Partner Relationship Management Market Size, Share, Growth Analysis, By Component(Solutions [Engage, Collaborate, Manage], Services [Managed Services), By Industry Vertical(Information Technology and Telecom, Banking, Financial Services, and Insurance), By Deployment Type(On-premise and cloud), By Organization Size(Large Enterprises, Small and Medium-Sized Enterprises), By Region - Industry Forecast 2024-2031

Global Partner Relationship Management Market size was valued at USD 1.03 billion in 2022 and is poised to grow from USD 1.17 billion in 2023 to USD 3.32 billion by 2031, growing at a CAGR of 13.90% during the forecast period (2024-2031).

The partner relationship management industry is dominated by the key players who are depended on providing innovative and service solutions to potential customers. These solutions are also responsible for providing partnership agreements, M&A of small-medium players, patents or any regulatory approval in order to sustain in the partner relationship management market. The leaders are emphasizing on acquisition, partnership and collaboration in order to strengthen their market presence and gain competitive edge. Several strategic initiatives, such as joint ventures, new product launches, partnerships as well as contracts and agreements, are being undertaken by the market players in order to strengthen their share over the market.  'Allbound (US) ', 'Channeltivity (US) ', 'Oracle (US) ', 'Impartner (US) ', 'Salesforce (US) ', 'LogicBay (US) ', 'Magentrix (Canada) ', 'Zinfi Technologies (US) ', 'Zift Solutions (US) ', 'Mindmatrix Inc. (US) ', 'PartnerStack (Canada) ', 'ChannelXperts (Germany) ', 'Creatio (US) ', 'AppDirect (US) ', 'Webinfinity (US) ', 'PartnerPortal.io (US) ', 'Kiflo (France) ', 'Crossbeam (US) ', 'Everflow (US) ', 'Affise (Lithuania) ', 'WorkSpan (US) ', 'LeadMethod (US) ', 'Sharework (France) ', 'Agentcis (Australia) ', 'CoSell (US)'

With the current competitive perception and difficult for companies to differentiate their product offerings, the production, sales and pivot rate has been accelerated. To not fall behind, firms are quickly reaching out to their sales partners for the corresponding growth. Sales partnerships allow businesses to break into new territories. Therefore, this will increase the demand for controlling the functional relationship of organizations from external partner channels which in-turn is anticipated to drive the market growth of partner relationship management.  

Growing Focus on Risk Management and Data Compliance: Partners and companies struggle with compliance requirements and risk exposure, which continues to drive the need for automated controls and visibility that can help enforce policy across a wide range of partner networks. PRM solution digitally verifies and monitors the expiration of important compliance documents such as non-disclosure agreements and certificates of insurance.   

In 2023, North America region secured with the highest revenue share of the partner relationship management industry. With the presence of large number of prominent tech players like Salesforce and Oracle in the area, the partner relationship management solutions landscape is constantly evolving with new innovations. Moreover, factors like the increasing online demands for better partner collaboration is also fuling the market growth. In this regard, it is evident in U.S. about 90% of corporations use some kind of PRM software system, said industry experts. Market growth is also fueled by governmental initiatives pushing for digitalization of multiple sectors.