Partner Relationship Management: Introduction
- Partner relationship management is also known as channel automation or channel management software. Partner relationship management (PRM) is a combination of software, best practices, templates, methodologies, and workflows that enterprises use to enable smooth business relationships with their partners.
- Partner relationship management is used to automate and manage business processes and relationships between channel partners and companies. The functionalities or features of partner relationship management vary across solution providers.
- The global partner relationship management market is projected to expand at a rapid pace during the forecast period, due to increasing adoption among large enterprises across the globe.
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Global Partner Relationship Management Market: Dynamics
Global Partner Relationship Management Market: Key Drivers
- Rising need to enable channel managers and partners to share leads, manage channel programs, create quotes, register deals, and collaborate in real time, and deliver results with streamlined channel execution is expected to boost the demand for partner relationship management during the forecast period.
- Increasing need to deliver real-time information, visibility, and access to enterprise business strategy, new product offerings, promotional content, and channel plans across numerous partners, sales channels, vendors, and retailers is expected to fuel the growth of the partner relationship management market.
- Growing need to enhance the communication and functional relationship between enterprises and external partner channels, and continuous investment by numerous organizations to reduce channel management costs and boost partner communication are some of the major factors that accelerates the demand for partner relationship management globally.
- However, data security and privacy aspects among end-users is expected to hamper the market during the forecast period.
Impact of COVID-19 on the Global Partner Relationship Management Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by this pandemic. COVID-19 has a negative impact on the partner relationship management market due to decease in adoption of partner relationship management software by end-user. Additionally, a decline in revenue as many customers cancel spending plans, is expected to hamper the market during the COVID-19.
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North America to Hold Major Share of the Global Partner Relationship Management Market
- In terms of region, the global partner relationship management market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America dominated the global partner relationship management market in 2022. This is primarily due to constant investment on partner coordination solutions and the presence of major partner relationship management solution vendors in the region. The U.S. is the key market in the region due to early adoption of latest technology and software. This is anticipated to boost the partner relationship management market in the region.
- The partner relationship management market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to changing demand patterns and increasing digital initiatives to enhance partner relationship among organizations.
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