A study on Partner Relationship Management Software Market has been conducted to understand the situation in 2022.
Survey period: November 8-16, 2022
Survey coverage: We conducted a survey of 522 market players of all sizes. Number of valid answers: 522
Survey method: 212 field surveys, 310 Internet surveys
Survey Respondents: The survey was conducted among companies based on revenue. Survey results:
Q: How big is the partner relationship management software market? The global partner relationship management software market was valued at approximately USD 1.2 billion in 2021. The market is estimated to generate over US$7.6 billion in revenue by the end of 2035, growing at a CAGR of around 12.9%. You need to promote and manage compatibility between your organization and its channel partners, improve
communication, and reduce the administrative costs of channel partnerships. These factors are expected to boost the growth of the partner relationship management software market.
Q: What is driving the increased demand for partner relationship management software?
As the landscape of partnerships evolves, relying on manual processes and spreadsheets to manage your partner program is no longer enough. Partner relationship management (PRM) software helps organizations build and manage cordial business relationships with marketing agents, resellers, and supply chain members to foster mutual growth. More than 75% of business leaders surveyed agree that ecosystems will be a major driver of change in the next few years. A high-performing ecosystem is projected to contribute more than 1.2x to annual revenue and significantly reduce costs.
The partner ecosystem is becoming a key growth strategy for companies to provide better holistic solutions to their customers.
Employing partner relationship management reduces business complexity and increases ROI.
Emergence of cloud-based technologies in IT and telecom sector is expected to increase the demand for PRM software.
A partner management software platform provides each partner with a dedicated remote portal to access data such as documents, marketing materials, funds and deals.
Incorporating AI and BI into partner relationship management software to improve channel partner engagement and faster decision-making will drive demand for partner relationship management software.
Q: What are the benefits associated with partner relationship management software?
Automate the partner onboarding process
Provides partners with a central management portal that is easy to install and control
provide educational resources
Enables quick payouts of affiliate commissions
Predict channel sales
identify effective partners
Prevent conflicts between channel partners
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Q: What are the classifications of the Partner Relationship Management Software Market?
Based on component, deployment mode, company size, and industry, the partner relationship management software market is segmented into: – 1. Components – Solutions (Engagement, Collaboration and Management) and Services (Managed Services and Training, Consulting and
Communication with business partners has traditionally been handled through non-scalable methods such as email and phone calls. This limited the number of partners retail players could work with. Through partnership relationship management solutions, retailers will be able to manage thousands of relationships using personalized and automated messaging. The solutions segment is expected to grow in the coming years.
2. Deployment modes – on-premises and cloud-based
Cloud-based PRM software enables sales process automation. It offers increased cybersecurity, flexibility, seamless online collaboration, and uninterrupted information exchange at a lower installation fee. It is calculated that by the end of 2035, cloud-based PRM software will generate over US$3.2 billion in revenue.
3. Company Size – Small and Medium Enterprises (SMEs) and Large Enterprises The large corporate segment is expected to triple in size by the end of 2035. Large organizations invest a large portion of their budgets in partner relationship management to expand into new markets and generate more business.
4. Industry – IT & Telecom, Retail, Government, Healthcare, BFSI, Manufacturing, Others
The IT and telecom industry is projected to grow at a CAGR of over 12% owing to technological advancements. Increasing adoption of new technologies such as automation, AI, and IoT in the industry is expected to drive the growth of the partner relationship management software market.
Q: Who are the key players in the partner relationship management software market? What are the recent developments?
Allbound, AppDirect Inc., Channeltivity, Creatio, Crossbeam, Impartner, Logicbay, Magentrix, Mindmatrix Inc., Oracle, and Partnerstack are some of the leaders in the partner relationship management software market.
Magentix announces app partnership with HubSpot. This means that vendors using HubSpot as their CRM can use tools like Partner Ecosystem Management (PEM) and Partner Relationship Management (PRM) to manage and grow their partner ecosystem. These tools provide insight into vendor indirect sales plans and identify obstacles to partner sales growth. It also facilitates interaction and
collaboration with partners.
ZINFI Technologies, Inc. has updated the Partner Onboarding Management module of its Partner Relationship Management (PRM) Platform. It allows organizations to take a series of steps and automate the entire partner onboarding process.
Question: Which regions are expected to offer lucrative growth opportunities in the partner relationship management software market? The North America region accounted for over 43% share of the global market for partner relationship management software in 2021. The reason for this is that the region has invested heavily in innovative technologies such as AI and BI, and developed breakthrough digital business strategies. Asia-Pacific is projected to more than triple its revenues by the end of 2035 due to the emergence of SMEs and an increase in mergers and acquisitions. In China, internet penetration has reportedly increased by more than 65%, which is expected to drive market growth.
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