BANGALORE, India, Feb. 24, 2021 /PRNewswire/ — The Product Information Management Market is Segmented by Type Low Payload, Medium Payload, High Payload and Application Palletizing, Packaging, Processing, Other, Opportunity Analysis and Industry Forecast, 2020–2027. This report is published on Valuates Reports in the Software Utilities Category.
The Global Product Information Management Market size was valued at USD 9.90 billion in 2019, and is projected to reach USD 59.25 billion by 2027, growing at a CAGR of 25.2% from 2020 to 2027.
Major factors driving the growth of Product Information Management Market size are:
- Increase in demand for better product information from Marketing, Sales and Customer engagement teams.
- Growth in demand for product information management software from thriving eCommerce industry,
- The need to boost team productivity, quality by organizing all the product information at a central place.
- Rise in need for product data curation & management.
TRENDS INFLUENCING THE GROWTH OF PRODUCT INFORMATION MANAGEMENT MARKET SIZE
Rise in need for product data curation and management is expected to drive the growth of product information management market size. Companies across multiple sectors are realizing the need for appropriate solutions that can facilitate the curation and management of product data. This is due to the fact that businesses in the rapidly changing digital marketplace are trying to gain a competitive edge. As the competition is evolving rapidly and rivals are providing advanced capabilities, businesses are leaning towards investing in PIM, thereby driving this market’s growth.
Increase in demand for better product information for future commerce is expected to increase the growth of product information management market size. Both B2C and B2B clients are seeking more compelling, frictionless, and customized trade experiences in the digital economy. To maximize the story being told about their goods, retailers, suppliers, and brands must provide accurate product data to all their distribution channels. Software for product information management (PIM) is an important tool for companies to market their goods and services efficiently through the various channels in which customer interaction occurs.
Incorporation of AI and ML capabilities to improve information management and customer experience is expected to further fuel the product information management market size. In order to develop and remain ahead of their rivals, organizations in various industries such as healthcare, retail, and BFSI, among others, have invested and implemented new technologies such as AI and ML. AI-powered PIM provides automated product classification, identification of anomalies, enrichment processes by selecting data from trusted sources, product ranking, and providing contextual recommendations. AI-powered PIM solutions can generate automatic insights into data problems and can create an integrated view of data across multiple systems to help consumers better understand their goods.
PIM involves the gathering and transfer of data from one source to another. The PIM system is also involved in the synchronization and publication of data across networks. Because of the lack of proper knowledge of security frameworks and their implementation, many businesses generally assume that PIM solutions in their highly abstracted data sets can lead to data breaches. This in turn is expected to hinder the growth of product information management market size.
PRODUCT INFORMATION MANAGEMENT MARKET SHARE ANALYSIS
Based on components, the global product information management software segment is expected to dominate the overall product information management market share during the forecast period. This is due to the benefit of a product information management solution, such as standardizing the increasingly complex product content requirements, serving as a multichannel marketing software tool, tracking in real time all a company’s catalog & inventory details.
Based on Industry verticals the retail segment accounted for the highest product information management market share during the forecast period.
Based on region, North America is expected to hold the largest product information management market share. This is due to the major presence of key market vendors in this region and great adoption of advanced technologies in most of the industries, especially retail. In addition, digitization and the booming e-commerce industry are also driving the PIM market size in North America. On the other hand, the Asia-Pacific would exhibit the highest CAGR of 28.3% during 2020-2027
Based on Enterprise, the large enterprise segment accounted for the highest product information management market share in 2019 & continued to grow with the highest CAGR during the forecasted period.
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- Multi Domain PIM
- Single Domain PIM
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
By Industry Vertical
- Telecom and IT
- Transportation and logistics
- Media and entertainment
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players
- Informatica LLC
- Stibo Systems.
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SIMILAR REPORTS :
– The global Physical Security Information Management (PSIM) market size is projected to reach USD 5353.1 million by 2026, from USD 1457.1 million in 2019, at a CAGR of 20.2% during 2021-2026. The increased use of PSIM to identify network issues is one of the major drivers of the market. PSIM solutions eliminate manual monitoring of IT infrastructure, enabling quick identification of flaws in the security system. This helps end-users save time and money.
– The global Laboratory Information Management System (LIMS) market size is projected to reach USD 1413.4 Million by 2026, from USD 836.1 million in 2019, at a CAGR of 7.7% during 2021-2026.
– Product Information Management Solution Market is segmented by Type – Multi-domain, Single-domain by Application – Manufacturing, Information Technology (IT) and telecom, Media and Entertainment, Healthcare and Life Sciences, Transportation and Logistics, by key players , by Regions: North America, Europe, China and Japan, etc.
– Product Information Management System Market is segmented by Type – Cloud-based, On-premises by Application – Small and Medium Enterprises (SMEs), Large Enterprises, by key players , by Regions – North America, Europe, China and Japan, etc.
– Global Student Information Management System Market by Product Type – Cloud Based, Web Based, Application – School, Education Institutions, Other, by key players , by Regions – North America, Europe, China and Japan, etc.
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