As per the report published by Fior Markets, the catalog management systems market is expected to grow from USD 912.8 million in 2020 and to reach USD 1766.1 million by 2028, growing at a CAGR of 8.6% during the forecast period 2021-2028.
The widespread use of mobile devices has increased customer adoption of mobile apps, social media, and digital channels, resulting in increased retail and e-commerce via these channels. As a result, the demand for catalog management systems has increased. Additionally, increasing order for improved catalog management from various industry sectors to lower operating costs and expedite selling operations is likely to drive the global catalog management systems market.
A catalog management system (CMS) is used to keep product information organized and arranged so that customers and channel partners can comprehend the benefits. This system is used to provide detailed information about product features, prices, and so on. Furthermore, this system aids in the creation and maintenance of web catalogs. Catalog Management Systems provide numerous benefits, including preserving wealth through proactive management and appropriate strategies, assisting with the transfer of wealth from one generation to the next through strategic asset allocation, and mitigating risks through diversification of investments.
Due to rising digital transformation initiatives in the retail and e-commerce industry verticals, the global catalog management system market is predicted to develop significantly. Customers all over the world are becoming more tech-savvy, and they are progressively adopting digital technology. Furthermore, the growing desire for centralized systems for better marketing and selling of products and services and the increasing affordability of catalog management software is expected to move the global catalog management systems market forward. Furthermore, up to the minute, technologies such as artificial intelligence are expected to expand the catalog management systems industry. The market is constrained by a lack of competent personnel and a lack of standards and processes. Furthermore, highly integrated systems and integrating AI solutions into existing systems are complex undertakings. Security and privacy concerns and broad data security concerns are some other problems limiting progress. Concerns about data security and a lack of awareness of catalog management systems and their capabilities are further barriers to the adoption of catalog management solutions, hindering the global catalog management systems market’s overall growth. The increased adoption of catalog management systems by SMEs and developments in Artificial Intelligence (AI), analytics, and Machine Learning (ML) will give market growth opportunities.
Some important players operating in the global catalog management systems market are SAP SE, IBM Corporation, Proactis Holdings Plc., Oracle Corporation, ServiceNow Inc., and Coupa Software Inc. To achieve a prominent market position in the worldwide catalog management system market, major players are increasingly focused on strategies such as product innovation, mergers and acquisitions, new advancements, joint ventures, collaborations, and partnerships.
- In June 2020, Coupa Software Inc. announced the acquisition of BELLIN Group, a significant provider of treasury management software (TMS). BELLIN’s cloud-based TMS solution, which has a long experience in the treasury, improves cash visibility and management while also streamlining treasury activities. The acquisition will boost Coupa’s value in the treasury, payments, and working capital processes, consolidating Coupa’s position as a complete and critical platform for controlling business spending.
The services segment dominated the market and held the largest market share of 56.22% in the year 2020
Based on components, the global catalog management systems market is segmented into solutions and services. The service segment dominated the market and held the largest market share of 56.22% in 2020. The need for professional and managed services to support the flawless operation of product information and data management in a single repository is attributable to this increase. Businesses in varied locations demand active assistance from skilled staff to reduce downtime during the pre-and post-installation of catalog management solutions. These services provide the required aid to preserve firm process efficiency, boost organization growth, and reduce wasteful operational expenses.
The retail and E-Commerce segment dominated the market and held the largest market share of 24.15% in the year 2020
Based on vertical, the global catalog management systems market is segmented into IT and Telecom, Retail and E-Commerce, BFSI, Media and Entertainment, Travel and Hospitality. The retail and E-Commerce segment dominated the market and held the largest market share of 24.15% in 2020. Because of the massive number of product data, this growth is ascribed to the use of new technology and services. To satisfy customers’ changing needs, digital transformation initiatives have fueled growth in the retail and e-commerce sectors. Customers today expect comprehensive and consistent product information; as a result, the catalog manager maintains the quality of product data across all sales channels. It covers how merchants manage, standardize, and publish their product data across all sales channels. Organizations must monitor the accuracy of product data, whether it is developed in-house or obtained from outside parties such as suppliers.