The global product information management (PIM) market size reached US$ 7.3 Billion in 2019. Product information management (PIM) refers to a system or a collection of systems utilized for managing and centralizing product information. It comprises handling of data, content and other materials required for the marketing and selling of products and ensuring that quality data is created for internal use. It is employed in e-commerce organizations to maintain product catalogs with consistent and accurate information. PIM can be combined with catalog management, business process management (BPM) and data quality to identify and sort complex data and forward it to the desired distribution channels. Consequently, it finds extensive applications across various industry verticals, such as retail, manufacturing, healthcare, information technology (IT) and telecom, and banking, financial services, and insurance (BFSI). IMARC Group expects the market value to reach US$ 12.8 Billion by 2025.
PIM helps to enrich product descriptions and specifications; track progress and product completion; link images, documents and media to products; categorize products and files; manage upstream data and prepare it for sales channels; create and publish product sheets; and automate brand portal creation and maintenance. It also reduces errors and redundancies, imports and sorts supplier data quickly, reduces overheads and wasted resources, increases customer satisfaction and loyalty, sustainably expands product offerings, sells more with better content and accessible data, and eliminates bottlenecks and data silos and manual data entry and updating.
At present, increasing digitalization, along with the escalating demand for centralized data management tools across industries, represents one of the significant factors driving the growth of the PIM market. PIM enables organizations to organize their data related to products effectively while offering safe and secure access to the centralized database. Apart from this, the burgeoning e-commerce trade across the globe is also providing a boost to the market growth on account of the 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. Furthermore, 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. Besides this, other factors, such as rapid urbanization, especially in the emerging nations, along with the integration of artificial intelligence (AI) and machine learning (ML) with PIM, are driving the market growth. Moreover, the sudden outbreak of the coronavirus disease (COVID-19) and consequent lockdowns imposed in numerous countries have resulted in a significant rise in the overall sales of e-commerce platforms, which, in turn, is anticipated to fuel the growth of the market in the upcoming years.
Breakup by Deployment Type:
At present, the on-premises segment exhibits a clear dominance in the market on account of the rising adoption of PIM solutions in industry verticals such as healthcare and life sciences and banking, financial services and insurance (BFSI). Besides this, on-premises solutions are also utilized to maintain complete control over data and information technology (IT) infrastructure and customize solutions based on end users’ requirements. Moreover, diverse data and design requirements, along with sufficient resources among large enterprises, are contributing to the adoption of on-premises PIM solutions worldwide.
On-premises PIM solutions are followed by cloud-based product variants. Cloud-based PIM solutions are nowadays considered one of the most reliable forms of IT security available as they eliminate the risk of system break down and reduce the requirement for various security platforms and constant updates.
Breakup by Component Type:
Software PIM solutions, including single and multi-domain, account for the majority of the total market share due to their expanding applications in the retail and e-commerce sectors. They aid in the growth of offline retail outlets and the introduction of new concepts that rely on customer data for developing a product. Moreover, with the significantly growing retail and e-commerce business and the rising need for managing product data, the adoption of software PIM solutions is increasing. Software PIM solutions are followed by services, which include consulting and system integration, and training, support and maintenance.
Breakup by Operating System:
Breakup by Organization Size:
Large enterprises presently hold the leading market share. The rising utilization of PIM solutions among large enterprises can be accredited to their extensive product portfolio. Additionally, as data inconsistencies and poor data syndication may lead to the loss of customers, it is positively influencing the application of PIM solutions in large enterprises.
Breakup by Vertical:
North America, including Canada and the United States, enjoys the leading position in the market due to the increasing presence of a large number of PIM vendors and the rising adoption of advanced technologies to minimize manual tasks and streamline workflows among different enterprises of the region. Other regions include Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and Middle East and Africa.
The competitive landscape of the market has been analyzed in the product information management market report, along with the detailed profiles of the major players operating in the industry. Some of these players are Aprimo US LLC, Magnitude Software, Inc., International Business Machines (IBM) Corporation, Informatica LLC, inRiver Inc., Oracle Corporation, Pimcore GmbH, Riversand Technologies, Inc., SAP SE and Stibo Group.
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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