by The global Partner Relationship Management Solution market is estimated to be valued at USD 12,755 Mn in 2021 and is expected to exhibit a CAGR of 18% over the forecast period of 2021-2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Partner Relationship Management (PRM) Solution refers to a technology-driven platform that helps organizations to manage and optimize their relationships with partners. It offers various functionalities such as partner onboarding, training, deal registration, performance tracking, and collaboration tools. These solutions provide a centralized platform for businesses to effectively communicate, collaborate, and manage their partner ecosystems. Organizations across various industries are increasingly adopting PRM solutions to enhance partner engagement, improve sales productivity, and streamline their partner management processes.
B) Market Key Trends:
One key trend in the Partner Relationship Management Solution market is the increasing digitization and channel partner networking. With the growing number of digital channels and platforms, businesses are looking for advanced solutions to effectively collaborate and communicate with their channel partners. PRM solutions enable organizations to seamlessly manage and nurture their partner relationships in the digital landscape. These solutions provide features like partner portals, training modules, and real-time analytics to enhance partner engagement and accelerate sales growth. For example, Salesforce.com, Inc., one of the key players in the market, offers a comprehensive PRM solution that enables businesses to optimize their partner networks and drive partner-led sales.
C) Porter’s Analysis:
– Threat of new entrants: The Partner Relationship Management Solution market is characterized by high entry barriers due to the presence of established players and the requirement for significant investments in technology and infrastructure. This limits the threat of new entrants.
– Bargaining power of buyers: Buyers have a moderate bargaining power as they have various options to choose from in terms of PRM solution providers. However, the importance of efficient partner management and the need for customized solutions give some advantage to the solution providers.
– Bargaining power of suppliers: Suppliers in this market mainly include software developers and technology providers. The bargaining power of suppliers is moderate as there are multiple suppliers available in the market and buyers have the option to switch between providers.
– Threat of new substitutes: The threat of new substitutes is low in the Partner Relationship Management Solution market as there are limited alternatives that provide the same level of functionalities and benefits.
– Competitive rivalry: The competitive rivalry in the market is high due to the presence of several major players. Key players are focusing on innovation, partnerships, and acquisitions to gain a competitive edge and expand their market share.
D) Key Takeaways:
In terms of market size, the global Partner Relationship Management Solution market is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period. This growth can be attributed to increasing digitization and the need for effective partner management solutions. Organizations are adopting PRM solutions to enhance partner engagement, improve sales productivity, and achieve better channel partner networking.
In terms of regional analysis, North America is expected to dominate the market due to the presence of major market players and the high adoption of advanced technologies in the region. Asia Pacific is expected to be the fastest-growing region, driven by increasing digitalization, expanding partner ecosystems, and the growing demand for efficient partner management solutions in countries like China, India, and Japan.
Key players operating in the global Partner Relationship Management Solution Market include 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 players are focusing on product innovation, strategic partnerships, and mergers and acquisitions to expand their market presence and gain a competitive advantage.
The Partner Relationship Management Solution market is witnessing significant growth due to the increasing demand for digitization and the need for efficient partner management solutions. Adoption of PRM solutions helps organizations optimize their partner networks, streamline processes, and achieve better sales and revenue growth.
