Catalog Management System Industry Overview
The global catalog management system market size was valued at USD 3.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.5% from 2021 to 2028.
A substantial increase in consumer demand for services and products such as fashion and apparel and electronic devices, increasing internet penetration, and growing adoption of smartphones are some of the factors anticipated to drive the market growth over the forecast period. The demand for catalog management systems is projected to increase post the COVID-19 pandemic since large enterprises and small and medium enterprises are expected to progressively migrate their IT structure to cloud networks to boost and improve business operations.
Gather more insights about the market drivers, restrains and growth of the Global Catalog Management System Market
The spread of COVID-19 has led to digital transformation across various industries, including media and entertainment, telecom, retail, and e-commerce. The outbreak of the COVID-19 pandemic has been particularly driving the adoption of catalog management systems. These systems offer a quick snapshot of services and products in a channel, uploading and capturing data and mapping it to meet customer demands. They also help augment, enrich, and validate the data in real-time and automate the formation of catalogs using data from various sources such as e-commerce websites to expand product assortment and attain faster syndication of product data through channels.
Catalog management includes data gathering and transmission from one network to another. The synchronization and distribution of data across several channels are also included under catalog management systems. Anxieties about data security are the primary concerns hampering the adoption of catalog management solutions. Due to the lack of appropriate knowledge about security frameworks and their implementation, various companies opine that catalog management solutions may lead to data breaches in abstracted data sets. Operators concisely refrain from adopting catalog management system solutions due to the fear of losing their critical master data owing to data errors that occur during upgrading or compilation.
Industries such as BFSI, retail, and healthcare have been investing and adopting new technologies such as Artificial Intelligence (AI) and Machine Learning (ML) to grow and enhance their business operations. AI-enabled catalog management provides enrichment processes, anomaly detection, and automatic classification of products by selecting data from trusted sources, contextual recommendations, and product scores. AI-powered catalog management system solutions can produce automated perceptions about data issues and assist in creating an integrated view of the data.
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Catalog Management System Market Segmentation
Grand View Research has segmented the global catalog management system market based on type, component, deployment type, organization size, application, and region:
Catalog Management System Type Outlook (Revenue, USD Million, 2018 – 2028)
- Product Catalog
- Service Catalog
Catalog Management System Component Outlook (Revenue, USD Million, 2018 – 2028)
- Solution
- Service
Catalog Management System Deployment Type Outlook (Revenue, USD Million, 2018 – 2028)
- On-premise
- Cloud
Catalog Management System Organization Size Outlook (Revenue, USD Million, 2018 – 2028)
- Small & Medium Enterprise
- Large Enterprise
Catalog Management System application Outlook (Revenue, USD Million, 2018 – 2028)
- BFSI
- Retail & E-commerce
- IT & Telecom
- Media & Entertainment
- Others
Catalog Management System Regional Outlook (Revenue, USD Million, 2018 – 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- April 2021: Broadcom Inc. collaborated with Google Cloud to speed up innovation and improve the integration of cloud services across its primary businesses. The company planned to distribute its security and enterprise operations software on Google Cloud as part of this collaboration, allowing businesses to implement Broadcom security, DevOps, and other solutions on Google Cloud's trusted worldwide infrastructure.
- December 2020: International Business Machines Corporation collaborated with Amazon Web Services (AWS) to help its customers simplify and expand their security visibility across AWS and the hybrid cloud environments.
- November 2020: Salsify and e-Comas, an Amazon consulting, account management, and content optimization firm, entered into a strategic partnership to offer Amazon digital shelf excellence to product manufacturers in Europe, the Middle East and Africa, region via Salsify’s solutions.
Key Companies profiled:
Some of the prominent players operating in the global catalog management system market are:
- Oracle Corporation
- Fujitsu Limited
- Salsify
- SAP SE
- International Business Machines Corporation
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