Product Information Management Market Research
increasing need for companies to manage & distribute product information across multiple platforms is driving the product information management market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, May 9, 2023 /EINPresswire.com/ — The global Product Information Management market was valued at $9.90 billion in 2019 and is expected to increase at a CAGR of 25.2% from 2020 to 2027, reaching $59.25 billion by 2027.
A product information management (PIM) system allows for the central management of product information. It enables various organisations to integrate various product information sources, such as core product data (product name, title, and description), product attributes (SKU, cost, and pricing), product specifications (e.g., dimensions, warranty, and packaging information), product-related metrics, omnichannel product information, extended channel information, and store-specific information such as product catalogues and POS registers.
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The Product Information Management (PIM) market is being driven by several key factors. One of the primary drivers is the increasing need for companies to manage and distribute product information across multiple channels and platforms. With the growth of e-commerce and omnichannel retail, companies are finding it increasingly challenging to manage product information across different systems and formats. PIM solutions provide a centralized platform for managing product information, allowing companies to easily update and distribute product data to different channels and platforms.
Another driver of the PIM market is the need for companies to improve their product data quality. Poor product data can lead to lost sales, increased returns, and damage to brand reputation. PIM solutions can help companies improve their product data quality by providing a centralized platform for managing and enriching product data. By ensuring that product data is accurate, complete, and consistent across all channels and platforms, companies can improve their customer experience, reduce costs, and increase revenue. As a result, more companies are investing in PIM solutions to improve their product data management and enhance their overall business performance.
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The Product Information Management (PIM) market is experiencing several key trends that are shaping its growth and development. One trend is the increasing use of artificial intelligence (AI) and machine learning (ML) in PIM solutions. AI and ML can help companies automate and improve many of their product data management processes, such as data classification, data enrichment, and data quality validation. As a result, PIM solutions are becoming more intelligent and efficient, enabling companies to manage and distribute product information more effectively.
Another trend in the PIM market is the growing importance of data governance and compliance. With the increasing amount of data being managed by PIM solutions, companies are facing greater regulatory and compliance requirements. PIM solutions are responding to this trend by providing more robust data governance and compliance features, such as data access controls, data lineage tracking, and data auditing capabilities. This can help companies ensure that their product data is secure, compliant, and in line with regulatory requirements. As the PIM market continues to evolve, we can expect to see more innovative uses of AI and ML, as well as more advanced data governance and compliance features, driving growth and value for PIM solution providers and their customers.
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In 2019, North America led the product information management market size. Product information management market expansion is being driven by factors such as the presence of key market vendors creating product information management in North America and increasing spending on digitalization in this region. Furthermore, the implementation of product information management has expanded in the retail sector in order to adapt to changing client purchasing habits, accelerate gains for e-commerce, and lower operational costs, all of which are expected to significantly contribute to market growth.
The key players operating in the global product information management industry include Oracle, SAP SE, IBM, Informatica LLC, Akeneo, Pimcore, Salsify, Riversand, Stibo Systems, and Inriver. This study includes PIM market trends, market analysis, and future estimations to determine the imminent investment pockets.
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