Product Information Management Market Research

Growth in demand for product information management software from thriving ecommerce industry drive the growth of global product information management market

PORTLAND, PORTLAND, OR, UNITED STATES, March 24, 2023 /EINPresswire.com/ -- The global product information management market was estimated to be worth $9.90 billion in 2019, and it is anticipated to rise to $59.25 billion by 2027, at a CAGR of 25.2%.

A product information management (PIM) system makes it easier to manage product information centrally. It helps different organizations integrate various product data that has been gathered from various information sources, such as core product data (product name, title, and description), product attributes (SKU, cost, and pricing), product specifications (such as dimensions, warranty, and packaging information), product-related metrics, omnichannel product information, extended channel information, and store-specific data, like product catalogues and POS registers.

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Key drivers in Product Information Management Market:

• Increasing demand for centralized product data: As companies expand their product offerings and sell across multiple channels, it becomes increasingly important to have a centralized repository for product data. PIM solutions can help companies manage their product data in a more structured and efficient manner, making it easier to maintain consistency across different channels.

• Need for better data quality: Poor data quality can have a significant impact on sales, customer satisfaction, and overall business performance. PIM solutions can help companies improve the quality of their product data by ensuring accuracy, completeness, and consistency.

• Growing e-commerce industry: The e-commerce industry is growing rapidly, and companies are increasingly looking for ways to improve their online presence and drive sales. PIM solutions can help companies manage their product data across multiple channels, including e-commerce platforms, marketplaces, and social media.

• Increasing importance of customer experience: Providing a great customer experience is essential for companies to build brand loyalty and drive sales. PIM solutions can help companies improve the customer experience by providing accurate and consistent product information across all touchpoints.

• Advancements in technology: The development of advanced technologies, such as AI and machine learning, is driving innovation in the PIM market. These technologies can help companies automate certain aspects of product data management, making it easier and more efficient to manage product data.

• Growing importance of data governance: Data governance is becoming increasingly important for companies as they seek to comply with regulations, protect data privacy, and maintain data security. PIM solutions can help companies establish and maintain data governance policies and procedures, ensuring compliance with regulatory requirements.

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Latest Trends in Product Information Management Market:

• Emphasis on data analytics and insights: PIM solutions are increasingly incorporating data analytics and insights capabilities. This allows organizations to gain deeper insights into their product data and use these insights to make more informed business decisions.

• Growing adoption of cloud-based PIM solutions: Cloud-based PIM solutions are becoming increasingly popular as they offer greater scalability and flexibility than on-premise solutions. Cloud-based solutions also offer faster deployment times and lower upfront costs.

• Integration with other systems: PIM solutions are increasingly being integrated with other systems, such as e-commerce platforms, marketplaces, and ERP systems. This allows organizations to manage their product data across multiple systems, reducing duplication and improving efficiency.

• Increased use of AI and machine learning: The use of AI and machine learning technologies is becoming increasingly common in PIM solutions. These technologies can help automate certain aspects of product data management and improve the accuracy and relevance of insights.

• Focus on data governance and compliance: As data privacy regulations become more stringent, there is a growing emphasis on data governance and compliance in the PIM market. PIM solutions are incorporating features to ensure data privacy and compliance with regulatory requirements.

• Greater emphasis on omnichannel commerce: As more organizations sell across multiple channels, there is a growing emphasis on omnichannel commerce in the PIM market. PIM solutions are incorporating features to manage product data across multiple channels and provide a seamless shopping experience for customers.

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Product Information Management Market Regional Outlook:

North America dominated the product information management market in terms of region in 2019. The presence of top industry suppliers working on product information management in North America and the significant spending on digitalization in this region are the main factors propelling the market's expansion. Also, the use of product information management has grown in the retail sector in order to adapt to changing consumer purchasing habits, accelerate the rise of e-commerce, and lower operating costs, all of which are expected to significantly contribute to market expansion.

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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David Correa
Allied Analytics LLP
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