Partner Relationship Management Industry Overview
The global partner relationship management market size is expected to reach USD 180.01 billion by 2028, registering a CAGR of 16.2%, from 2021 to 2028, as per the new research conducted by Grand View Research, Inc. The need to control the functional relationship between external partner channels and organizations and emphasis on reducing channel management costs and enhancing partner communication are the major factors supporting the overall market growth.
Partner Relationship Management Market Segmentation
Grand View Research has segmented the global partner relationship management market based on component, service, deployment type, organization size, application, and region:
Based on the Component Insights, the market is segmented into Solution, Service.
- The solution segment dominated the market and accounted for more than 58.0% share in 2020. The rapid increase in the demand for PRM solutions in various industries, including BFSI, healthcare, among others is anticipated to fuel the growth of the segment.
- The service segment is anticipated to register the highest CAGR of 17.3% over the forecast period. Service plays a vital role in the deployment life cycle of any solution. Various vendors offering PRM solutions provide services to assist companies in implementing PRM strategies effectively.
Based on the Service Insights, the market is segmented into Managed Service, Training Consultation.
- The managed service segment dominated the market and accounted for more than 59.0% share in 2020. The managed service segment is anticipated to gain significant traction and register the highest growth over the forecasted period.
- The growing demand from organizations to handle critical PRM functions and manage IT infrastructure is expected to drive the demand for managed service. Furthermore, the concerns over data security and privacy protection are expected to propel the demand for managed service among enterprises operating in various industries.
- The training and consultation service segment is projected to expand at the highest CAGR of 18.6% from 2021 to 2028. The increasing demand for consulting services in various verticals, including healthcare and IT and telecom, is contributing to the segment growth.
Based on the Deployment Type Insights, the market is segmented into On-Premise, Cloud.
- The on-premise segment dominated the market and accounted for more than 50.0% share of the overall market in 2020. In the on-premises type of solutions, software and delivery models are installed and function from customers’ in-house computing infrastructure and server.
- This method is mostly accepted for applications that include the processing of confidential and sensitive data. Currently, many enterprises generate huge amounts of data due to IT devices, machine learning, clickstreams, sensors, and several other devices.
- The cloud segment is anticipated to register a CAGR of 16.8% from 2021 to 2028. The segment growth can be attributed to the increasing adoption of cloud service by various SMEs and large enterprises owing to benefits such as on-demand availability of compute service and zero initial infrastructure setup costs.
Based on the Organization Size Insights, the market is segmented into Small and Medium Enterprise, Large Enterprise.
- The large enterprises segment accounted for a 52.96% share of the overall market in 2020. These enterprises have a varied corporate network and revenue stream, which helps in the adoption of new technologies and solutions in their existing systems.
- The Small and Medium Enterprise (SME) segment is anticipated to register a CAGR of 16.9% over the forecast period. Partner relationship management solutions help SMEs prioritize work, eliminate repetitive tasks, reduce costs, and improve collaboration among organizations.
Based on the Application Insights, the market is segmented into BFSI, IT Telecom, Retail Consumer Goods, Manufacturing, Healthcare, Others.
- The market is further segmented into BFSI, retail and consumer goods, manufacturing, and healthcare. The IT and telecom application segment accounted for more than 28.55% share of the global revenue in 2020.
- The vertical faces various challenges to maintain data privacy and IP copyrights. Considering the growing demand for data security, privacy, and synchronization of various organizations and their partners, partner relationship management systems are expected to witness significant demand over the forecast period.
- The BFSI sector is anticipated to register a CAGR of 15.8% from 2021 to 2028. The increasing number of financial service institutions and banks globally and the technological innovations in the BFSI industry are expected to fuel the segment growth.
Partner Relationship Management Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa (MEA)
Key Companies Profile Market Share Insights
The market players emphasize undertaking various strategic initiatives, including joint ventures, new product launches, partnerships, and contracts and agreements, to enhance their position in the market.
Some prominent players in the global partner relationship management market include
- Oracle Corporation
- Salesforce.com Inc.
- Channeltivity
- Allbound Inc.
- Zinfi Technologies Inc.
Order a free sample PDF of the Partner Relationship Management Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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