CHICAGO , June 30, 2022 /PRNewswire/ — According to a research report “Product Information Management (PIM) Market by Component, Solution (Multi-Domain and Single-Domain), Deployment Type, Organization Size, Vertical (Consumer Goods & Retail, IT & Telecom, and Media & Entertainment), and Region – Global Forecast to 2027 “, published by MarketsandMarkets™, the global PIM market size to grow from $12.2 billion in 2022 at $23.8 billion by 2027, at a compound annual growth rate (CAGR) of 14.3% over the forecast period. Growing demands for better customer experience, along with updated product information across all channels, demand to deliver contextualized user experience, and an increase in digital content in businesses, are among the major factors driving the growth of the PIM market.
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According to verticals, media and entertainment segment is expected to grow at the highest CAGR during the forecast period
The PIM market is segmented into BFSI, Consumer Goods & Retail, Manufacturing, IT & Telecom, Media & Entertainment, Healthcare & Life Sciences, Transportation & Logistics, and Other Verticals (Education, Travel & Hospitality). According to the verticals, the media and entertainment sector is expected to grow at the highest CAGR during the forecast period. The demand for PIM in the media and entertainment industry vertical is increasing due to the growing need for data silos, different data management systems, diverse and large product portfolios, dispersed product information, changing consumer expectations and increasing demand for reduced time to market. .
The cloud segment is expected to grow at the highest CAGR during the forecast period
Based on the mode of deployment, the cloud segment is expected to grow at the highest CAGR for the cPIM market during the forecast period. The PIM market by deployment type is segmented into on-premises and cloud deployment type. The on-premises type of deployment is preferred by large enterprises as these organizations prefer information to be kept on a local server as the cloud has security issues. However, large enterprises and SMEs have started to adopt cloud services and solutions to reduce their CAPEX. Additionally, cloud-based solutions offered scalability, flexibility, and a pay-as-you-go model that helps organizations reduce costs and access services and solutions anywhere, anytime. However, security issues associated with cloud deployment type are expected to impact its adoption during the forecast period.
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APAC is expected to grow at the highest CAGR over the forecast period
In 2022, North America captured the majority of the market share, however, in 2027, APAC is expected to grow at the highest CAGR. Growing awareness of increasing business productivity, complemented by competently designed PIM solutions offered by vendors present in this region. Oracle, IBM, SAP, Pimcore and Informatica have their operations in the region due to the region’s low cost advantages and high labor availability. Additionally, the adoption of cloud-based solutions in the Asia Pacific is growing at an exponential rate. A growing number of startups with limited IT budgets are leading the Asia Pacific region is becoming a high-potential market. Additionally, extensive facilities for deploying and managing product information at economical costs are bolstering the growth of the market in this region.
Some of the main Product Information Management Market vendors are Oracle (US), SAP (US), IBM (US), Informatica (US), Pimcore (Austria), Akeneo (France), river (Sweden), Winshuttle (US), Riversand (US), Salsify (US), Aprimo (US), Stibo Systems (Denmark), contentserv(Swiss), Mobius (India), Performance (Denmark), Profisee (USA), Censhare (Germany), Vincule (India), PIMworks (US), Truecommerce (US), Vimedici (Germany), Magnitude Software (US), Plytix (Denmark) and Syndigo (United States).
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