Global Product Information Management Market was valued at US$ 7.0 Bn in 2019 and is expected to grow at a CAGR of 10.2 % to reach at US$ XX Bn in forecast period.
Product information management (PIM) means managing the information required to Market and sell products through distribution channels. High-quality product information is the backbone of every successful e-commerce venture. Product Information Management manages product information for use across an organization from the supply chain to commerce to customers. Product data quality, accuracy, and completeness can be increased by the Marketers using PIM. The growing need to gain real-time visibility into data and need for eliminating data inconsistencies across multiple data silos PIM Market is growing rapidly.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Global Product Information Management Market Dynamics:
Centralized data storage system is helping companies to manage and organize all the data related to its products. This helps companies to save time and cost required for data management. Safe and secure access to the information is possible due to information system. As information security is a very critical issue, compliance and verification requirements are provided by the product information system. Only after completing verification access is granted. Manifestation of products for client centricity and unified customer view is also possible by using product information management system. Development of new business areas in the organization and increasing demand for data quality and operational excellence are the factors expected to drive the Market growth in the near future. Fast adoption of multi-domain PIM and the integration of business intelligence applications and big data with cloud storage is expected to create major opportunities in the Market over the forecast period.
However lack of awareness, data inaccuracy and lack of expertise having complete knowledge to operate the product information management system are the factors forecasted to restrain the Market growth during the forecast period. Increasing data breaching cases is a serious threat to the growth of the Market.
Global Product Information Management Market, Segmentation Analysis:
E-commerce to drive the Market Growth in near future.
The e-commerce companies are trying to focus on enhancing customer experience, the adoption of artificial intelligence and analytics tools, which is responsible for the growth of the Market in this sector. A strong PIM solution centralizes and syncs product data across technology which allows Marketing teams to manage, merchandise and Market everywhere. IBM InfoSphere is a robust solution designed offers data aggregation and syndication, collaborative workflows, auditing, reporting, flexible data modeling and hundreds of other helpful features to give retailers and businesses the real-time data.
Asia-Pacific to Witness the Fastest Growth over the forecast period.
The emerging demand to maximize value from the centralized master data and reference data, with ongoing demands of gaining meaningful insights from this consolidated master data is expected to further influence the adoption of PIM systems positively in the North American region during the forecast period. Also digitization has exponentially increased which is creating the need for this huge data storage and security. Centralizing and harnessing this information is providing competitive advantages to the companies. May 2018, Walmart acquired Flipkart to expand into the Indian e-commerce Market, which shows a Market growth in the retail sector in the region.
Increasing internet penetration and consumer spending, rising number of business processes, springing startups having limited IT budgets are the factors attributed to the growth of the Market in the region.
The objective of the report is to present a comprehensive analysis of Global Product Information Management Market including all the stakeholders of the industry. The past and current status of the industry with forecasted Market size and trends are presented in the report with the analysis of complicated study of key players that includes Market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the Market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Product Information Management Market dynamics, structure by analyzing the Market segments and project the Global Product Information Management Market size. Clear representation of competitive analysis of key players by Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Product Information Management Market make the report investor’s guide.
The Scope of Global Product Information Management Market:
Global Product Information Management Market, By Component:
Consulting and Implementation
Training, Support, and Maintenance
Global Product Information Management Market, By Deployment Type:
Global Product Information Management Market, By Organization Size:
• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises
Global Product Information Management Market, By Industry Verticals:
• Banking, Financial Services, and Insurance.
• Consumer Goods and Retail.
• Information Technology (IT) and telecom.
• Media and Entertainment.
• Healthcare and Life Sciences.
• Transportation and Logistics.
• Travel and Hospitality.
Global Product Information Management Market, by Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Global Product Information Management Market, key players
• ADAM Software
• Agility Multichannel
• Rivers and Technologies
• Stibo Systems
• IBM Corporation
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