July 24, 2024
Partner Relationship Management Solution Market

Artificial Intelligence Powered Technologies Projected To Boost The Growth Of Partner Relationship Management Solution Market

The global Partner Relationship Management Solution Market is estimated to be valued at US$ 17760.06 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Partner relationship management (PRM) solution assists organizations in strengthening relationships with external stakeholders like channel partners, resellers, distributors, agents, and consultants. PRM solutions enhance collaboration, automate processes, streamline communication, and enable real-time visibility across the entire partner lifecycle from onboarding to offboarding. PRM solutions integrate technologies like artificial intelligence, machine learning and predictive analytics to gain insights from partner interactions and activities. PRM solutions are offered via both cloud and on-premises deployment models based on enterprise requirements. PRM solutions help enterprises in expanding their geographical footprint, accelerating sales cycles, increasing revenue contribution from existing partners and onboarding new high performing partners.

Market key trends:

Growing adoption of artificial intelligence and predictive analytics in PRM solutions is one of the key trends witnessed in the market. AI-powered PRM solutions offer personalized recommendations, predict high-value partners, automate routine tasks, enhance communication quality and streamline collaboration. For instance, Salesforce.com’s PRM product Einstein enables auto-detection of partner sentiments, activity benchmarking and personalized coaching. Machine learning integrated PRM solutions from Oracle and Zinfi also offer predictive lead scoring, churn risk assessment and upsell/cross-sell recommendations. Rising demand for data-driven partner engagement strategies is another major trend. Data insights from PRM solutions help enterprises in tailoring partner programs, optimizing incentives, benchmarking performance and implementing corrective actions. Geographical expansion of partnership networks coupled with demand for unified partner experience across various channels will further stimulate the adoption of PRM solutions over the forecast period.

Porter’s Analysis

Threat of new entrants: The partner relationship management solution market requires high initial investments and established distribution channels. Moreover, key players dominate through proprietary technologies which pose barriers to entry.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of several vendors providing partner relationship management solutions. However, switching costs are high owing to integration with other business systems.

Bargaining power of suppliers: A few large players dominate the supply of various technologies used in partner relationship management solutions. This provides them higher negotiating power.

Threat of new substitutes: Alternatives such as basic communication tools or home-grown systems offer limited functionality as compared to integrated partner relationship management solutions.

Competitive rivalry: The market is growing rapidly leading key vendors to continuously invest in product innovations.

Key Takeaways

Global Partner Relationship Management Solution Market Size is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing demand for automating partner onboarding and performance tracking processes. The market size for 2023 is estimated to be US$ 17760.06 Mn.

North America dominated the partner relationship management solution market in 2023 with over 35% share owing to significant technology adoption. Asia Pacific is anticipated to experience fastest growth through 2030 led by digital transformation initiatives across industries in countries such as China and India.

Key players operating in the partner relationship management solution market are 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. Vendors are focusing on product enhancements to meet custom requirements and consolidate market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it