The global product information management market grew at a CAGR of around 18% during 2014-2019. Product information management (PIM) refers to a system or a collection of systems that are used for managing and centralizing product information. It is primarily used by e-commerce organizations to maintain product catalogs with consistent and accurate information. This system can be combined with catalog management, business process management and data quality to identify and sort problematic data and forward it to the desired distribution channels. Owing to this, it finds extensive applications across various industries, including banking, financial services, and insurance (BFSI), retail, manufacturing, healthcare and IT & telecom.
Increasing digitalization, along with the growing demand for centralized data management tools across industries, is one of the key factors driving the growth of the market. PIM enables organizations to manage and organize the entire data related to their products effectively while offering safe and secure access to the centralized database. Furthermore, the growing e-commerce trade across the globe is also providing a boost to the market growth. There is increasing organizational focus on improving consumer’s experience and providing effective onboarding instruction to eliminate errors and maintain customer ratings, reviews and behavior on the online platform, thereby enhancing PIM utilization. Additionally, significant growth in the media and entertainment industry for publishing product information, such as media clips, sound recording, images and text files, to manage both digital and non-digital platforms, is acting as another major growth-inducing factor. Other factors, including rapid urbanization, especially in the emerging nations, along with the integration of artificial intelligence (AI) and machine learning (ML) with PIM, are projected to drive the market further. Looking forward, IMARC Group expects the global product information management market to continue its strong growth during the next five years.
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The report has also analysed the competitive landscape of the market with some of the key players being ADAM Software NV (Aprimo), Agility Multichannel Ltd. (Magnitude Software, Inc.), International Business Machines, Informatica LLC, Inriver Inc., Oracle Corporation, Pimcore GmbH, Riversand Technologies Inc., SAP SE, Stibo Systems, etc.
Key Questions Answered in This Report:
The global product information management market was worth around US$ 7.3 Billion in 2019.
According to the estimates by IMARC Group, the global product information management market will exhibit strong growth during the next five years.
The growing demand for centralized data management tools across numerous industries, including IT, banking, financial services, and insurance (BFSI), retail, manufacturing, etc., currently represents one of the key drivers for the global product information management market.
The rising integration of numerous advanced technologies, such as artificial intelligence (AI) and machine learning (ML), with product information management system, represents one of the key trends in the global product information management market.
Sudden outbreak of the COVID-19 pandemic had led to a surging demand for numerous e-commerce platforms that are getting inclined towards PIM to maintain product catalogs with consistent and accurate information.
On the basis of the deployment type, the market has been bifurcated into cloud-based and on-premises. Amongst these, on-premises hold the majority of the total market share.
On the basis of the component type, the market has been classified into software and services. At present, software exhibit a clear dominance in the market.
On the basis of the organization size, the market has been segregated into small and medium enterprises, and large enterprises. Amongst these, large enterprises currently account for the largest market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
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