The partner relationship management (PRM) market revenue totaled USD 1,302.7 Million in 2023. The partner relationship management (PRM) market is expected to reach USD 4,676.1 Million by 2033, growing at a CAGR of 13.6% for 2023 to 33.
| Attribute | Details |
|---|---|
| Estimated Partner Relationship Management (PRM) Market (2023) Market Value | USD 1,302.7 Million |
| Projected (2033) Partner Relationship Management (PRM) Market Value | USD 4,676.1 Million |
| Partner Relationship Management (PRM) Market CAGR% (2023 to 2033) | 13.6% |
| Top 5 Vendor Market Share | Around 30% |
The partner relationship management (PRM) market currently represents around 8.5% of sales of the total business process management market. PRM software is gaining immense popularity over the past few years owing to increasing demand and deployment of technologies such as business intelligence (BI) and artificial intelligence (AI).
Understanding the nuances of partner engagement methods across the entire engagement channel becomes smooth with the help of business intelligence tools. These technologies assist organizations to adhere to the plans and aid in the execution of the same signed by participating channel partners.
Combination of partner relationship management platform with self-reporting capabilities and AI benefits channel partners to increase partner engagement and intensify vendor partner process.
This allows the company’s partners to conduct an in-depth analysis of their organizations. Multiple software’s such as customer relationship management (CRM) software, supply chain management software, and contract management software assist in delivering timely results in an efficient manner.
| Market Statistics | Details |
|---|---|
| Jan - Jun (H1), 2021 (A) | 13.4% |
| Jul - Dec (H2), 2021 (A) | 13.5% |
| Jan - Jun (H1),2022 Projected (P) | 13.6% |
| Jan - Jun (H1),2022 Outlook (O) | 13.8% |
| Jul - Dec (H2), 2022 Outlook (O) | 14.2% |
| Jul - Dec (H2), 2022 Projected (P) | 13.8% |
| Jan - Jun (H1), 2023 Projected (P) | 13.8% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | (+)20 |
| BPS Change : H1,2021 (O) - H1,2021 (A) | (+)40 |
| BPS Change: H2, 2022 (O) - H2, 2022 (P) | (+)40 |
| BPS Change: H2, 2021 (O) - H2, 2022 (A) | (+)70 |
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According to Future Market Insights (FMI), the partner relationship management (PRM) software market is estimated to grow at 13.4% CAGR between 2023 and 2033 in comparison with 12.0% CAGR during the historic period of 2018 to 2022.
Traditional project management methods typically lacked intuitiveness, and data integrity getting affected by partial automation with the use of traditional management techniques increased the demand for PRM.
Adoption of partner relationship management enables reduced complexities, boost return of investment (ROI) from partner incentives, enhances sales automation in learning management and streamline partner onboarding while overcoming the challenges.
With growing advancement in business processes, organizations are creating reliable partnerships to procure profitable and growing market in the industry. The organizations that have large number of partnerships, need assistance to reduce the business complexities caused while working with each other. Hence, PRM software can play a vital role in reducing these business complexities.
Partner relationship management helps in simplifying and integrating the process in which companies work with partners thereby, providing them with resources and efficient communication to increase sales on organizations behalf. PRM streamlines the management distribution and deal registrations thereby reducing cost and labor involvement in parallel with gaining partner satisfaction and reducing channel conflicts.
Principal Consultant
South Asia & Pacific is estimated to be the fastest-growing region in the partner relationship management market during the forecast period. This region is expected to grow by 3.3X from 2023 to 2033.
Considering the advancements in technology industry, rapid growth in the South Asia and Pacific along with emerging SMEs and internet penetration, the market is projected to expand. Significant rise in the telecom & IT sector has increased the demand and adoption of partner management software in countries of South Asian region.
Hence, several organizations in South Asia & Pacific are adopting process automation to simplify the operations, maintain partner relations and increase sales with its channel partners. Owing to this, the partner relationship management market is growing over the period.
Advent of Cloud-Based Technology in IT & Telecom Sector to Boost PRM Software Adoption
The PRM software demand in the USA is expected to account for nearly 77.1% of the share in North America in 2033. In the USA, there has been a significant shift in cloud-based technologies since the FQ-20.
PRM software providers are focusing on collaboration with partners, implementing a hybrid cloud strategy to collaborate with clients in modernizing their workloads and executing successful partner programs.
Furthermore, growth in the country is attributed to the presence of major companies, where prominent players such as Oracle Corporation, Salesforce, and Zinfi Technologies are focusing on driving increased demand for PRM solutions, automating business processes, and providing enhanced real-time visibility into operations.
China Partner Relationship Management Software Market to Benefit from Surging Internet Penetration
East Asia is predicted to remain one of the most attractive markets during the forecast period. According to the study, China is estimated to grow by 3.5X during the forecast period.
Rising internet penetration at a substantial rate in China will create a conducive environment for the market. China reported about 939.8 million internet users in January 2021 with a penetration rate of 65.2%.
In China, surging technological advancements will have a positive impact on the PRM software market in the coming years. Presence of leading organizations across the country including Alibaba Group Holding, Huawei Technologies will also boost the market.
Flourishing Tech Industry in India to Drive the Partner Relationship Management Market
India’s PRM software market is estimated to grow at a significant rate of around 17.6% CAGR between 2023 and 2033. India’s telecom and IT industry are one of the fastest-growing tech hubs in the world.
