The Global Partner Relationship Management Market size is expected to reach $2.1 billion by 2027, rising at a market growth of 11.9% CAGR during the forecast period. Partner Relationship Management (PRM) is a group of processes, strategies, and software that is utilized by companies to rationalize their business processes with their business partners, who are selling their products. PRM solutions are cloud-based or web-based and comprise a customer database, a partner portal, and other tools, which assist companies and their partners in managing leads, sales metrics, and opportunities. Additionally, PRM helps in keeping an eye on inventory, operations, discounts, and prices.
The factors such as emphasis on improving partner communication, lowering channel management costs, and the need to control the functional relationship between external partner channels & organizations is expected to propel the market growth of partner relationship management. Whereas, privacy and data security are anticipated to hinder the growth of the market. Besides this, partner relationship management solution vendors are witnessing some profitable opportunities in the market. A few of the opportunities for vendors in the partner relationship management market are the integration of artificial intelligence in PRM to improve partner engagement and business intelligence for offering better channel performance. These opportunities are accountable for creating new market growth possibilities for partner relationship management solution sellers.
COVID-19 Impact Analysis
The outbreak of COVID-19 has severely affected all sectors of the market globally. The governments around the world have imposed robust regulations under which people were not allowed to move out of their homes and restricted the movement. In addition, the rising number of COVID-19 cases around the world led to the slowdown of the economy and rigorously affected businesses. Many countries experienced partial or full lockdown due to which manufacturing facilities were suspended for the short period. Companies were having financial concerns due to which, they reduced their investment in the IT sector during the pandemic. Therefore, the COVID-19 pandemic had a negative impact on the partner relationship management market.
Companies majorly use PRM solutions to improve understanding between channel partners and their business functions. The PRM solutions offer some benefits to the companies like reducing manual processing costs accounted with order management, returns processing, warranties, and promotional funds management, and automating customer service functions. In addition, PRM solutions can also promote self-service transactions through self-training programs and online inquiries like account or order status and decrease collateral distribution costs. Therefore, cloud or on-premises adoption of PRM solutions assists companies to maintain reliability and accuracy while managing the relationship with their partner.
Market Growth Factors:
Helpful in controlling the functional relationship between the company and channel partners
In the present circumstances, organizations are facing challenges in making difference among the solutions provided by them and therefore, the high rate of transformation is making it more difficult. In the past few years, the rate of producing, selling, and pivoting has augmented. Therefore, to increase the growth of the business and to get a competitive advantage, enterprises are moving towards sales partners.
Adopting business intelligence (BI) for superior performance
Several companies are implementing channel partner strategies to advertise the company’s services and products. In contrast, these strategies are difficult to implement and can efficiently manage partners. In the present situation, the market is changing and getting more complex due to which, companies are introducing partner programs and new partner types to retain existing and attract new partners.
Market Restraining Factor:
Concerns regarding Data privacy and security
Breaches of data security and privacy issues related to data privacy is expected to make PRM solutions unreliable. Several mobile operators do not want to compromise with their customer’s data privacy because if the customer’s data gets leaked there are high possibilities that companies can lose their loyal customers. These devices remain connected to the internet and can be highly vulnerable to malware, identity thefts, and Denial of Service (DOS).
Component Outlook
Based on Component, the market is segmented into Solution and Services. Solution Segment is further bifurcated across Engage, Manage and Collaborate. Partner relationship management solutions support companies to lower their manual processing costs associated with order management, promotional funds management, and return processes and automate customer service functions. Owing to this, the demand for PRM solutions is anticipated to rise in industry verticals over the forecast years. Some factors like a decrease in the allocation for IT budgets and diminished profit margins were responsible to decrease the demand of PRM solutions throughout the COVID-19 pandemic across the globe. Due to these factors, the investment in the new subscriptions also decreased.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-premise and Cloud. In today’s scenario, companies are utilizing machine learning, sensors, clickstreams, IT devices, and several other devices in their functionality, which is leading to the generation of a huge volume of data. The companies are able to absorb data and thus protect their confidential data by the adoption of on-premises solutions. The hardware and software that are involved in the adoption of the on-premises are also installed by companies.
Enterprise Size Outlook
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. In comparison between large enterprises and small & medium enterprises, the adoption rate of partner relationship management is more in large enterprises as they have a more complex network. The major challenge faced by large enterprises is the integration of the present system with the latest PRM solutions.
