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 would 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.
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.
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.
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.
Breaches of data security and privacy issues related to data privacy would 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).
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.
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.
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.
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.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 913.6 Million |
| Market size forecast in 2027 | USD 2.1 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 11.9% from 2021 to 2027 |
| Number of Pages | 306 |
| Number of Tables | 533 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Deployment Type, Enterprise Size, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
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| Restraints |
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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 would witness lucrative growth opportunities for PRM solutions and service providers.
Free Valuable Insights: Global Partner Relationship Management Market size to reach USD 2.1 Billion by 2027
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.
By Component
By Deployment Type
By Enterprise Size
By End User
By Geography
The global partner relationship management market size is expected to reach $2.1 billion by 2027.
Adopting business intelligence (BI) for superior performance are driving the market in coming years, however, concerns regarding Data privacy and security limited the growth of the market.
Salesforce.com, Inc., Oracle Corporation, Allbound, Inc., Mindmatrix, Inc., Kiflo SAS, AppDirect, Inc., Impartner, Inc., Affise, Inc., WorkSpan, Inc. and Creatio.
The expected CAGR of the partner relationship management market is 11.9% from 2021 to 2027.
The Telecom & IT market dominated the Global Partner Relationship Management Market by End User 2020. The Retail & Franchising market is showcasing a CAGR of 13.2% during (2021 - 2027).
The North America market dominated the Global Partner Relationship Management Market by Region 2020, growing at a CAGR of 10.5 % during the forecast period.
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