Global Partner Relationship Management (PRM) Software Market Definition
A system of approaches, strategies, software, and web-based capabilities called partner relationship management (PRM), which is mostly utilized in the IT industries, assists vendors in managing partner relationships. The overarching goal of PRM is to give suppliers the tools they need to manage their partners more effectively through the implementation of dependable systems, processes, and methods for communicating with them. A content management system, a partner and customer contact database, and the concept of a partner portal are all common components of web-based PRM systems. The partner portal enables partners to log in and interact with a vendor's sales opportunity database and obtain information on products, pricing, and training.
Global Partner Relationship Management (PRM) Software Market: Key Insights
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~13% |
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Base Year Market Size (2022) |
~ USD 113 Million |
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Forecast Year Market Size (2035) |
~ USD 6 Billion |
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Regional Scope |
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Global Partner Relationship Management (PRM) Software Market Size, Forecast, and Trend Highlights Over 2023 - 2035
The global partner relationship management (PRM) software market is estimated to garner a revenue of USD 6 Billion by the end of 2035 by growing at a CAGR of ~13% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 113 Million in the year 2022. The growth of the market can primarily be attributed to the rising influence of digitalization and increasing revenue of the information technology (IT) industry worldwide. According to estimates, the information technology industry globally is estimated to be worth more than USD 5 trillion in 2020.
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The need to lower costs, automate routine tasks, and build new alliances in order to increase channel revenue and scale is often what drives vendors to use a PRM solution. Partners could also be managed service providers or integrators. A PRM system is concentrated on getting a partner to sell on your behalf, as opposed to customer relationship management systems, which are designed to get an end customer to make a purchase from you. As a result, they frequently provide partner resellers with web-based self-service tools, data, and resources. This aids vendors in streamlining procedures as well as in gathering and analyzing information about different phases of the partner sales funnel.
Global Partner Relationship Management (PRM) Software Market: Growth Drivers and Challenges
Growth Drivers
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Upsurge in the Businesses Conducted Online – With the rising trend of shared business ecosystems and co-selling in online businesses, partner relationship management (PRM) provides businesses with tools to track affiliates and sales partners and for those partners to communicate with and receive support from the business. The surge in online business is expected to boost the market for software like PRM. For instance, it was found that approximately 25% of business was conducted online in 2022.
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Growing Marketing Automation – More than 55% of companies are currently using marketing automation and about 40% of B2B companies are planning to adopt the automation technology.
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Increasing E-Commerce – According to recent data, globally, e-commerce sales are estimated to reach ~USD 6.5 trillion by 2023.
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Rising Number of Internet of Things (IoT) Connected Devices – According to recent data, globally IoT connected devices are estimated to reach 30 billion by 2031, up from about 8 billion in the year 2019.
Challenges
- Siloed Partnerships and Siloed Business Processes
- Possibilities of Accidental Data Exposure
- Concern about Quantifying Partner Business Results
The global partner relationship management (PRM) software market is segmented and analyzed for demand and supply by application into on-premise and cloud-based. Amongst these segments, the cloud-based segment is anticipated to garner the largest revenue by the end of 2035, backed by the increasing demand for cloud-based PRM software as it aids with automating sales process, centralized database and enhanced security as well as the growing cloud traffic worldwide. For instance, more than 90% of total data center traffic in 2021, were global cloud data center traffic.
Global Partner Relationship Management (PRM) Software Market Regional Synopsis
The North America partner relationship management (PRM) software market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. backed by the rising automation of businesses along with increasing e-commerce in the region as well as growing business-to-business (B2B). For instance, it was found that, in 2021, the business-to-business (B2B) e-commerce revenue reached approximately USD 6.6 trillion in the United States.
Market Segmentation
Our in-depth analysis of the global partner relationship management (PRM) software market includes the following segments:
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By Type |
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By Application |
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By Enterprise |
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By Industry |
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Top Featured Companies Dominating the Global Partner Relationship Management (PRM) Software Market
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Oracle Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Salesforce.com Inc.
- Channeltivity
- Allbound Inc.
- Zinfi Technologies Inc.
- Mindmatrix Inc.
- Agentics
- Magnetrix Corporation
- Kiflo PRM
- PartnerStack Inc.
