Product Information Management Market
Rising investments in automation to enable quicker decisions boost the market.
PORTLAND, PORTLAND, OR, UNITED STATE, September 27, 2022 /EINPresswire.com/ — Allied Market Research published a new report, titled, “Product Information Management Market Size is estimated to reach USD 59.25 Billion by 2027, registering a CAGR of 25.2% .” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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Increase in need for product data curation and management, and growth in demand for better product information for future commerce and product information management software from the thriving eCommerce industry drive the growth of the global product information management market. However, inaccuracies in data and dearth of skilled labors hinder the market growth. On the other hand, integration of artificial intelligence and machine learning capabilities to enhance information management and customer experience and growth in demand for cloud-based product information management solutions present new opportunities in the coming years.
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Based on deployment, the on-premise segment contributed to the fastest market share in 2019, accounting for more than two-thirds of the global product information management market, and is projected to maintain its dominant share in terms of revenue during the forecast period. Most of the enterprises still prefer on-premise deployment due to its high data transfer speed and security, which drives the growth of the segment. However, the cloud segment is estimated to manifest the highest CAGR of 28.2% from 2020 to 2027, owing to the fact that cloud based product information management exhibits the capability to distribute compute resources in single or multiple regions and meet high availability of requirements in comparatively less initial costs.
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Based on region, North America held the highest share in 2019, accounting for nearly two-fifths of the global product information management market, and is expected to continue its leadership status by 2027. This is due to increase in adoption of PIM solutions in eCommerce. In addition, North America has great adoption of advanced technologies in most of the industries which further augments the market growth in this province. However, Asia-Pacific is projected to maintain the largest CAGR of 28.3% during the forecast period. This is due to rapid shifting patterns towards online purchasing. Furthermore, growing digitization across various industries & increasing internet connectivity boosts the market in this region.
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Covid-19 Scenario
• The covid-19 pandemic has fueled the e-commerce sector immensely. This in turn, has positively impacted the product information management industry, thereby increasing the demand for product information management software.
• The retail segment has highly adopted product information management software, as it aids in offering the manufacturers with understanding based on the competitive landscape.
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