The partner relationship management market is expected to grow from US$ 2045.72 million in 2022 to US$ 4228.24 million by 2030; it is estimated to grow at a CAGR of 9.5% from 2022 to 2030.
Analyst Perspective:
Partner relationship management (PRM) is a collection of tools, processes, and tactics used by businesses to streamline business processes with partners who sell their products. Partner relationship management (PRM) refers to the software and tactics used by businesses to streamline their connections with the partners and distributors that market and sell their products. PRM encompasses simple methods for managing co-marketing connections to more complex programs involving high-level software and data administration. PRM solutions have become an integral component of successful channel management and partner programs, from onboarding and training channel partners to joint business planning and market development fund (MDF) administration. A PRM system provides numerous advantages to a company. It has become a must, particularly for organizations in the emerging growth stage, as they build their indirect sales staff. A PRM platform fortifies the relationship between suppliers and indirect sales channel partners while also providing them with proven technology to enable improved workflows. They enable businesses to manage the full channel partnership relationship, from initial onboarding to partner relationship optimization.
The main advantage of partner selling is the low-investment revenue growth. Businesses save money by not hiring more salespeople because you only pay commissions. Furthermore, rather than spending time learning about a new business, the company may rely on partners that already have the know-how and connections, making it easier to expand and reach more clients. This allows businesses to avoid expensive client acquisition costs and reduce expenses that would otherwise be required to support expanded sales efforts, all while increasing income. PRM can also shorten the time it takes to bring your products and services to market with the correct tools and training. Businesses avoid the time-consuming process of locating and connecting with new prospects by utilizing relationships with customers that partners already have. The macroeconomic factors driving the demand in the partner relationship management market are evolving marketplaces and partner ecosystems.
Market Overview:
The function of Partner Relationship Management (PRM) has increased dramatically in the ever-changing world of commercial relationships. As businesses grasp the significance of strategic alliances, the requirement for efficient PRM solutions has grown. In the current market, the enterprises involved in direct selling are moving away from the model and towards partner-led growth. Acquisition prices are rising, and it is no longer a viable strategy for organizations to produce their entire sales pipeline. For instance, according to a 2023 report by Allbound, Inc., The median sales and marketing spend for direct acquisition has reverted to 37-40% of revenue, where it stood before COVID-19. However, with the same outlay, median revenue growth has reduced from 37% in 2018 to 26% in 2022. These are unmistakable indications that something needs to change. This is why several companies, including Dell and Rapid7, have switched their focus from direct acquisition to partner-led growth. Thus, enterprises are venturing into different channels to reach their customer. Moreover, development in the software ecosystem is further complementing this trend in the market to drive the demand for partner relationship management market. This partner-driven model generated a need for enterprises to have a tool that is efficient at managing all the partners on one platform. Loads of data are generated daily, and solutions in the partner relationship management market can help analyze this data to generate insights. With recent large expenditures in PRM solutions, the market has been streamlined and has witnessed some dynamic swings. Mergers and acquisitions are common in this sector, with vendors trying to build a comprehensive offering and, hence, complement their solution through acquisition. Some M&A activity is also intended to broaden market reach, either horizontally or vertically. The digital transformation wave has impacted all major industries, resulting in increased demand for PRM solutions. There is much more scope for the partner relationship management market to expand with rising awareness about automating the partner relationship management workflows. Many companies are taking the initiative to increase awareness about their products in the market. For instance, ZINFI Technologies, Inc., a pioneer in the defining and development of Unified Channel Management (UCM) solutions, announced today that its latest guidebook, PRM Software: Core Capabilities, is now available as a free digital eBook. The eBook is intended for enterprises that are interested in automating partner relationship management workflows and are in the process of selecting a platform.
The PRM Software: Core Capabilities eBook discusses each of the major variables that firms selling through the channel must discover and assess before making an informed purchasing decision.
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Partner Relationship Management Market: Strategic Insights
Partner Relationship Management Market
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CAGR (2023 - 2031)
9.50%
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Market Size 2023
US$ 2.24 Billion
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Market Size 2031
US$ 4.63 Billion
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players
- Affise Inc.
- Crossbeam
- Everflow
- Impact Tech, Inc
- LeadMethod, Inc.
- Magentrix Corporation
- PartnerStack Inc.
- PartnerTap
- Zift Solutions
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Component
- Solution and Services
Deployment
- Cloud
- On-premise
Enterprise Size
- SMEs
- Large enterprise
, Geography
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Partner Relationship Management Market: Strategic Insights
-
CAGR (2023 - 2031)9.50% -
Market Size 2023
US$ 2.24 Billion -
Market Size 2031
US$ 4.63 Billion
Market Dynamics
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
Key Players
- Affise Inc.