Valuations have increased as a result of growing interest from foreign investors, high-net-worth individuals, non-traditional investors, and micro–VCs. With surging technological investments, the need to manage sales KPIs, prospects, operations, and revenues have become an important aspect. Hence, the need to streamline the partner sales process and reduce redundancy is aiding the growth in the market.
| Countries | BPS Change (H2'22 (O) - H2'22 (P)) |
|---|---|
| USA | (+)45 |
| India | (+)39 |
| United Kingdom | (+)43 |
| Japan | (+)41 |
| China | (+)37 |
The H2’22(O)-H2’22(P) BPS change in the United Kingdom was of (+)43 units since the PRM software automates many of the manual tasks associated with partner management, which makes it easier for companies to manage their partner networks effectively. This is driving the adoption of case management software. Whereas in Japan with more companies looking to expand their reach through indirect sales channels, PRM software is becoming increasingly important for managing and optimizing channel sales operations leading to the deviation of (+)41 units.
PRM software provides real-time data and analytics on partner performance, enabling companies to make informed decisions about their partner networks resulting in China a BPS change of (+)37 units.
India encountered a BPS change of (+)39 units for the partner relationship management software market owing to the increasing popularity of cloud-based PRM solutions is driven by their scalability, cost-effectiveness, and ease of deployment.
USA witnessed a BPS of (+)45 BPS units for the partner relationship management software market attributed to the PRM software helps companies to ensure consistent and high-quality customer experiences by providing partners with the tools and resources they need to sell effectively.
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Cloud-Based PRM Software to Gain Traction Amid Growing Need for Enhanced Security in Businesses
The cloud-based PRM software segment is expected to showcase the highest CAGR in the coming years. This segment is predicted to offer an absolute $ opportunity of USD 1,197.2 Million by the end of 2033.
Cloud-based PRM software aids with automating sales processes enhanced security and centralized database. Incorporating PRM software on the cloud ensures flexibility, seamless information exchange, zero need for installing equipment, and ensured cybersecurity protection.
Further, increased demand for robotics, composite augmented reality (AR), virtual reality (VR) and artificial intelligence (AI), scenarios, and intelligent Chat-bot will propel the growth in the segment.
Also, the importance of the cloud for business continuity for seamless online collaboration and the proliferation of work from home will drive the growth in the market.
Need for PRM Software in Large Enterprises to Increase by 3.1X between 2023 and 2033
The large enterprise segment is expected to grow by 3.1X during the forecast period. Organizations are keeping a larger portion of the budget for relationship management with its partners for co-creation, expansion in new markets and drive more successful business.
The importance of positive channel partner experience for forming new partnerships and expanding channel networks is driving the demand for PRM software in large organizations.
According to FMI, the IT & telecom industry is estimated to grow at a CAGR of 12.6% during the forecast period. The IT industry is witnessing immense growth with surging technological advancements.
The growing adoption of emerging technologies in the IT & telecom industry with ever-evolving tech trends such as automation, AI, IoT, synchronization, and privacy will drive the demand in the market. Increasing demand for customer connections, innovative marketing strategy, and industry stakeholder support thrives the market demand in IT & telecom industry.
Partner relationship management market players are concentrating on a variety of techniques for boosting product innovation, enhancement of existing products, and increasing their presence in new geographic areas.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; and the Middle East & Africa |
| Key Countries Covered | USA, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Malaysia, Indonesia, Singapore, Australia & New Zealand, GCC Countries, Turkey, North Africa and South Africa |
| Key Segments Covered | Type, Deployment Mode, Enterprise Size, Industry and Region |
| Key Companies Profiled | Oracle Corporation; Sharework; Appdirect; Kiflo; Webinfinity; Salesforce Inc; Zift Solutions; ChannelXperts; Creatio; PartnerStack; Mindmatrix; Agentics; Magnetrix Corporation; Allbound Inc; Zinfi Technologies |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market boosted at a HCAGR of 12% from 2018 to 2022.
Through 2033, the market is to develop at a CAGR of 13.6%.
By 2033, the market is to have expanded to USD 1,302.7 million.
In 2023, the market is anticipated to reach a worth of USD 4,676.1 million.
The United States is expected to acquire 77.1% of North America's market share in 2033.
The India market is set to boom between 2023 and 2033 at a CAGR of 17.6%.
1. Executive Summary | Partner Relationship Management (PRM) Software Market 2. Market Overview 3. Key Market Trends 4. Pricing Analysis 5. Global Market Demand (Value in US$ Million) Analysis 2018 to 2022 and Forecast, 2023 to 2033 6. Market Background 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 7.1. Integrated Software 7.2. Standalone Software 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Deployment Mode 8.1. On-premise PRM Software 8.2. Cloud-based PRM Software 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Enterprise Size 9.1. Small and Mid-Sized Enterprises (SMEs) 9.2. Large Enterprises 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Industry 10.1. IT & Telecom 10.2. Retail 10.3. Government 10.4. Healthcare 10.5. BFSI 10.6. Manufacturing 10.7. Others 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. East Asia 11.5. South Asia Pacific 11.6. Middle East and Africa 12. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 13. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 14. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033 15. South Asia & Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033 16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 17. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033 18. Key Countries Analysis 19. Market Structure Analysis 20. Competition Analysis 20.1. Oracle Corporation 20.2. Sharework 20.3. Appdirect 20.4. Kiflo 20.5. Webinfinity 20.6. Salesforce Inc 20.7. Zift Solutions 20.8. ChannelXperts 20.9. Creatio 20.10. PartnerStack 20.11. Mindmatrix 20.12. Agentics 20.13. Magnetrix Corporation 20.14. Allbound Inc 20.15. Zinfi Technologies 21. Assumptions and Acronyms Used 22. Research Methodology
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Partner Relationship Management (PRM) Market
