Overview:

The global product information management market expected to witness a significant growth, expanding at a CAGR of 17.5% during the forecast period from 2023 to 2030. The growth is primarily due to the increasing need for creating centralized repository to manage important information related to the products. The main purpose of product information management is to securely store product information so that it can be easily extracted, retrieved, assessed and utilized. Without a proper product information management system in place, these processes can be very time consuming and cumbersome. Product information management is helpful in providing safe and secure access to the information that is stored in the centralized system. It enables easy and quick access to the repository information and at the same time provides strategic data storage techniques while maintaining data quality. As a result, increasing demand for centralizing product data information is driving the growth prospects of product information management market worldwide.

Product information management streamlines and automates the business process for consistent, efficient and accurate management of product content. In any business organization where the product information is scattered across different departments/verticals, product information management tool is a requisite. It helps collecting information from different departments and transform them into one product data that is accessible to everyone. Management of product information aids businesses in reducing the overall time and cost required for generating, storing, publishing, and managing information. Product information management is the most commonly used thread that runs through e-commerce, sales and marketing domains.

Rapid growth of the e-commerce industry is another significant factor facilitating the growth of product information management market. The e-commerce sector has given rise to multi-channel retailing, wherein distinct channels require distinct versions of product information. Organizations with high volume inventories must have accurate and up-to-date product information. The cost of inaccurate inventory, incorrect shipments, returned items, and other errors can have significant impact on the profitability of a business organization. Rise in multichannel commerce, online retailing, etc. have led to an exponential growth in product data and also has raised complexities of managing it. This in turn has increased the adoption of product information management solutions for managing information of products across multiple sales channels and locations.

"Software held Largest Market Share in 2021"

Based on offerings, the global product information management market was dominated by the software segment in 2021 and likely to remain dominant throughout the forecast period from 2023 to 2030. Product information management software saves time and money, reduces error in product information and customer orders, allows flexibility with evolving products, helps in offering uniform customer experience across all channels, etc. As a result, due to the aforementioned benefits of PIM software coupled with the rising need of enterprises to harmonize and centralize all the marketing and technical information of their products and catalogs is boosting the segment growth, which in turn facilitating the growth of the overall product information management market.

"Cloud-based Model Likely to emerge as the Fastest Growing Segment during the Forecast Period"

Based on deployment model, on-premise segment led the market in 2021. The security features offered by on-premise model over cloud is mainly supporting the growth of this segment. Several organizations across the globe are still largely dependent on on-premise deployment model. However, with an on-premise product information management tool, as the product catalogue grows, number of users increase and the requirements get more demanding. As a result, the infrastructure and servers age, affecting the performance of product information management software. The market is already witnessing paradigm shift from on-premise to cloud and therefore cloud-based model projected to emerge as the fastest growing segment during the forecast period from 2023 to 2030. In order to address enterprise-wide use cases, cloud-based product information management solutions have remarkable product features and offer faster roadmap to address requirements as businesses evolve. By moving product information management to cloud, companies can harness the full capabilities of accurate data for promoting innovation, decreasing cost of quality, exceeding customer expectations and drive revenues.

"North America Leads the Product Information Management Market Globally"

The product information management market, based on geography was dominated by North America in 2021 and expected to demonstrate notable growth during the forecast period. The presence of prominent players such as IBM (International Business Machines Corporation), Oracle Corporation, Edgenet, Inc., Informatica, Netcracker, Inc., and Salsify, Inc. supports the market growth and likely to provide lucrative opportunities for the growth of product information management market in the region. Moreover, North America has been extremely responsive towards adopting latest technological advancements such as integration of big data and business intelligence (BI) tools within product information management solutions, which in turn supports the regional growth.

Competitive Insights

Major players in the product information management market include Aprimo LLC, Agility Multichannel Limited, Akeneo, Catsy, Censhare AG, Edgenet, Inc., International Business Machines Corporation, Informatica, inRiver AB, Netcracker, Inc., Oracle Corporation, Pimcore GmbH, Plytix, Riversand Technologies, Inc., Salsify, Inc., SAP SE, and Shotfarm among others

The product information management market appears fragmented and competitive in nature owing to the presence of regional as well as international players. Partnerships, mergers & acquisitions and product innovation remain some of the key strategies adopted by the players to strengthen their position and achieve competitive edge over other players in the global product information management market. For instance, in January 2021, Akeneo, one of the leading provider of product information management solutions acquired Sigmento, an Israel-based product data automation company. The acquisition has strengthened Akeneo’s position amongst the product information management providers and will reinforce the Company’s mission to aid end users turn product information into influential brand assets.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Product Information Management market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Product Information Management market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Product Information Management market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Product Information Management market?
• Which is the largest regional market for Product Information Management market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Product Information Management market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Product Information Management market worldwide?