According to Technavio, the?global partner relationship management market?size is estimated to grow by?USD 65.05 billion?from 2022 to 2027. The market is estimated to grow at a CAGR of?16%?during the forecast period. Moreover, the growth momentum will accelerate.?North America?will account for 37% of the market's growth. Though the focus on customer engagement is driving the partner relationship management market growth, factors such as the growing demand for data security concerns may impede the market growth.
Partner relationship management market?–?Market dynamics
Key factor driving market growth
- The?focus on customer engagement?is driving the partner relationship management software market growth.
- Businesses are focusing on interacting with customers and developing long-lasting relationships with them, which considerably improves customer engagement
- Partner relationship management enables the dissemination of latest offerings to current and prospective clients.
- Major businesses use partner relationship management to improve customer engagement, which increases sales and ensures brand recognition.
- As customer satisfaction has a significant impact on brand reputation, companies are focusing on customer engagement.
- These factors will drive the demand for PRM during the forecast period.
Major challenges hindering market growth
- Data security concern?is challenging the partner relationship management software market growth.
- SaaS-based solutions have security and privacy concerns, such as cyberattacks.
- This leads to revenue losses and significant issues in maintaining production efficiency.
- SMEs are more susceptible to threats such as ransomware due to insufficient finances and inadequate IT security architecture.
- Hence, data security concerns are expected to hinder the growth of the global PRM market during the forecast period.
Partner relationship management market - Segmentation assessment
Technavio has segmented the market based on component (solution and service) and deployment (on-premise and cloud).?
- The?solution?segment will account for a significant share of the market growth during the forecast period. A partner relationship management component solution is a software application or tool that addresses a certain aspect of the partner relationship management process. For instance, performance-tracking tools help companies measure and track the performance of their partners. The availability of multiple partner relationship management components for specific purposes will help organizations streamline their customer engagement process. These factors will drive the growth of the segment.
Based on geography, the global partner relationship management market is segmented into?North America, APAC,?Europe,?Middle East?and?Africa, and?South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global partner relationship management market.
- North America?is estimated to account for 37% of the growth of the global partner relationship management software market during the forecast period. The use of partner relationship management technology has increased. Many companies are using cloud-based partner relationship management systems to manage their partnerships effectively. These factors will drive the growth of the regional market growth during the forecast period.
Partner relationship management market?–?Leading trends influencing the market?
- The?integration of AI into partner relationship?management is a key trend in the market.
- Many partner relationship management tasks, such as lead generation, partner onboarding, and performance tracking, can be automated to gain useful insights.
- AI analyzes large volumes of data to find patterns and forecast relationship success, which allows businesses to make wise decisions and strengthen their alliances.
- With the help of AI, companies can improve partner relationship management procedures, gain useful information from partnership data, and foster productive and efficient relationships.
- These factors are expected to support the growth of the PRM market during the forecast period.
What are the key data covered in this partner relationship management market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Partner Relationship Management Market between 2023 and 2027
- Precise estimation of the size of the Partner Relationship Management Market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Partner Relationship Management Market industry across?North America, APAC,?Europe,?Middle East?and?Africa, and?South America
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Partner Relationship Management Market vendors
- Add credibility to strategy
- Analyzes competitor's offerings
- Get a holistic view of the market
