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.
Key Insights & Findings:
- The training and consultation segment is expected to dominate the PRM market due to a surge in the adoption of consulting services globally. The segment is expected to reach USD 35.38 billion by 2028
- The service segment is anticipated to register the highest CAGR of 17.3% over the forecast period
- The cloud deployment segment led the market and the trend is expected to continue over the forecast period. The cloud segment is anticipated to reach USD 93.71 billion by 2028
- The IT and telecom segment is anticipated to register the highest CAGR of 19.1% over the forecast period. The growth can be attributed to increasing demand for technological innovations in various sectors namely BFSI, and telecom
- North America is projected to account for the majority share of the market over the forecast period. The region is anticipated to reach USD 68.3 billion by 2028. The rapid adoption of technological innovations and the presence of various prominent players in the region are some of the major drivers of the market growth in this region
- Some of the prominent industry participants include Salesforce.com, Inc.; Allbound Inc.; Channeltivity; and Zinfi Technologies Inc.
Read 120 page market research report, “Partner Relationship Management Market Size, Share & Trends Analysis Report By Component, By Service (Managed Service, Training & Consultation), By Deployment Type, By Organization Size, By Application, By Region, And Segment Forecasts, 2021 – 2028“, by Grand View Research
Several enterprises are anxious about the initial maintenance and implementation costs. These enterprises also prefer to present data on-premises. Moreover, issues with downtime and staff expenses are some of the concerns faced by organizations. To reduce expenses and downtime, these enterprises prefer adopting Partner Relationship Management (PRM) solutions. To reduce enterprise costs, many organizations are shifting toward digital transformation and the adoption of cloud services. Increased Return on Investments (ROI) with less storage and infrastructure costs are expected to further drive the market growth over the forecast period.
Increasing internet penetration and cloud computing service in various countries such as China, the U.S., and the U.K. are expected to generate lucrative growth opportunities by supporting organizations in adopting technological innovations in their systems. For instance, according to the data published by World Bank, internet users in the U.S. have increased from 87.27% of the total population in 2017 to 88.49% in 2018. Similarly, in China, 54.3% of the country’s total population used the internet in 2017.
The outbreak of the COVID-19 pandemic has adversely impacted the market growth. The lockdown restrictions imposed by various governments have directed various organizations in the IT & telecom industry to adopt work from home. This has led to a significant decline in the adoption of partner relationship management services. However, with the economic revival and leniency in the lockdown restrictions, the market is expected to witness significant growth over the forecast period.
The prominent players that dominated the market for partner relationship management in 2020 include Oracle Corporation; Salesforce.com Inc.; Allbound Inc.; Zinfi Technologies Inc.; and Mindmatrix Inc. These players majorly focus on new product and service launches to enhance their business operations. In March 2020, Allbound introduced a new integration solution for HubSpot. The solution can mechanically integrate opportunities and contacts from partner referrals from Allbound and sync data.
Grand View Research has segmented the global partner relationship management market on the basis of component, service, deployment type, organization size, application, and region:
- Partner Relationship Management Component Outlook (Revenue, USD Million, 2018 – 2028)
- Partner Relationship Management Service Outlook (Revenue, USD Million, 2018 – 2028)
- Managed Service
- Training & Consultation
- Partner Relationship Management Deployment Type Outlook (Revenue, USD Million, 2018 – 2028)
- Partner Relationship Management Organization Size Outlook (Revenue, USD Million, 2018 – 2028)
- Small and Medium Enterprise
- Large Enterprise
- Partner Relationship Management Application Outlook (Revenue, USD Million, 2018 – 2028)
- IT & Telecom
- Retail & Consumer Goods
- Partner Relationship Management Regional Outlook (Revenue, USD Million, 2018 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- North America
List of Key Players of the Partner Relationship Management Market
- Oracle Corporation
- Salesforce.com Inc.
- Allbound Inc.
- Zinfi Technologies Inc.
Browse through Grand View Research’s coverage of the Global IT Services & Applications Industry:
- Artificial Intelligence Market – The global artificial intelligence market size was valued at USD 62.35 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 40.2% from 2021 to 2028.
- IoT Market – The global Internet of Things (IoT) market size was valued at USD 605.69 billion in 2014. Technological proliferation and increasing investments are expected to drive the global market over the next seven years.
- Business Intelligence Software Market – The global business intelligence software market size was valued at USD 24.9 billion in 2018 and is expected to witness a CAGR of 10.1% from 2019 to 2025. Large organizations have adopted the “Big Data” approach to organizing internal and external datasets.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports