Pune, July 05, 2024 (GLOBE NEWSWIRE) -- Partner Relationship Management Market Size & Analysis:
“According to SNS Insider Research, The Partner Relationship Management Market size was valued at US$ 3.09 billion in 2023 and is predicted to reach US$ 4.87 billion by 2032 with a growing CAGR of 5.2% Over the Forecast Period of 2024-2032.”
Companies are increasingly relying on complex partner networks, such as resellers, distributors or technology alliances, to expand product offerings and reach new markets.
In order to facilitate onboarding process, monitor performance indicators and promote seamless cooperation there should be effective partner relationship management systems in place. According to SNS Insider, partner relationship management adoption is being driven through increasing demand for data-driven decision making. Businesses can use partner relationship management solutions identify top performers among them, improve marketing campaigns, allocate resources better. DocuSign revamped its Partner Network Program in June 2024, to include more advanced partner relationship management capabilities that would help support its channel partners and strengthen relationships.
Also, demand is increasing in this sector as cloud-based partner relationship management solutions become popular. Moreover, cloud-based systems are highly flexible compared to on-premise products, with much greater scalability and cost effectiveness. Similarly, they enable consolidation of customer experience through cooperation with extant marketing automation and CRM platforms. Salesforce and Oracle among others continue enhancing their cloud-based partner relationship management solutions to meet this demand.
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Major Players Analysis Listed in this Report are:
- Salesforce
- Oracle
- SAP
- IBM
- Microsoft
- Infor
- Cvent
- Channeltivity
- PartnerPath
- Incentive Solutions
- Other Players
Data security and privacy concerns remain a potential hurdle for Partner Relationship Management adoption.
Sensitive partner information can’t just be given out haphazardly to third-party platforms by companies. Leading vendors for partner relationship management are addressing this problem by putting strong security measures in place and assuring conformity to industry standards. A study conducted by International Data Corporation (IDC) revealed that 40% of businesses face issues related to disconnected data across different partner programs thereby affecting communication as well as measurement efforts. According to recent survey by Salesforce, 63% of respondents stated that they were unhappy and isolated due to inappropriate communication by their partner vendors.
Outreach, an industry leader in Sales Engagement, recently acquired ZINFI Technologies.
This merger underscores the growing significance of merging partner relationship management and salesforce automation. This is done through such integrations which can enable companies customize training programs, marketing materials and incentive structures so as fit the unique strengths and objectives of each partner. Moreover, AI-driven partner relationship management solutions are potentially capable of unearthing deeper insights about themselves. By examining partner performance data, communication sentiment and market trends, companies can anticipate obstacles and provide assistance in advance. For instance, AI might be able to pick up on partners who struggle with product adoption and recommend specific training or resources. There are more advantages than just making partners happy.
Whereas, latest study highlights successful partner relationship management strategies result into 43% increase in success rate for channel influenced deals. Moreover, there is 20% increment in partner productivity for firms with well-established partner relationship management programs.
Partner Relationship Management Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 3.09 Bn |
| Market Size by 2032 | US$ 4.87 Bn |
| CAGR | CAGR of 5.2% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • The increasing importance of interconnected devices and the Internet of Things (IoT). • Improving partner communication and reducing channel management costs. |
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By Component Segment Analysis:
The Partner Relationship Management Market by component, two major sub-segments are seen. Solutions comprise software applications that automate partner interactions, centralize lead management and track performances. For instance, Salesforce recently announced an improved partner relationship management solution aimed at enhancing partner onboarding and deal co-creation efficiencies. Contrarily, services are there for the implementation, integration and ongoing support of these solutions. Accenture is a leading consulting firm that has placed focus on its partner relationship management service offerings targeting customization skills and making sure the partner program is successful.
SNS Insider has reported that the APAC region will be the most attractive market for this period, 2024-2032.
India and China have experienced a rise in start-ups which is why they are seeing increased investment interest from partner relationship management vendors. Moreover, digital transformation initiatives across countries like Singapore and Thailand are driving partner relationship management. To gain more benefit out of this, companies who provide partner relationship management services have custom made their products to fit APAC. They do this by partnering with widely used indigenous CRM and accounting systems, while also structuring sales teams as well as support personnel who can handle different parts within the region and develop better product acceptance.
Key Takeaways:
- Connected devices and internet of things (IoT) are some major factors that have contributed to the growth in Partner Relationship Management (PRM) market. Smooth running of this complex system requires strong relationships between organizations and external partners.
- Partner Portals, Training Modules, automated incentive programs are few features that partner relationship management software has come up with in order to address this need.
- This is clearly demonstrated by a study conducted by Impartner which found out through just using portal 41% increase in partner engagement. Moreover, other companies have shown a revenue increase by 22% for partners who have been using integrated marketing tools within the partner relationship management platform.
- However, there is still a worry over data security. Many companies need comprehensive solutions to make sure that sensitive information moves safely across their partner network.
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Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Partner Relationship Management Market Segmentation, By Component
8. Partner Relationship Management Market Segmentation, By Services
9. Partner Relationship Management Market Segmentation, By Organization Size
10. Partner Relationship Management Market Segmentation, By Deployment Type
11. Regional Analysis
12. Company Profiles
12.1 Salesforce
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 The SNS View
12.2 Oracle
12.2.1 Company Overview
12.2.2 Financial
12.2.3 Products/ Services Offered
12.2.4 The SNS View
12.3 SAP
12.3.1 Company Overview
12.3.2 Financial
12.3.3 Products/ Services Offered
12.3.4 The SNS View
12.4 IBM
12.4.1 Company Overview
12.4.2 Financial
12.4.3 Products/ Services Offered
12.4.4 The SNS View
12.5 Microsoft
12.5.1 Company Overview
12.5.2 Financial
12.5.3 Products/ Services Offered
12.5.4 The SNS View
12.6 Infor
12.6.1 Company Overview
12.6.2 Financial
12.6.3 Products/ Services Offered
12.6.4 The SNS View
12.7 Cvent
12.7.1 Company Overview
12.7.2 Financial
12.7.3 Products/ Services Offered
12.7.4 The SNS View
12.8 Channeltivity
12.8.1 Company Overview
12.8.2 Financial
12.8.3 Products/ Services Offered
12.8.4 The SNS View
12.9 Partnerpath
12.9.1 Company Overview
12.9.2 Financial
12.9.3 Products/ Services Offered
12.9.4 The SNS View
12.10 Incentive Solutions
12.10.1 Company Overview
12.10.2 Financial
12.10.3 Products/ Services Offered
12.10.4 The SNS View
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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