- Crossbeam
- Everflow
- Impact Tech, Inc
- LeadMethod, Inc.
- Magentrix Corporation
- PartnerStack Inc.
- PartnerTap
- Zift Solutions
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Component - Solution and Services
Deployment - Cloud
- On-premise
Enterprise Size - SMEs
- Large enterprise
, Geography- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Driver:
Rise in Indirect Sales Channel to Drive Growth of Market
Businesses use indirect channels for a variety of purposes, including reaching untapped areas, delivering value-added services, and providing creative solutions. Indirect (i.e., Partner) channels can provide organizations with better, faster, and/or cheaper routes to market. Leaders should investigate opportunities to build competitive differences through partnerships if they exist. According to a 2022 study, B2B organizations forecast 15% growth from partners this year, which is greater than expected overall industry growth, indicating that leaders are actively pursuing channel ties. Indirect sales have the distinct benefit of offloading some of the heavy marketing and sales labor to third parties. These third parties or partners are often referred to as resellers or affiliates, and they work on a discount (resellers) or commission (affiliates) based on variables determined by the company. The concept of indirect sales is to add a layer (channel) of marketing and sales while minimizing overall costs. It also reduces advertising costs because you are now utilizing the indirect seller's network or audience. Managing the partners in these indirect sales channels drives the demand for solutions in the partner relationship management market.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Segmental Analysis:
Based on components, the partner relationship management market is segmented into solutions and services. PRM solutions connect the whole indirect selling ecosystem and assist enterprises in managing channel partners throughout their lifecycle. Various solution components offered in a PRM suite are partner recruitment and onboarding, partner lifecycle management, to-and-through channel marketing, channel sales enablement, and others. The journey of a channel partner with a company begins with onboarding and continues thereafter. PRM solutions provide partners with hassle-free automated onboarding supported by digital document verification, relieving both companies and partners of the time-consuming process of onboarding them. Creating a hierarchy of access on the partner's side guarantees that the senior management official has a consolidated picture of all actions that fall under his purview. This structure also ensures that requests, such as a purchase order, are approved by various people before they are carried out. The system generates a profile for the partner, taking into account the partner's business model, governance model, hierarchical structure, and other organizational features such as sales strategy, go-to-market, capacity planning, and regulatory compliance contracts. Furthermore, the platform includes a content management portal for the business and its partners, which allows access to learning and training modules as well as other relevant documents. Partners may be certified based on their training performance.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Regional Analysis:
The region is home to a major e-commerce ecosystem and a diverse consumer market. The US is the leading country in the region to adopt solutions in the partner relationship management market. The country has a booming startup space involved in developing innovative partner relationship management solutions. For instance, some of the major vendors in the partner relationship management market based in the US are Impartner Inc., ZINFI Technologies, Inc., Salesforce, Inc., and others.
Key Player Analysis:
The Partner Relationship Management Market analysis consists of players such as Affise Inc.; Crossbeam; Everflow; Impact Tech, Inc.; LeadMethod, Inc.; Salesforce, Inc.; Magentrix Corporation; PartnerStack Inc.; PartnerTap; Zift Solutions are among the key partner relationship management market players profiled in the report.
Market Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the Partner Relationship Management Market. A few recent key market developments are listed below:
- In June 2023, Impartner, the fastest-growing and most award-winning provider of reseller and partner management technologies, announced today a strategic agreement with Crossbeam, a well-known partner ecosystem platform for partnership data. This ground-breaking integration represents a key milestone in the partner management environment, providing enterprises with unparalleled options to optimize their partner ecosystems and achieve greater revenue development.
- In April 2020, Everflow, the cloud-based Partner Marketing platform, said today that they had added Coupon Code Tracking URLs to their already strong influencer tracking solutions, which were introduced this week with their 2.8.0 update. This feature applies tried-and-true influencer marketing strategies from radio, outdoor, and print media to internet marketing.
- In May 2017, Salesforce, the worldwide CRM leader, introduced today Sales Cloud Partner Relationship Management (PRM), a new sales app that will enable businesses to boost channel sales. With partners accounting for one-third of the average company's revenue1—and more than two-thirds of revenue for companies in high-tech2, manufacturing, and telecom—it is critical to provide each partner, distributor, and reseller with the personalized tools and information they require to sell smarter and faster.
Partner Relationship Management Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2.24 Billion |
| Market Size by 2031 | US$ 4.63 Billion |
| Global CAGR (2023 - 2031) | 9.50% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment, Enterprise Size, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The List of Companies
1.Affise Inc.
2.Crossbeam
3.Everflow
4.Impact Tech, Inc
5.LeadMethod, Inc.
6.Magentrix Corporation
7.PartnerStack Inc.
8.PartnerTap
9.Zift Solutions
10.ZINFI Technologies, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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