IMARC Group, a leading market research company, has recently released a report titled “Product Information Management Market Report by Deployment Type (Cloud-based, On-premises), Component Type (Software, Services), Operating System (iOS, Windows, Android, and Others), Organization Size (Small and Medium Enterprises, Large Enterprises), Vertical (BFSI, Manufacturing, Retail, Healthcare, IT and Telecom, Logistics and Transportation, Travel and Hospitality, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the product information management market share, size, trends and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global product information management (PIM) market size reached US$ 13.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 31.1 Billion by 2032, exhibiting a growth rate (CAGR) of 9.8% during 2024-2032.
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Factors Affecting the Growth of the Product Information Management Industry:
- E-commerce Expansion:
The expansion of e-commerce has revolutionized the way businesses operate, driving the need for robust product information management (PIM) solutions. As e-commerce platforms proliferate, the volume of products being sold online has surged, necessitating accurate and comprehensive product data to ensure customer satisfaction and competitive advantage. PIM systems enable businesses to manage vast amounts of product information efficiently, ensuring consistency across multiple online channels. This is crucial because inconsistent or incomplete product information can lead to poor customer experiences, increased returns, and loss of sales. E-commerce platforms often integrate with various other systems, including inventory management, order fulfillment, and customer relationship management (CRM), creating a complex web of interdependencies that necessitate seamless data flow.
- Omnichannel Retailing:
The shift towards omnichannel retailing is a significant factor bolstering the growth of the PIM market. Omnichannel strategies aim to provide a seamless customer experience across various sales channels, including online stores, mobile apps, social media, and physical stores. Managing product information across these diverse channels is a complex task that requires a high level of consistency and accuracy. PIM systems address this challenge by centralizing product data and ensuring that all channels have access to the same information. This centralization is critical for maintaining brand consistency and providing customers with a uniform experience regardless of the channel they choose to engage with. Furthermore, omnichannel retailing involves coordinating numerous aspects of the business, from inventory management to marketing and customer service.
- Rapid Globalization:
Globalization is opening up new opportunities for businesses to expand into international markets, but it also presents significant challenges in terms of managing product information. Different countries have varied regulatory requirements, languages, and cultural preferences, necessitating a flexible and robust PIM system to handle these complexities. PIM solutions enable businesses to manage product information in multiple languages, ensuring that product descriptions, specifications, and marketing materials are accurately translated and localized. This is essential for building trust with international customers and complying with local regulations. Additionally, different regions may have specific regulatory requirements related to product labeling, safety standards, and environmental compliance. PIM systems help businesses adhere to these regulations by providing a centralized platform to manage and update compliance-related information.
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Product Information Management Market Report Segmentation:
By Deployment Type:
- Cloud-based
- On-premises
On-premises holds the majority of the market share due to concerns over data security, control, and compliance with stringent industry regulations.
By Component Type:
- Software
- Single Domain
- Multi-Domain
- Services
- Consulting and System Integration
- Training, Support and Maintenance
Services accounted for the largest market share, owing to the complexity of implementing and maintaining PIM systems.
By Operating System:
- iOS
- Windows
- Android
- Others
Based on the operating system, the market has been divided into iOS, Windows, Android, and others.
By Organization Size:
- Small and Medium Enterprises
- Large Enterprises
Large enterprises represented the majority of the market share due to their extensive product portfolios and complex data management needs.
By Vertical:
- BFSI
- Manufacturing
- Retail
- Healthcare
- IT and Telecom
- Logistics and Transportation
- Travel and Hospitality
- Others
On the basis of vertical, the market has been classified into BFSI, manufacturing, retail, healthcare, IT and telecom, logistics and transportation, travel and hospitality, and others.
Regional Insights:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
North America's dominance in the market is attributed to its advanced technological infrastructure, high adoption rates of digital solutions, and presence of key industry players.
Global Product Information Management Market Trends:
The rising customer demand for detailed product information before making purchasing decisions, driving the need for comprehensive and accurate product data, is propelling the market growth. Additionally, the implementation of stringent regulations in various industries, which require businesses to provide accurate product information to comply with legal standards and avoid penalties, is boosting the market growth. Besides this, recent innovations in artificial intelligence (AI), machine learning (ML), and big data analytics, which are enhancing the capabilities of PIM solutions, making them more efficient and effective, are stimulating market growth. Furthermore, the rising need for seamless integration of PIM systems with other enterprise systems, ensuring data synchronization and operational efficiency, is contributing to the market growth.
Top Companies Operated in Product Information Management Industry:
- Aprimo US LLC
- Magnitude Software, Inc.
- International Business Machines (IBM) Corporation
- Informatica LLC
- inRiver Inc.
- Oracle Corporation
- Pimcore GmbH
- Riversand Technologies, Inc.
- SAP SE
- Stibo systems
Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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