End User Outlook
Based on End User, the market is segmented into Telecom & IT, Retail & Franchising, BFSI, Healthcare, Manufacturing, Others. IT & Telecommunications industry vertical is estimated to acquire the largest market share over the forecast years. This vertical deals with several issues like cross-border data privacy & security by regulators and anti-trust inquiries and maintaining IP copyrights. In addition, this vertical needs to coordinate with the company’s customers and their partners regarding time, platform, currency, and language.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America is projected to procure a significant market size over the forecast years. This region has the most promising market for verticals like BFSI and IT & Telecom. In addition, this region is expected to experience gradual growth of the market size over the forecast years. North America is bifurcated into Canada and the US. In this region, the US is expected to be one of the key revenue contributors in the market growth of the partner relationship management whereas Canada is expected to witness lucrative growth opportunities for PRM solutions and service providers.
Cardinal Matrix - Partner Relationship Management Market Competition Analysis
The major strategies followed by the market participants are Partnership. Based on the Analysis presented in the Cardinal matrix; Oracle Corporation are the forerunners in the Partner Relationship Management Market. Companies such as Salesforce.com, Inc., Impartner, Inc., and Allbound, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Salesforce.com, Inc., Oracle Corporation, Allbound, Inc., Mindmatrix, Inc., Kiflo SAS, AppDirect, Inc., Impartner, Inc., Affise, Inc., WorkSpan, Inc. and Creatio.
Recent Strategies Deployed in Partner Relationship Management Market
Partnerships, Collaborations, and Agreements:
- Aug-2021: Creatio entered into a partnership with crecise. This partnership aims to strengthen Creatio's position in the German market. Both the companies is expected to offer German users a platform geared to assist companies to boost digital workflow automation.
- Jun-2021: Salesforce extended its partnership with Amazon Web Services, a subsidiary of Amazon providing on-demand cloud computing platforms. This expansion aimed to make it simple for clients to utilize the comprehensive range of Salesforce and AWS portfolio to develop and implement robust latest business applications, which boost digital transformation. Through this partnership, the companies are substantially streamlining developers’ lives and giving them the power to build applications the way they want, from wherever they want across the globe at any scale.
- Jan-2021: Allbound collaborated with Powell Software, developer of digital workplace solutions. Through the PRM platform, Allbound is expected to assist in offering the best experience to all of Powell Software's channel partners. This latest deployed PRM is expected to be the foundation of Powell Software’s partner strategy to provide support to the triple-digit growth next year and long into the future. In addition, the software also enables channel leaders to input workflows, which motivate partners via an engagement process in the partner portal.
- Apr-2020: Oracle came into collaboration with Zoom Video Communications, a proprietary video teleconferencing software program. Under this collaboration, Oracle is expected to support Zoom Video Communications' growth and developing business requirements because Zoom is expected to continue to advance and offer an important service to its expanded customer base. In addition, the companies is expected to grow and continue to connect organizations, people, and governments across the globe.
Product Launches and Product Expansions:
- Apr-2021: Allbound introduced major updates to its PRM Partner Journey Automation, Marrying Automation with Messaging to Partners. This launch aims at the beginning for messaging, workflows, systems people can combine, which is expected to prove to be an amazing future for the company to develop solutions based on its customer feedback.
- Jun-2020: Impartner unveiled the Impartner Channel Ignite PRM Package. This solution is specially developed to assist companies to enhance the performance of their channel in a challenging business scenario.
- Mar-2020: Allbound unveiled a new integration solution for HubSpot. This latest integrated solution could automatically combine contacts & opportunities from partner referrals from Allbound and sync data within the HubSpot platform with the latest Allbound workflow action.
Scope of the Study
Market Segments Covered in the Report:
By Component
- Solution
- Engage
- Manage
- Collaborate
- Services
By Deployment Type
- On-premise
- Cloud
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
By End User
- Telecom & IT
- Retail & Franchising
- BFSI
- Healthcare
- Manufacturing
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Salesforce.com, Inc.
- Oracle Corporation
- Allbound, Inc.
- Mindmatrix, Inc.
- Kiflo SAS
- AppDirect, Inc.
- Impartner, Inc.
- Affise, Inc.
- WorkSpan, Inc.
- Creatio
Unique Offerings from the Publisher
- Exhaustive coverage
- The highest number of market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Companies Mentioned
- Salesforce.com, Inc.
- Oracle Corporation
- Allbound, Inc.
- Mindmatrix, Inc.
- Kiflo SAS
- AppDirect, Inc.
- Impartner, Inc.
- Affise, Inc.
- WorkSpan, Inc.
- Creatio
Methodology
LOADING...
