Canada), ChannelXperts (Germany), Creatio (USA), AppDirect (USA), Webinfinity (USA), PartnerPortal.io (Canada), Kiflo (France), Crossbeam ( (US).
Latest Innovations in the Global Partner Relationship Management Market: a Snapshot
- Alcatraz and Channelitivity forged cooperation in September 2020. The goal of this collaboration is to use Channeltivity's PRM technology to build a channel and training programme for its biometric access control partners.
- Salesforce's PRM platform was updated in July 2019. To assist channel managers in optimising partner interaction, the company incorporated AI and self-reporting tools to its PRM platform.
Partner Relationship Management Market Scope
|Revenue forecast in 2032
|US$ 4,097.6 Mn
|CAGR of 13.4% during 2021-2032
|By Type, By Deployment Mode, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Oracle Corporation,Sharework,Appdirect,Kiflo,Webinfinity,Salesforce Inc,Zift Solutions,ChannelXperts,Creatio,PartnerStack,Mindmatrix,Agentics
Key Segments of the Global Partner Relationship Management Market
Component Overview (USD Million)
Service Outlook Overview, (USD Million)
- Managed Service
- Training & Consultation
Deployment Type Overview, (USD Million)
Organization Overview, (USD Million)
Application Overview, (USD Million)
- IT & Telecom
- Retail & Consumer Goods
Regional Overview, (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa