by Partner relationship management (PRM) solutions help businesses establish and maintain effective relationships with channel partners to increase sales through indirect routes. PRM solutions automate and streamline various processes involved in partner onboarding, training, compliance management, marketing development funds management, sales performance tracking, and payments. They provide key insights into partner performance and help align marketing development and incentives with partners based on their contribution.
The global Partner Relationship Management Solution Market is estimated to be valued at US$ 17760.06 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for enhanced customer experience is driving the adoption of partner relationship management solutions. PRM solutions help businesses provide consistent and personalized customer service through all touchpoints including indirect channels. They ensure seamless coordination between internal teams and channel partners to resolve customer issues quickly. Furthermore, PRM solutions empower partners with relevant customer and sales data to offer customized product recommendations and services. This boosts customer satisfaction significantly. Advanced analytics capabilities of PRM solutions also help businesses monitor customer journey, identify gaps in services, and refine strategies to improve experience. As customer expectations are rising rapidly, more companies are adopting PRM solutions to enhance experience through partners.
SWOT Analysis
Strength: Partner Relationship Management solutions allow companies to develop strong partnerships and alliances. It provides visibility into partner performance.
Weakness: High initial investment and implementation costs. Transition to new software requires training of employees.
Opportunity: Growing trend of outsourcing business functions to partners. Increasing need to track partner activity and rewards.
Threats: Competition from free or low-cost basic partner relationship tools. Shift to more automation can reduce requirements for specialized software.
Key Takeaways
The Global Partner Relationship Management Solution Market Size is expected to witness high growth. With increasing digital transformation initiatives and focus on partners for business growth, more companies will adopt dedicated PRM solutions. The global Partner Relationship Management Solution Market is estimated to be valued at US$ 17760.06 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030.
North America accounts for the largest share of the global PRM solution market currently. Early adoption of advanced technologies and presence of major vendors in the region contributes to its dominant position. However, Asia Pacific is expected to grow at the fastest pace during the forecast period supported by rapid digitalization in countries like China and India.
Key players operating in the market are 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 companies are focusing on strengthening their product capabilities and expanding into growing regional markets to gain higher shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
