Partner Relationship Management Market worth $1,997 million by 2026, growing at a CAGR of 13.8%: Report by MarketsandMarkets™
As per the report by MarketsandMarkets, the global Partner Relationship Management Market size is projected to reach USD 1,997 Million in 2026, at a CAGR of 13.8% during the forecast period, 2021-2026
Chicago, May 29, 2023 (GLOBE NEWSWIRE) -- The global Partner Relationship Management Market size 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, according to a new report by MarketsandMarkets™. Organizations across the globe are preferring channel partners for driving sales and revenue operations. In partner management, due to the lack of coaching and training, misaligned roles, poor management of incentive compensation, and the excess of mundane work associated with channel partner management organizations lose partners or unable to achieve desired outcome. PRM solutions help organizations to monitor activities and guide partners about sales strategies, train partners, assign territories, monitor the progress of implemented revenue growth strategies, and forecast client-purchase behavior.
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181 - Tables
46 - Figures
198 - Pages
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Scope of the Report
| Report Metric | Details |
| Market Revenue in 2020 | USD 920 million |
| Market Revenue for 2026 | USD 1,997 million |
| Market Growth Rate | 13.8%CAGR |
| Segments Covered | Component (Solutions & Services), Deployment Type, Organization Size, Vertical, and Region |
| Geographies covered | North America, APAC, Europe, MEA, and Latin America |
| Market Drivers |
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| Market Opportunities |
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The component category consists of solutions and services; the solutions component is expected to outpace the services segment in terms of adoption. PRM solutions include engage, collaborate, and manage. The component segment of the PRM market is experiencing a moderate fall during COVID-19 due to the falling demand for managing partner performance incentives, and planning quotas and territories across several organizations. PRM solutions and services help organizations to consolidate and organize all the operations within one channel and provide easy, open communication between all the partners, set up an incentive program to encourage product or service sales, and then track partner progress and implement rewards, which, in turn, can help organizations to achieve the desired sales target.
The PRM market is segmented by deployment type into on-premises and cloud. The on-premises segment is expected to hold a higher share of the PRM market, although companies have been focusing more on the cloud deployment type in recent times as it provides them with several benefits, including flexibility, scalability, speed, interoperability, and reduced infrastructure costs. Companies choose their deployment type based on their requirements, size, and budgets.
The PRM market by organization size is segmented into large enterprises and SMEs. Large enterprises are expected to rapidly adopt PRM solutions and services, as they produce more data and face a large number of litigation requests. On the other hand, SMEs are expected to adopt the PRM solutions and services at a slower rate. The growing use of the latest technologies, such as mobile, cloud, and social media, has changed every organization’s working style. Data is one of the key factors in determining a company’s market growth. Companies require technologies that can assist them in improving their profit margins and operational efficiency. PRM solutions and services help companies to easily comply with government orders with maximum security.
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The PRM market is segmented into five regions that include North America, Europe, APAC, MEA, and Latin America. This chapter provides insights into these regional markets in terms of market size, growth rates, future trends, market drivers, and COVID-19 impact. North America is projected to account for the largest share in the overall PRM market during the forecast period. Following North America, Europe is projected to account for the second-highest market share during the forecast period. The increase in the need to control the functional relationship between the organization & external partners is a key factor that is projected to drive the growth of the North American and European markets. APAC and Latin America are also projected to witness high growth rates during the forecast period.
APAC has witnessed the advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. The commercialization of big data, AI, and IoT technologies and the need for further advancements to leverage these technologies to the best are expected to drive the adoption of PRM solutions and services in the region. APAC constitutes major economies, such as Australia, China, Japan, Singapore, and India, which are expected to register high growth in the PRM market. While the expenditure on technology solutions in APAC has increased, a setback is witnessed due to the recent COVID-19 pandemic. With the COVID-19 lockdowns, enterprises in the region are focusing on investing in technology-enabled platforms to continue working from home, which has influenced the adoption of digital solutions in this region. However, the new customer acquisitions by PRM providers has decreased in the region as customers are spending more on collaboration tools.
The major players in the Partner Relationship Management Market are Allbound (US), Channeltivity (US), Oracle (US), Salesforce (US), Impartner (US), LogicBay (US), Magentrix (Canada), ZINFI Technologies (US), Zift Solutions (US), Mindmatrix (US), PartnerStack (Canada), ChannelXperts (Germany), Creatio (US), AppDirect (US), Webinfinity (US), PartnerPortal.io (Canada), Kiflo (France), Crossbeam (US), Everflow (US), Affise (Lithuania), WorkSpan (US), LeadMethod (US), Sharework (France), Agentcis(Australia), and CoSell (US). The study includes an in-depth competitive analysis of key players in the PRM market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
Frequently Asked Questions (FAQ)
How big is the partner relationship management market?
The global partner relationship management market size is expected to grow from USD 920 million in 2020 to USD 1,997 million by 2026, at a CAGR of 13.8% during the forecast period.
What is the estimated growth rate (CAGR) of the global partner relationship management market?
The global market for partner relationship management has an estimated compound annual growth rate (CAGR) of 13.8% and a revenue size in the region of $920 million in 2020.
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