Enjoy complimentary customisation on priority with our Enterprise License!
The product information management market size is forecast to increase by USD 10.87 billion, at a CAGR of 14.37% between 2023 and 2028. The market is experiencing significant growth due to the thriving e-commerce industry, which is driving the demand for efficient and accurate product data management solutions. The adoption of advanced technologies such as artificial intelligence (AI) and machine learning skills is improving data management and enhancing consumer experience. However, concerns about data security and privacy threats are challenging market growth. As e-commerce continues to expand, there is an increasing need for PIM systems that can effectively manage vast amounts of product data and ensure its security. AI and machine learning are being integrated into PIM solutions to automate data processing, improve data accuracy, and personalize consumer experiences. Despite these opportunities, data security and privacy concerns persist, requiring PIM companies to invest in security measures to protect sensitive product information.
To learn more about the product information management market report, Request Free Sample
The market is witnessing significant growth due to the increasing demand for data syndication in the e-commerce industry. Omnichannel syndication is a key trend in PIM, enabling retailers and wholesalers to maintain consistency and quality of product content across multiple channels. Cloud based solutions such as cloud computing are gaining popularity due to their flexibility and ease of use, allowing businesses to manage product specifications such as ingredients, weight, colors, and other details efficiently. Security frameworks are essential in PIM systems to ensure data privacy and protection. Automation is another crucial factor driving market growth, as it helps in data enrichment and reducing manual errors.
Artificial intelligence and machine learning technologies are being integrated into PIM solutions to provide accurate and relevant product information to consumers in real-time. The consumer goods sector is a major adopter of PIM systems, as they help in managing complex product data and ensuring data accuracy and consistency.
The product information management market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The on-premises segment is estimated to witness significant growth during the forecast period. Product information management (PIM) plays a crucial role in the e-commerce industry, particularly in ensuring omnichannel syndication of accurate and consistent product content. Cloud-based PIM solutions have gained popularity due to their ease of adoption and flexibility, allowing retailers and wholesalers to manage product data, including ingredients, weight, colors, and product specs, from a single source. Data syndication is essential for providing a seamless customer experience and omnichannel experience, as online shopping sales continue to grow. Security frameworks are integral to PIM systems, ensuring data privacy and integrity. Automation streamlines the process of managing product data, reducing manual errors and improving efficiency.
Industry verticals, from consumer electronics to fashion, benefit from PIM solutions, which integrate with enterprise resource planning (ERP) and customer relationship management (CRM) systems. Small companies and large enterprises alike are embracing digitalization, with ecommerce sites becoming increasingly important. A multi-cloud approach or hybrid cloud strategy, which includes public cloud solutions, offers flexibility and scalability. Augmented reality (AR) is also transforming ecommerce, with AR product visualization enabling customers to view products in real scale on laptops, mobile devices, and ecommerce sites. PIM systems facilitate downstream channel collaboration, enabling retailers and wholesalers to share product information with ease. An IT service team is often required to implement and manage these systems, ensuring they meet the needs of the business and integrate with other systems, such as ecommerce platforms and marketplaces.
Get a glance at the market share of various segments. Request Free Sample
The on-premises segment was valued at USD 3.76 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 37% to the growth of the global product information management market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions, Request Free Sample
The product information management market in North America is driven by the presence of key industry players and the widespread adoption of advanced technologies, particularly in the retail and consumer goods sectors. The region's economic prowess, with the US being a technological hub and an early adopter of innovative solutions, contributes significantly to the market's growth. The digitization of businesses and the burgeoning e-commerce industry are major growth factors. In terms of deployment, both cloud and on-premise solutions are popular, with the cloud gaining traction due to its flexibility and cost-effectiveness. Data security and privacy are paramount concerns, leading to the integration of AI and data enrichment tools to enhance data accuracy and consistency.
Smartphones and e-commerce startups are also fueling product information management market growth by enabling seamless product information management and delivery across various marketing channels.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The thriving e-commerce industry is driving the demand for PIM solutions is the key driver of the market. The e-commerce industry is experiencing significant growth worldwide, driven by increasing consumer demand, expanding Internet access, and rising smartphone usage. According to recent statistics, global online sales have grown by over 18% annually, with particularly high growth rates in countries such as Mexico, India, the Philippines, and China. Urban residents in these nations are increasingly placing orders on e-commerce platforms. The pandemic has further accelerated global e-commerce spending. To maintain consistency and ensure quality in product information across multiple channels, e-commerce businesses are adopting product information management (PIM) solutions.
