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 global partner relationship management market is driven by the need to manage and govern the functional relationship between enterprise and external partner channels, emphasis on enhancing partner communication and reduction in channel management cost. The current dynamics of the market, and companies are becoming too difficult to make their offering unique. Firms are contacting sales partners to scale up revenue. Sales partnerships allow businesses to expand into new geography. In efforts to gain channel loyalty from partners, channel managers are saying new market opportunities and stonewalled for a branded solution offering. PRM market growth, as the need to determine how corporations functionally operate with external partner channels drives organizations.  

The partner relationship management market size is expected to grow with the increasing adoption of PRM solution by different industries. Furthermore, growing usage of modern technologies like artificial intelligence (AI) and business intelligence (BI), which supports the businesses to make data-backed marketing decisions would also contribute in expanding the market growth. In addition, increasing use of connected devices & Internet of Things (IoT) is expected to continue in the partner relationship management solutions to provide service efficiently, contributing into the growth of market.

US Partner Relationship Management Market is poised to grow at a sustainable CAGR for the next forecast year.