Westford USA, Dec. 02, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Partner Relationship Management Market size will attain the value of USD 3.32 Billion by 2031, with a CAGR of 13.90% during the forecast period (2024-2031). The global partner relationship management market growth has witnessed significant growth and development in the recent years. PRM refers to a range of processes, techniques and technologies that enable organizations to more effectively and efficiently manage their relationships with channel partners, distributors and suppliers. This market is driven by the increasing, necessity of partner networks collaboration and collaboration across channels drives features such as authentication, deal registration, lead management, performance tracking, incentive management, etc. These solutions help businesses streamline partner collaboration, improve communication and improves collaboration, increases partner engagement, and improves channel performance.
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Browse in-depth TOC on "Partner Relationship Management Market "
- Pages – 197
- Tables - 87
- Figures – 76
Partner Relationship Management Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 1.17 Billion |
| Estimated Value by 2031 | USD 3.32 Billion |
| Growth Rate | Poised to grow at a CAGR of 13.90% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Industry Vertical, Deployment Type, Organization Size and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Rising Demand for Renewable Energy |
| Key Market Opportunities | Expansion of Predictive Analytics in Emerging Markets with Growing Healthcare Infrastructure |
| Key Market Drivers | Availability of Sustainable Forestry Resources |
Solutions Segment to Dominate Due to Enable Organizations to Better Manage their Partner Relationships
The dominant segment in the partner relationship management market growth is the solutions segment. PRM solutions provide a comprehensive suite of features and services that enable organizations to better manage their partner relationships. This solution provides tools for partner onboarding, training, deal registration, lead management, performance tracking, and incentive management, among others. PRM solutions provide organizations with a centralized location to effectively and efficiently manage their partner ecosystem, making it an essential resource for companies looking to optimize their partner relationships.
BFSI Segment is Growing Due to Increasing Number of Financial Institutions
The BFSI industry is expected to be the fastest growing segment in the partner relationship management market outlook. This growth can be attributed to the increasing number of financial institutions and banks across the globe, as well as the technological advancements in the BFSI industry leading IT organizations like Oracle Inc., Infosys, Microsoft etc. are actively working with banks and financial institutions have provided PRM solutions.
North America to Dominate Owing to High Concentration of Internet Users
North America emerged as the dominant region in the partner relationship management industry, capturing the largest share of the global revenue. The dominance of this sector can be attributed to its status as a technological innovator and the density of internet users. Additionally, key players such as Salesforce.com, Inc., Impartner, Inc., and Oracle Corporation contribute to the growth of the market in North America. This strong segment of internet users is going to fuel the expansion of the partner relationship management industry in North America.
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Drivers
- Rising Demand for Personalized Medicine and Targeted Therapies
- Growing Adoption of Predictive Models in Healthcare for Early Disease Detection
- Increasing Integration of AI And Machine Learning in Predictive Analytics
Restraints
- High Cost of Implementing Predictive Analytics Solutions in Healthcare
- Data Privacy and Security Concerns Related to Patient Information
- Lack of Skilled Professionals to Manage and Interpret Predictive Analytics Data
Prominent Players in Partner Relationship Management Market
- Allbound (US)
- Channeltivity (US)
- Oracle (US)
- Impartner (US)
- Salesforce (US)
- LogicBay (US)
- Magentrix (Canada)
- Zinfi Technologies (US)
- Zift Solutions (US)
- Mindmatrix Inc. (US)
- PartnerStack (Canada)
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Key Questions Answered in Partner Relationship Management Market Report
- What are the key drivers of the market?
- Which is the dominating region in the market?
- What are the key trends of the market?
- What are the key restraints of the market?
This report provides the following insights:
- Analysis of key drivers (rising demand for personalized medicine and targeted therapies, growing adoption of predictive models in healthcare for early disease detection), restraints (high cost of implementing predictive analytics solutions in healthcare, data privacy and security concerns related to patient information), opportunities (expansion of predictive analytics in emerging markets with growing healthcare infrastructure) influencing the growth of Partner Relationship Management Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Partner Relationship Management Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Partner Relationship Management Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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