Product Information Management Market
Global Product Information Management Market was valued at USD 9.90 Billion in 2019 and is projected to reach USD 59.25 Billion by 2027, growing at a CAGR of 25.2% from 2020 to 2027.
Factors such as increasing need for product data retention and management, increasing demand for product information management software from the booming e-commerce industry, growth focused on improving customer experience and reducing time to market while expanding product reach to new markets are primarily driving the growth of the global product information management market. Furthermore, the need to gain a competitive edge and the integration of additional capabilities using AI and ML in the PIM system is further driving the growth of the PIM market.
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Software segment is expected to garner majority of product information management market share in 2027 owing to its benefits such as improved e-commerce conversion, less time for information management market on products, increased team productivity, better product data management, cost guarantee save on bad product data, and more. PIM software also makes it easier for users to search for products and update inventory to clean up data and streamline product information.
The cloud deployment segment is expected to witness the highest growth rate during the forecast period. This is due to the fact that with the increase in technology and data adoption, most businesses want access to unlimited resources, and hence are moving rapidly towards the adoption of cloud-based technologies. . The cloud deployment model is primarily adopted by organizations that seek customized solutions and rapid implementation at lower operational cost. For this reason, many leading PIM solution providers such as SAP, Plytix, Pimcore, and Oracle are focusing on improving their cloud investments.
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Regionally, the product information management market size was dominated by North America in 2019. Factors such as presence of leading market vendors developing product information management in North America and high digitization spending in this region are major drivers of the product information management market. growth. In addition, the deployment of product information management has increased in the retail industry to adapt to changing customer shopping habits, accelerate e-commerce gains and reduce operational costs. , which is expected to contribute significantly to the growth of the market.
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The major players operating in the global product information management industry are Oracle, SAP SE, IBM, Informatica LLC, Akeneo, Pimcore, Salsify, Riversand, Stibo Systems, and Inriver. This study includes PIM market trends, market analysis, and future estimations to determine impending pockets of investment.
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The COVID-19 outbreak is expected to have a positive impact on the growth of the product information management market. This is attributed to the adoption of product information management based solutions to embrace changing demand patterns post COVID-19. The e-commerce industry and online sales grew rapidly after the emergence of COVID-19, leading to a strong focus on improving customer experience and providing effective product information to consumers. clients. This leads to a growing need for PIM. Additionally, companies are advancing their PIM portfolio to help customers meet dynamic customer requirements.
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