The rising need for providing enhanced consumer experience and managing increasing volumes of product data are some key factors driving market revenue growth
According to the most recent report by Emergen Research, the size of the worldwide product information management market is anticipated to reach USD 24.39 billion in 2028 and exhibit a consistent CAGR throughout the projected period. The increasing demand for better customer experiences can be related to the steady growth of market revenue. Additionally, it is anticipated that distributors will come under growing pressure to offer B2B online customers a more useful and informative experience that includes high-quality product information in the coming years. Business applications that use product information management services to address issues such the proliferation of product information, rising consumer demand, and the need to control inventory levels, sales orders, and customer returns.
A system or group of systems used for organizing and centralizing product information is referred to as product information management (PIM). It entails managing the data, content, and other materials needed for the promotion and sale of goods as well as making sure that accurate data is generated for internal usage. It is used in e-commerce businesses to maintain product catalogs with accurate and consistent data. To recognize and organize complex data and send it to the desired distribution channels, PIM can be used in conjunction with catalog management, business process management (BPM), and data quality.
PIM aids in enhancing product descriptions and specifications, tracking project progress and completion, linking images, documents, and media to products, categorizing products and files, managing upstream data and preparing it for sales channels, creating and publishing product sheets, and automating the creation and upkeep of brand portals. Additionally, it decreases inaccuracies and duplications, imports and sorts supplier data quickly, cuts costs and wasteful spending, boost customer satisfaction and loyalty, sustainably expands product offerings, drives up sales with better content and more readily available data, and gets rid of bottlenecks, data silos, and manual data entry and updating.
Major players in the market include Oracle, SAP, IBM, Informatica, Winshuttle, Pimcore, Akeneo, Riversand Technologies, Inc., Salsify Inc., and Aprimo
Some Key Highlights from the Report:
- Winshuttle, a market leader in data management and process automation software, and ABBY, a market pioneer in intelligent document processing, announced cooperation in June 2020. The collaboration is anticipated to assist businesses in converting their strategic processes to digital ones and bring “Inbox to SAP.”
- In 2020, the services segment accounted for the biggest revenue share. Companies supplying product information management systems are providing support, training, and maintenance services to aid in-house staff in understanding product information management systems, which is fueling the expansion of the services market.
- Revenue from the cloud category is anticipated to grow at a high CAGR over the projection period. The market for product information management is anticipated to develop throughout the forecast period as a result of rising demand for cloud-based information storage solutions.
- Due to the growing use of PIM solutions across business verticals like healthcare and life sciences, banking, financial services, and insurance, the on-premises sector now dominates the market (BFSI). In addition, on-premises solutions are used to fully control data and information technology (IT) infrastructure and to tailor solutions to the needs of end users. Additionally, a variety of data and design needs, as well as ample resources among large businesses, are promoting the use of on-premises PIM solutions globally.
- Omnichannel syndication is the integration of all possible channels within a company, not the utilization of multiple channels at once. A growing trend in the industrial and retail sectors is seamless omnichannel syndication, which enables customers to contact brands whenever and wherever it is most convenient for them. Organizations are choosing omnichannel syndication because omnichannel customers spend more on each transaction, produce more overall profit, and are worth more in the long run than single-channel customers. Businesses are, however, being impacted by the lack of precise product information across numerous platforms.
Emergen Research has segmented the global product information management market based on offering, deployment, end-use, and region:
Offering Outlook (Revenue, USD Billion; 2018–2028)
- Services
- Solution
Deployment Outlook (Revenue, USD Billion; 2018–2028)
- On-premise
- Cloud
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Media & Entertainment
- BFSI
- Healthcare
- Retail
- IT and Telecommunication
- Energy Utilities
- Transportation and Logistics
- Others
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