The global product information management (PIM) market size reached US$ 13.1 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 31.1 Billion by 2032, exhibiting a growth rate (CAGR) of 10.08% during 2023-2032.
Product information management (PIM) refers to a system or a collection of systems utilized for managing and centralizing product information. It comprises handling of data, content and other materials required for the marketing and selling of products and ensuring that quality data is created for internal use. It is employed in e-commerce organizations to maintain product catalogs with consistent and accurate information.
PIM can be combined with catalog management, business process management (BPM) and data quality to identify and sort complex data and forward it to the desired distribution channels. Consequently, it finds extensive applications across various industry verticals, such as retail, manufacturing, healthcare, information technology (IT) and telecom, and banking, financial services, and insurance (BFSI).
PIM helps to enrich product descriptions and specifications; track progress and product completion; link images, documents and media to products; categorize products and files; manage upstream data and prepare it for sales channels; create and publish product sheets; and automate brand portal creation and maintenance. It also reduces errors and redundancies, imports and sorts supplier data quickly, reduces overheads and wasted resources, increases customer satisfaction and loyalty, sustainably expands product offerings, sells more with better content and accessible data, and eliminates bottlenecks and data silos and manual data entry and updating.
Apart from this, the burgeoning e-commerce trade across the globe is also providing a boost to the market growth on account of the increasing organizational focus on improving consumer’s experience and providing effective onboarding instruction to eliminate errors and maintain customer ratings, reviews and behavior on the online platform, thereby enhancing PIM utilization.
Furthermore, significant growth in the media and entertainment industry for publishing product information, such as media clips, sound recording, images and text files, to manage both digital and non-digital platforms, is acting as another major growth-inducing factor. Besides this, other factors, such as rapid urbanization, especially in the emerging nations, along with the integration of artificial intelligence (AI) and machine learning (ML) with PIM, are driving the market growth. Moreover, the sudden outbreak of the coronavirus disease (COVID-19) and consequent lockdowns imposed in numerous countries have resulted in a significant rise in the overall sales of e-commerce platforms, which, in turn, is anticipated to fuel the growth of the market in the upcoming years.
Cloud-based PIM solutions are nowadays considered one of the most reliable forms of IT security available as they eliminate the risk of system break down and reduce the requirement for various security platforms and constant updates.
2. What is the expected growth rate of the global product information management market during 2024-2032?
3. What are the key factors driving the global product information management market?
4. What has been the impact of COVID-19 on the global product information management market?
5. What is the breakup of the global product information management market based on the deployment type?
6. What is the breakup of the global product information management market based on the component type?
7. What is the breakup of the global product information management market based on the operating system?
8. What is the breakup of the global product information management market based on the organization size?
9. What is the breakup of the global product information management market based on the vertical?
10. What are the key regions in the global product information management market?
11. Who are the key players/companies in the global product information management market?
Product information management (PIM) refers to a system or a collection of systems utilized for managing and centralizing product information. It comprises handling of data, content and other materials required for the marketing and selling of products and ensuring that quality data is created for internal use. It is employed in e-commerce organizations to maintain product catalogs with consistent and accurate information.
PIM can be combined with catalog management, business process management (BPM) and data quality to identify and sort complex data and forward it to the desired distribution channels. Consequently, it finds extensive applications across various industry verticals, such as retail, manufacturing, healthcare, information technology (IT) and telecom, and banking, financial services, and insurance (BFSI).
PIM helps to enrich product descriptions and specifications; track progress and product completion; link images, documents and media to products; categorize products and files; manage upstream data and prepare it for sales channels; create and publish product sheets; and automate brand portal creation and maintenance. It also reduces errors and redundancies, imports and sorts supplier data quickly, reduces overheads and wasted resources, increases customer satisfaction and loyalty, sustainably expands product offerings, sells more with better content and accessible data, and eliminates bottlenecks and data silos and manual data entry and updating.
Burgeoning E-Commerce Sector on Account of COVID-19 is Propelling Market Growth
At present, increasing digitalization, along with the escalating demand for centralized data management tools across industries, represents one of the significant factors driving the growth of the PIM market. PIM enables organizations to organize their data related to products effectively while offering safe and secure access to the centralized database.Apart from this, the burgeoning e-commerce trade across the globe is also providing a boost to the market growth on account of the increasing organizational focus on improving consumer’s experience and providing effective onboarding instruction to eliminate errors and maintain customer ratings, reviews and behavior on the online platform, thereby enhancing PIM utilization.
Furthermore, significant growth in the media and entertainment industry for publishing product information, such as media clips, sound recording, images and text files, to manage both digital and non-digital platforms, is acting as another major growth-inducing factor. Besides this, other factors, such as rapid urbanization, especially in the emerging nations, along with the integration of artificial intelligence (AI) and machine learning (ML) with PIM, are driving the market growth. Moreover, the sudden outbreak of the coronavirus disease (COVID-19) and consequent lockdowns imposed in numerous countries have resulted in a significant rise in the overall sales of e-commerce platforms, which, in turn, is anticipated to fuel the growth of the market in the upcoming years.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global product information management market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on deployment type, component type, operating system, organization size and vertical.Breakup by Deployment Type:
- Cloud-based
- On-premises
Cloud-based PIM solutions are nowadays considered one of the most reliable forms of IT security available as they eliminate the risk of system break down and reduce the requirement for various security platforms and constant updates.
Breakup by Component Type:
- Software
- Single Domain
- Multi-Domain
- Services
- Consulting and System Integration
- Training, Support and Maintenance
Breakup by Operating System:
- iOS
- Windows
- Android
- Others
Breakup by Organization Size:
- Small and Medium Enterprises
- Large Enterprises
Breakup by Vertical:
- BFSI
- Manufacturing
- Retail
- Healthcare
- IT and Telecom
- Logistics and Transportation
- Travel and Hospitality
- 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
Competitive Landscape:
The competitive landscape of the market has been analyzed in the product information management market report, along with the detailed profiles of the major players operating in the industry. Some of these players are Aprimo US LLC, Magnitude Software, Inc., International Business Machines (IBM) Corporation, Informatica LLC, inRiver Inc., Oracle Corporation, Pimcore GmbH, Riversand Technologies, Inc., SAP SE and Stibo Systems.Key Questions Answered in This Report
1. What was the size of the global product information management market in 2023?2. What is the expected growth rate of the global product information management market during 2024-2032?
3. What are the key factors driving the global product information management market?
4. What has been the impact of COVID-19 on the global product information management market?
5. What is the breakup of the global product information management market based on the deployment type?
6. What is the breakup of the global product information management market based on the component type?
7. What is the breakup of the global product information management market based on the operating system?
8. What is the breakup of the global product information management market based on the organization size?
9. What is the breakup of the global product information management market based on the vertical?
10. What are the key regions in the global product information management market?
11. Who are the key players/companies in the global product information management market?
Table of Contents
1 Preface3 Executive Summary13 Value Chain Analysis15 Price Indicators
2 Scope and Methodology
4 Introduction
5 Global Product Information Management Market
6 Market Breakup by Deployment Type
7 Market Breakup by Component Type
8 Market Breakup by Operating System
9 Market Breakup by Organization Size
10 Market Breakup by Vertical
11 Market Breakup by Region
12 SWOT Analysis
14 Porters Five Forces Analysis
16 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- 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
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 139 |
| Published | August 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 13.1 Billion |
| Forecasted Market Value ( USD | $ 31.1 Billion |
| Compound Annual Growth Rate | 10.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
