Global Product Information Management Market Expands with Cloud Segment at a robust CAGR
The increasing global
product information management market is driven by rapid e-commerce growth and
omnichannel strategies, increasing emphasis on customer experience during the
forecast period 2024-2028.
According to TechSci
Research report, “Global Product
Information Management Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast 2018-2028, The Global Product Information
Management (PIM) market is experiencing a significant surge in demand as
organizations across various industries recognize the paramount importance of
efficient data management. PIM solutions have become a linchpin for businesses
seeking to centralize, standardize, and optimize their product information.
This growth is underpinned by several key factors that are shaping the market's
dynamics. One of the primary drivers behind the proliferation of PIM solutions
is the increasing complexity of product catalogs. With organizations managing
vast arrays of products, each with numerous variations, the need to streamline
data management has never been more critical. Retail and e-commerce companies,
in particular, have embraced PIM systems to efficiently manage their extensive
product inventories. These solutions empower businesses to maintain consistent,
up-to-date information across multiple sales channels, including online
marketplaces, mobile apps, and brick-and-mortar stores. Cloud-based PIM solutions
have emerged as a dominant deployment model, offering scalability,
accessibility, and cost-effectiveness. Cloud deployment allows businesses to
adapt quickly to changing market conditions and facilitates remote access to
data, a capability that gained particular significance during the COVID-19
pandemic.
Enhanced customer
experiences are a driving force behind PIM adoption. Businesses recognize that
providing rich, detailed product information, including high-quality images,
videos, and specifications, is essential to engage and retain customers.
Dynamic pricing strategies, rapid product introductions, and compliance with
stringent data governance regulations are additional factors contributing to
the prominence of PIM in the retail and e-commerce sectors.Furthermore, technological
advancements are propelling the PIM market forward. Artificial intelligence and
machine learning are increasingly integrated into PIM solutions, improving data
quality and enabling predictive analytics. These capabilities enhance
decision-making processes and enable organizations to derive valuable insights
from their product data.
The global PIM market is
poised for sustained growth as businesses worldwide continue to prioritize
streamlined data management and consistent customer experiences across numerous
channels and platforms. PIM providers are at the forefront of innovation, continuously
evolving their solutions to meet the evolving needs of organizations and
support their digital transformation endeavors. In this dynamic landscape, the
role of PIM in modern business operations is pivotal, making it a fundamental
component of organizational success across various industries.
Browse over XX market
data Figures spread through XX Pages and an in-depth TOC on the "Global Product Information Management Market."
The global product
information management market is segmented into deployment, enterprise type, end
user, and region. Based on deployment, the market is segmented into cloud,
on-premise. Based on enterprise type, the market is segmented into small &
medium enterprises, large enterprises. Based on end user, the market is
segmented into retail & e-commerce, manufacturing, it &
telecommunication, healthcare, automotive, others. Based on region, the market
is further bifurcated into North America, Asia-Pacific, Europe, South America,
Middle East & Africa. Based on end user, retail
& e-commerce dominated in the global product information management market
in 2022. The retail and e-commerce industry typically deals with vast and
diverse product catalogs, ranging from apparel and electronics to home goods
and consumer electronics. Managing and curating these extensive inventories
efficiently is a significant challenge. PIM solutions provide a centralized
repository for organizing, enriching, and optimizing product data, ensuring
consistency and accuracy across thousands or even millions of SKUs. Retailers
and e-commerce businesses operate across multiple sales channels, including
physical stores, e-commerce websites, mobile apps, and third-party online
marketplaces. Maintaining consistency in product information across these
diverse touchpoints is essential for providing a seamless customer experience.
PIM systems enable these businesses to syndicate product data effortlessly,
ensuring that customers receive consistent, up-to-date information, regardless
of where they interact with the brand.
Pricing and inventory
management are critical components of retail and e-commerce operations. PIM
solutions offer dynamic pricing and inventory management features that help
businesses adapt to market fluctuations and optimize pricing strategies. This
flexibility is crucial in the highly competitive world of online retail,
allowing businesses to stay competitive and maximize profitability.
Key market players in the
global product information management market are: -
- Salsify, Inc.
- Akeneo SAS
- Riversand Technologies, Inc.
- Inriver, Inc.
- Stibo Systems A/S
- Contentserv GmbH
- EnterWorks, Inc.
- Oracle Corporation
- IBM Corporation
- SAP SE
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“The Global Product
Information Management (PIM) market is experiencing rapid growth as businesses
recognize the importance of efficient data management. PIM solutions have
become essential for centralizing, standardizing, and optimizing product
information across diverse industries. The retail and e-commerce sectors, in
particular, are embracing PIM systems to manage extensive product catalogs and
enhance customer experiences. Cloud-based PIM solutions are gaining prominence
due to their scalability and accessibility. Technological advancements,
including AI and machine learning integration, are driving market innovation.
The PIM market is poised for sustained growth as organizations prioritize
streamlined data management to deliver consistent, compelling experiences
across multiple channels and platforms.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Product Information
Management Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented By Deployment (Cloud, On-premise), By Enterprise Type
(Small & Medium Enterprises, Large Enterprises), By End User (Retail &
E-commerce, Manufacturing, IT & Telecommunication, Healthcare, Automotive,
Others), By Region, and By Competition, 2018-2028,” has evaluated the future growth
potential of Global Product Information Management Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Product Information Management Market.
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