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The Product Information Management (PIM) Market size is estimated to grow at a CAGR of 14.37% between 2023 and 2028. The market size is forecast to increase by USD 10.87 billion. The growth of the market depends on several factors, including the thriving e-commerce industry that is driving up demand for PIM solutions, rising developments by vendors and stringent government regulations to make the cloud safer. Product information management (PIM) is the act of storing and organizing all the data needed to market and sell items through various channels. An internal organization creates the product data to support a multichannel marketing plan.
The report includes a comprehensive outlook on the product information management market offering forecasts for the industry segmented by Deployment, which comprises on-premises and cloud. Additionally, it categorizes End-user into large enterprises and SMEs and covers Geography, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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The thriving e-commerce industry is driving up demand for PIM solutions is notably driving the market growth. The e-commerce industry has been growing at a breakneck speed globally, thanks to the increase in consumer demand for items, expanding Internet access, and rising smartphone usage. Global online sales increase by over 18 percent annually. The e-commerce industry is developing at a rate of 25% in nations such as Mexico, India, the Philippines, and China. People residing in urban areas of the countries listed above are placing more orders on e-commerce platforms. The key participants in the e-commerce business are Amazon.com Inc., Alibaba Group Holding Ltd., eBay Inc., Walmart Inc., and Target Brands Inc. Global e-commerce spending increased during the pandemic.
Moreover, the PIM solution also captures and uploads data and maps it to customer needs in real-time while validating, enriching, and augmenting the data in real-time, and automates the creation of product information using data from multiple sources to help improve product assortment and achieve faster syndication of product data across channels. Such advantages provided by a PIM solution enable firms to save time and automate the updating of product information on an eCommerce platform. Therefore, a thriving e-commerce industry will drive the growth of the global PIM market during the forecast period.
The adoption of AI and machine learning skills to improve data management and consumer experience is an emerging trend shaping the market growth. To expand and stay ahead of their competition, companies in a variety of industries, including healthcare, retail, and BFSI, have been investing in and implementing emerging technologies such as artificial intelligence (AI) and machine learning (ML). Automatic product classification, anomaly detection, enrichment processes through the selection of data from reputable sources, product grading, and contextual suggestions are all features of AI-powered PIM.
Furthermore, ML-enabled PIM solutions assist organizations in managing compliance, driving data-driven digital transformation, and improving operational efficiency by detecting and recommending appropriate solutions to improve data matching and eliminate data discrepancies. ML-enabled PIM solutions are already available from companies such as Akenoe and IBM. The demand for AI and ML is predicted to rise, which is expected to push suppliers to develop new PIM solutions during the forecast period.
Complications of network latency in the cloud are a significant challenge hindering market growth. The latency in a cloud-based network is less predictable and more complicated to measure. Tools for measuring latency such as Ping and Traceroute, are usually not used. There are multiple factors for latency, which include distributed computing, virtualization, and prioritizing traffic. When the cloud environment is larger, as in the case of PIM software, it becomes less predictable, and an increase in the workload leads to high variability in service delivery.
However, in the case of virtual machines (VMs), separate networks can lead to packet delays. If the vast area network (WAN) is busy, it might lead to a significant effect on latency, and data exchanges between cloud services can lead to much higher latency. This delay in data transfer can result in an increased cost to the users of multiple PIM solution providers. Thus, the latency in the cloud network can hinder the growth of the global PIM market during the forecast period.
The market share growth by the on-premises segment will be significant during the forecast period. A physical on-premises PIM platform is software that is installed on-site and purchased under license and is housed, stored, and administered on personal servers, with the license holder taking full responsibility for its care and integration.
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The on-premises was the largest segment and was valued at USD 3.76 billion in 2018. In several cases, the on-premises PIM platform necessitates the hiring of specialized personnel. All obligations are handled in-house when adopting an on-premises system. Project installation entails relying on one's own resources and involving several departments. Understanding what infrastructure the software requires, the impact on LAN/WAN bandwidth, deciding on access, and obtaining internal approval are all part of the process. A Systems Integrator may be used to complete a project in particular circumstances, such as large-scale deployments or highly technical infrastructures. Owing to the physical nature of on-premises systems, users are frequently required to be on-site to access product information. As data is stored on-site, on-premises software is frequently praised for its security features. Such factors are expected to fuel the segment growth which in turn drive the market growth during the forecast period.
The product information management (PIM) market has witnessed significant growth in recent years, driven by the increasing adoption of cloud computing and digital transformation initiatives across various industries, such as healthcare and automotive. Within this product information management (PIM) market, large enterprises represent a significant segment that actively utilizes PIM solutions to streamline their product development and management processes. Overall, large enterprises find PIM solutions highly beneficial in terms of scalability, collaboration, cost-effectiveness, flexibility, integration, and security. These factors contribute to the growing adoption of PIM among large enterprises, helping them optimize their product development processes and gain a competitive edge in the market, which will drive the growth of the large enterprises segment of the global PIM market during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The North American region dominated the product information management (PIM) market, owing to the presence of important market vendors and the widespread adoption of modern technologies in various industries, particularly retail. Furthermore, digitization and the burgeoning e-commerce industry are two major driving aspects of the North American product information management market. The growth is expected to plateau as the regional product information management market approaches saturation. Advanced economies such as the US and Canada, are also expected to drive market growth in the region.
In addition, the US is the leading country in North America. It is the technological capital of the world and is one of the early adopters of cutting-edge innovations. The increase in volume and development of the industrial sector, regulatory standards, and penetration of key vendors have driven the expansion of the product information management market in the region. These factors have made the US one of the primary countries in the PIM market in the North during the forecast period.
The Product Information Management Market 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Product Information Management Market 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 namelt Akeneo PIM Growth Edition.
Informatica Inc. - The company offers product information management solution namely Agility PIM for retail industry.
International Business Machines Corp. - The company offers product information management solutions namely MDM Product 360 to enable faster time to market, satisfying customer experiences and increase productivity.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market 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 report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028
Product Information Management 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, 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 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 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
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