Partner relationship management (PRM) is a combination of solutions, processes, and strategies many companies use to streamline business processes with partners who sell their products. Many organizations depend on partner companies to sell products on their behalf as part of a channel strategy. These indirect channels include managed service providers, value-added resellers, system integrators, original equipment manufacturers, or independent vendors.
The global partner relationship management (PRM) solution market is expected to surpass US$ 37,375.1 Mn in terms of value by the end of 2028.
Cloud or web-based PRM solution for next-level of channel management is expected to drive growth of the global partner relationship management (PRM) solution market during the forecast period. Growing adoption and installation of cloud and web-based PRM solutions by enterprises is a major factor driving growth of the market. Web-based PRM software allows companies to customize and restructure administrative tasks by making shipping schedules and other real-time information available to all partners over the internet. Moreover, web-based PRM platforms aid companies to nurture and train partners on a real-time basis without requiring to physically present during training. As a matter of fact, it can save costs and time on transportation and enhances a company’s overall performance.
Availability of customized solutions can pose major business opportunities. The PRM solutions represent a vast potential opportunity as it finds application across diversified industries and verticals, including BFSI, IT & telecommunication, healthcare, retail, and manufacturing. Of the above, the BFSI and IT & telecommunication verticals are early adopters of PRM solutions. Healthcare and manufacturing, and oil & gas verticals represent vast revenue potential for PRM solution providers. Companies operating under these verticals need customized solutions based on specific requirements.
Global Partner Relationship Management (PRM) Solution Market: Recent Developments
In July 2021, ZINFI Technologies has introduced advanced remote collaboration capabilities for partner relationship management soloution.
In April 2021, Allbound, Inc has introduced automation and recommendation action, in the portal with Partner Journey Automation.
In August 2021, Allbound has launched European-based PRM hosting capabilities. In this data center was opened in Germany to increased security for Europe based customers.
Lack of technical expertise is expected to hinder the global partner relationship management (PRM) solution market growth over the forecast period. Installation partner relationship management requires skilled personnel. If partners are not technically skilled regarding PRM solutions, investing in PRM solution will not result in adequate ROI. Hence, enterprises are required to provide in-depth consulting services and arrange training programs, in order to ensure partners understand the technicalities of PRM solutions, which is time-consuming.
Global Partner Relationship Management (PRM) Solution Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of COVID-19 pandemic has negatively impacted majority of the industries and markets due to stringent regulations on physical distancing and nationwide lockdown policies. The temporary suspension in international trades and travel led to temporary suspension in the global supply chain industry. However, the global partner relationship management (PRM) solution market with moderately positive impact during the pandemic, with many business organizations adopting PRM solutions to improve their relationship between various channel partners. With many companies adopting work from home policy, PRM solution become an important part of any business in maintaining healthy relationship with business partners.
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Major companies in the market are focused on research and development activities, in order to enhance product portfolio and gain a competitive edge in the market. For instance, in October 2016, Salesforce.com introduced new features on its partner program platform. In December 2016, IBM introduced new options in partner engagement managers such as start activities, antivirus services, create partners, and generic configuration of data for sponsored administrators. Moreover, in May 2016, ZINFI technologies introduced its latest partner relationship management software, 8.0.
Key players operating in the market are focused on merger and acquisition activities, in order to enhance the market presence. For instance, in July 2016, Oracle acquired Netsuite, which is a cloud-based service provider of solutions for CRM, HR, and ERP. This acquisition aided Oracle to offer partner relationship management software.
Key players operating in the global partner relationship management (PRM) solution market are Salesforce.com, Inc., LogicBay Corporation, Oracle Corporation, Allbound Inc., International Business Machines Corp, Impartner Software, ZINFI Technologies, Inc., Zyme Solutions, PartnerPath, Blackhawk Engagement Solutions, Inc., The Planet Group, Allbound Inc., and Channeltivity, LLC.