Further, these systems enable the management of product content, including ingredients, weights, colors, and product specs, and facilitate data syndication to retailers, wholesalers, and downstream channels. Security frameworks are essential to protect sensitive data sources. Cloud-based solutions offer automation and scalability, making them popular choices. Industry verticals, such as fashion, electronics, and grocery, are increasingly investing in PIM systems to enhance the customer experience and omnichannel experience. The e-commerce system can be integrated with Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) systems, and a multi-cloud approach or hybrid cloud strategy can be employed for added flexibility. Augmented reality (AR) can also be integrated into e-commerce sites to provide customers with visualization in real scale, enhancing the online shopping experience on laptops, mobile devices, and e-commerce systems, thus driving product information management market growth
The adoption of AI and machine learning skills to improve data management and consumer experience is the upcoming trend in the product information management market. In the eCommerce industry's digitalization trend, PIM has emerged as a crucial solution for retailers and wholesalers to ensure consistency and quality of product content across downstream channels. Omnichannel syndication of product data, including ingredients, weights, colors, and product specs, is vital for delivering a seamless customer experience. Cloud-based PIM solutions offer automation and security frameworks to manage product information efficiently. AI and ML technologies enable automatic product classification, anomaly detection, and data enrichment from reliable sources. Adoption of AI-powered PIM is increasingly popular in industry verticals such as healthcare, retail, and BFSI, enhancing product grading and contextual suggestions.
Furthermore, AI-enabled chatbots provide real-time assistance, improving customer experience and driving online shopping sales. The e-commerce system's integration with ERP and CRM systems, as well as multi-cloud and hybrid cloud strategies, ensures data consistency and availability. Augmented reality (AR) integration in e-commerce sites offers visualization in real scale, attracting online buyers to laptops and mobile devices.
Concerns about data security and privacy threats is a key challenge affecting product information management growth. In the eCommerce industry, Product information management (PIM) plays a crucial role in ensuring consistency and quality of product content across various channels. Data syndication is an integral part of PIM, enabling seamless transmission of product information from upstream sources, such as suppliers and manufacturers, to downstream channels, including retailers and wholesalers. However, security concerns have emerged as a significant barrier to adoption, particularly in relation to data privacy and regulatory compliance. Cloud-based PIM solutions offer automation and scalability, but some small companies have expressed reservations due to privacy concerns associated with the cloud. These firms prefer companies who can integrate PIM functionality into their existing systems, rather than migrating to a new platform.
Omnichannel syndication, a key aspect of PIM, requires a security framework to protect sensitive product data. Security concerns extend to omnichannel syndication, which involves transmitting product information across multiple channels, including ecommerce sites, laptops, mobile devices, and AR applications. To address these concerns, some businesses are adopting a multi-cloud approach or hybrid cloud strategy, which involves using a combination of public and private cloud solutions. Enterprise resource planning (ERP) and customer relationship management (CRM) systems are increasingly integrated with PIM to create a unified product catalog and improve the omnichannel experience for online buyers. PIM solutions enable retailers to publish accurate and up-to-date product information, including ingredient lists, weights, colors, and product specifications, enhancing the customer experience and driving online shopping sales.
The adoption of PIM is not limited to specific industry verticals, as more companies recognize the importance of digitalization and providing a consistent and high-quality product experience across all channels.
The product information management market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the product information management market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bluestone Norway - The company offers a product information management solution, specifically the Akeneo PIM Growth Edition.
The product information management market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The product information management market is experiencing significant growth due to the increasing digitalization in the ecommerce industry. PIM solutions enable businesses to manage and syndicate product content, including data on ingredients, weight, colors, and product specs, to retailers and wholesalers, ensuring consistency and quality. Omnichannel syndication is a key trend, allowing businesses to distribute product information across multiple channels, enhancing the customer experience and omnichannel experience. Cloud-based solutions are popular due to their flexibility and scalability, while automation streamlines the process of managing product data. Security frameworks are essential to protect sensitive data from cyber threats. Industry verticals such as retail, consumer goods, and manufacturing are major adopters of PIM systems.
PIM systems support various ecommerce platforms, including ecommerce sites, laptops, and mobile devices, and offer augmented reality (AR) visualization for a more realistic shopping experience. A multi-cloud approach or hybrid cloud strategy is increasingly being adopted for PIM systems, with the public cloud offering cost-effectiveness and flexibility. ERP and CRM systems are integrated with PIM systems to streamline business operations. Downstream channels, such as retailers and wholesalers, benefit from accurate and up-to-date product information, improving online shopping sales and enhancing customer satisfaction. Small companies are also adopting PIM systems to compete with larger players in the market. The future of PIM systems lies in advanced technologies like AR and IT service teams to ensure seamless integration and implementation.
Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.37% |
Market Growth 2024-2028 |
USD 10.87 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
13.86 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 37% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bluestone Norway, censhare GmbH, Contentserv Swiss GmbH, GS Topco GP LLC, Informatica Inc., International Business Machines Corp., Jasper Commerce Inc., Mobius Knowledge Services P. Ltd., Oracle Corp., Pimcore GmbH, Plytix SLU, Salsify Inc., SAP SE, Stibo Systems, Syndigo LLC, True Commerce Inc., Viamedici Software GmbH, Vinculum Solutions Pvt. Ltd., Akeneo SAS, and Inriver AB |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our product information management market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this product information management market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.