Partner Relationship Management (PRM) Platform: Introduction
- Partner relationship management (PRM) platform is a group of tools and software that enable businesses to track their sales partners, associate with them, and maintain smooth business relationships. Partner relationship management develops strategies and offers functions that control and ease cooperative sales activities.
- A partner management software platform offers a remote portal for each partner, that allows them to access data including documents, marketing materials, campaign materials, opportunities, market development funds, and deals. Sales managers especially, use partner management software to enhance their relationships with partner channels.
- PRM applications offer effective implementation of business channel management strategies by allowing close integration with an organization's ERP, CRM, and marketing automation applications.
Global Partner Relationship Management (PRM) Platform Market: Dynamics
Global Partner Relationship Management (PRM) Platform Market: Key Drivers
- Requirement to control and manage the functional relationship between a company and its remote partner channels is estimated to boost the partner relationship management (PRM) platform market during the forecast period.
- Need to track partner workflow for compliance with organization rules and data security is a major factor expected to boost the partner relationship management (PRM) platform market.
- Applications of partner relationship management software including enhancement of partner communication, KPI benchmarking of partner performance, and reduction in channel management costs are further projected to drive the market.
- Incorporation of AI into partner relationship management software to enhance partner engagement and fast decision making, and business intelligence for improved channel operation is also anticipated to create opportunities for the market.
- However, complex data, privacy and system integration issues, and data security is anticipated to hamper the partner relationship management (PRM) platform market during the forecast period.
Impact of COVID-19 on the Global Partner Relationship Management (PRM) Platform Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown and has severely affected businesses across the globe. Many countries are experiencing partial or full lockdown; therefore, manufacturing facilities are temporarily suspended. Financial concerns have forced organizations to reduce their IT spending during the pandemic. Hence COVID-19 has a negative impact on the partner relationship management (PRM) platform market.
North America to Hold Major Share of the Global Partner Relationship Management (PRM) Platform Market
- In terms of region, the global partner relationship management (PRM) platform market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global partner relationship management (PRM) platform market with the largest share. Growth of the market in North America is driven by the increasing adoption of developing technologies among businesses and growing investment in digital business strategies. Businesses are witnessing a surge in budget provisions for cloud services, which is further anticipated to drive the growth of the market in the region.
- The partner relationship management (PRM) platform market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to the increasing IT spending among organizations, and the rise in adoption of partner relationship management solutions.
Global Partner Relationship Management (PRM) Platform Market: Competition Landscape
Several local, regional, and global players are active in the partner relationship management (PRM) platform market with a strong presence. Rapid technological advancements have created significant opportunities in the market. Players in the market are continuously focusing on developing technologically advanced solutions for their customers.
Key Players Operating in the Global Partner Relationship Management (PRM) Platform Market Include:
- AppDirect Inc.
- Mindmatrix Inc.
- Zift Solutions
- Zinfi Technologies
Global Partner Relationship Management (PRM) Platform Market: Research Scope
Global Partner Relationship Management (PRM) Platform Market, by Component
- Managed Services
- Training, Consulting, and Implementation
Global Partner Relationship Management (PRM) Platform Market, by Deployment Type
Global Partner Relationship Management (PRM) Platform Market, by Organization Size
- Large Enterprises
Global Partner Relationship Management (PRM) Platform Market, by Vertical
- IT and Telecommunication
- Retail and Trade
- Public Sector
Global Partner Relationship Management (PRM) Platform Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.