Partner Relationship Management Market Trends

Growth Drivers

• Rising need to reduce complexity with channel partners: The surge in advancements in business processes and organizations is creating trustworthy partnership ventures. Partner relationship management (PRM) streamlines the complex training and recruitment process of new partners. PRM manages and optimizes the entire partner lifecycle. The software tracks and manages the performance of external partners by providing insights and metrics. In 2022, according to data published by the European Union, the EU and US firms have invested Euro 5.1 trillion in each other’s market.
• Rising number of e-commerce businesses: As e-commerce ventures are mushrooming all across the world, businesses are adopting innovative methods to deliver excellent results to customers. According to data published by the U.S. government, retail e-commerce sales for the 3^rd quarter of 2024 reached USD 288 billion. PRM software reduces channel conflicts and manages business complexities.
• Advent of cloud-based technologies: The software allows collaboration with partners by including a cloud strategy. In this way, entrepreneurs are collaborating with clients in modern ways, offloading their tedious tasks and implementing successful partner programs. According to the European Commission in 2023, 59% of medium-sized businesses purchased cloud computing services, fostering the partner relationship management market growth.

Challenges

• Consequences of opting for incorrect PRM systems: The procedure for opting for accurate PRM solutions is a little complex. The wrong PRM can cause a lack of user-friendliness, poor partner experience, limited customization, etc.
• Possibilities of accidental data exposure: Customers are apprehensive about the exposure of data as the channel partner might get access to leads, joint opportunities, deals, and sales metrics. Also, the PRM system might be challenging to integrate securely with other existing systems.