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

Drivers

Growing Reliance on Sales Channels  

• With the current competitive perception and difficult for companies to differentiate their product offerings, the production, sales and pivot rate has been accelerated. To not fall behind, firms are quickly reaching out to their sales partners for the corresponding growth. Sales partnerships allow businesses to break into new territories. Therefore, this will increase the demand for controlling the functional relationship of organizations from external partner channels which in-turn is anticipated to drive the market growth of partner relationship management.  

Growing Demand for Virtual Document and Information Sharing  

• Given the shift towards global and virtual partnerships, PRM will prove its worth for the alignment of stakeholders as it enables collaboration and access to the information lifeline. This has a direct influence on satisfaction of partners and the ability to be able to conduct business today in the digital landscape. Partner relationship management has aided easier collaboration and information exchange between partners irrespective of their location.  

Restraints 

Threat from Cyberfraud and Data Theft  

• PRM solutions contain all kinds of data from business-critical data to customer data. This can render PRM impractical due to privacy concerns. Mobile operators fear losing customer data as this would entail loss of customers. Even partner relationship management market is liable for data privacy according to regulations like general data protection regulation (GDPR). Enterprises have a much different data sharing and accessibility requirement. Hence, PRM solution and service providers should offer utmost privacy and security.  

Difficulty of System Integration  

• PRM solutions depend on organizational configuration, as this dictates direct reports between managers and subordinates. The structures can be different for the resellers or partner networks and can pose issues for a PRM solution. Most of the large enterprises already have legacy systems, along with which it will be a tough battle for PRM providers to map. As a result, the PRM providers face challenges related to complex process and system integration issues.