Global Partner Relationship Management Market Size By Component, By Deployment Type, By Organization Size, By Vertical, By Geographic Scope And Forecast

Partner Relationship Management Market Size And Forecast

Partner Relationship Management Market size was valued at USD 874 Million in 2020 and is projected to reach USD 2,323.4 Million by 2028, growing at a CAGR of 13.01% from 2021 to 2028.

Basically, what's fueling the Partner Relationship Management Market? Well, it's all about companies wanting to get a better handle on how they work with external partners. They want to improve communication, cut down on channel management expenses, and really streamline those relationships. Plus, the ongoing advancements in cloud computing, like serverless and hybrid setups, are making things even easier. And with different SLA options popping up, this market is only expected to grow. Want the inside scoop? The Global Partner Relationship Management Market report gives you the full picture – a deep dive into the key segments, the latest trends, what's driving the market, what's holding it back, and who's competing for dominance. It's a complete analysis of all the major factors at play.

Global Partner Relationship Management Market Definition

Partner Relationship Management (PRM) is a combination of the software, processes, and strategies companies use to streamline business processes with partners who sell their products. PRM systems are often web or cloud-based and typically include a partner portal, customer database, and other tools that allow companies and partners to manage leads, revenues, opportunities, and sales metrics. Partner Relationship Management Systems also track inventory, pricing, discounting, and operations.

Many companies rely on partner companies to sell products on their behalf as part of a channel strategy, in addition to or instead of using a direct distribution channel. Those indirect channels may include value-added resellers, retailers, consultants, managed service providers, systems integrators, original equipment manufacturers, or independent software vendors. Having a Partner Relationship Management Market in place helps channel managers streamline all of their partner sales processes and minimize duplication within the business.

Global Partner Relationship Management Market Overview

A good Partner Relationship Management (PRM) Solution lets you really see what your partners are up to and how well they're performing at each step of the way, giving you much better visibility alongside your field teams. This clear view helps you zero in on what matters and get a better return on your investment, which is why we expect to see more demand for PRM solutions moving forward. To keep partners happy and expand their reach, channel managers are announcing new opportunities and offering market support. This makes it even more important to manage the relationship between companies and their external partner networks. In today's cutthroat market, companies are finding it tough to stand out from the crowd, so effective partnerships are key.

Things are changing fast, making it tough to keep up. How quickly we deliver, sell, and move things along has sped up over time. To stay competitive, businesses are rushing to connect with partners to fuel quick growth, which can give the market a boost. Plus, more folks want automated partner interactions, better digital operations, and improved partner experiences and services – all driving demand for the Partner Relationship Management Market in different fields, which could really help it grow. However, data security and privacy concerns might slow things down.

Global Partner Relationship Management MarketSegmentation Analysis

The Global Partner Relationship Management Market is segmented on the basis of Component, Deployment Type, Organization Size, Vertical, And Geography.

Partner Relationship Management Market, By Component

• Solution• Services

Based on Component, The market is bifurcated into Solution and Services. The Services segment is expected to huge development during the forecast period. This incorporates overseeing services and preparing, counseling, and integration services. Services are a significant piece of any arrangement’s sending life cycle. Along these lines, different vendors offer services related to PRM Solutions to assist organizations with carrying out their PRM techniques.

Partner Relationship Management Market, By Deployment Type

• On-premises• Cloud

Based on Deployment Type, The market is bifurcated into On-premises and Cloud. In the On-premises type of delivery model, software or solutions are installed and operated from customers’ in-house server and computing infrastructure. The cost of installing On-premises solutions is included in the capital expenditure (CAPEX) of companies. This approach is mostly adopted for applications that involve the processing of sensitive and confidential data. The On-premises deployment type enables organizations to ingest data into their own databases, thereby maintaining data security. In the On-premises Deployment Type, companies must install the required hardware as well as software.

Partner Relationship Management Market, By Organization Size

• Large Enterprises• SMEs

Based on Organization Size, The market is bifurcated into Large Enterprises and SMEs. The PRM Market has a stronghold in large enterprises owing to the Large Enterprises having a large corporate network and many revenue streams. They are keen to invest in new and latest technologies to effectively run their business. Partner network of Large Enterprises is more complex than SMEs.

Partner Relationship Management Market, By Vertical

• BFSI• Retail And Franchising• Healthcare And Life Sciences• Manufacturing• IT And Telecom• Others

Based on Vertical, The market is bifurcated into BFSI, Retail And Franchising, Healthcare And Life Sciences, Manufacturing, IT And Telecom, and Others. The IT And Telecom segment includes a complex partner network to handle a huge customer base. Digital transformation is necessary to survive in a globally connected and competitive environment. IT And Telecom firms are investing in new technologies, such as smart computing products, IoT, cloud computing, mobility, and analytics, for gaining efficiency and innovation, and attracting consumers this can propel the segment growth.

Partner Relationship Management Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of Regional Analysis, The Global Partner Relationship Management Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia Pacific expected significant growth during the forecast period owing to the increasing adoption of new technologies. Also, the IT spending across organizations in this region is gradually increasing, which is projected to lead to a surge in the adoption of partner relationship management solutions. North America is expected to account for the largest market size during the forecast period.

Key Players

The “Global Partner Relationship Management Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Allbound, Channeltivity, Oracle, Salesforce, Impartner, LogicBay, Magentrix, ZINFI Technologies, Zift Solutions, Mindmatrix. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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