Product Information Management Global Market Report 2024

Product information management involves the process of managing and enhancing product information and relevant digital content across multiple teams, aiming to provide an engaging consumer experience and facilitate successful product selling across various sales and marketing channels. The goal is to ensure that consistent and up-to-date information is available throughout the entire business ecosystem.

The primary types of product information management include software and services. Software refers to the programs and operating information used by a computer. Product information management can be deployed on-premises or in the cloud and is applicable to organizations of various sizes, including large enterprises and small and medium-sized enterprises. This management approach is utilized by a range of industries, including consumer goods and retail, banking, financial services, and insurance (BFSI), telecom and IT, manufacturing, transportation and logistics, media and entertainment, as well as other end users.

The product information management market research report is one of a series of new reports that provides product information management market statistics, including product information management industry global market size, regional shares, competitors with a product information management market share, detailed product information management market segments, market trends and opportunities, and any further data you may need to thrive in the product information management industry. This product information management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The product information management market size has grown rapidly in recent years. It will grow from $13.95 billion in 2023 to $16.4 billion in 2024 at a compound annual growth rate (CAGR) of 17.6%. The growth observed in the historical period can be attributed to factors such as the rising complexity of product data, the need for regulatory compliance, the growth of e-commerce, the demand for operational efficiency, and the increasing expectations of customers.

The product information management market size is expected to see rapid growth in the next few years. It will grow to $32.88 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%. The anticipated growth in the forecast period can be attributed to factors such as the globalization of markets, a heightened emphasis on data quality and governance, integration with other business systems, and the growing importance of omnichannel marketing. Major trends expected in the forecast period include the integration of AI and machine learning, the adoption of cloud-based Product Information Management (PIM) solutions, the development of mobile PIM applications, enhanced personalization capabilities, the use of blockchain for data integrity, cross-channel data synchronization, collaborative PIM, and real-time data management.

The growth of the product information management software market is fueled by the increasing demand from the thriving eCommerce industry worldwide. These systems empower businesses to effectively assess, structure, and validate their brand and product data before disseminating it to all supply chain partners in relevant formats and at the right time. The eCommerce sector continually explores new digital technologies to align with the rapidly evolving pace of eCommerce development and meet the diverse demands of customers. For example, the global eCommerce industry's revenue is projected to rise by 12% YoY, reaching $2.7 trillion in 2021, driven by the industry's rapid digitalization and the growing number of online buyers. Therefore, the burgeoning demand from the thriving eCommerce industry is expected to drive the growth of the product information management software market in the near future.

The anticipated growth of the product information management market is further driven by the increasing adoption of artificial intelligence (AI) in businesses. AI involves the creation and implementation of computer systems capable of performing tasks traditionally requiring human intelligence. The integration of AI and machine learning within Product Information Management (PIM) systems enhances insights and automates data processes, resulting in improved decision-making and increased productivity. In 2022, 35% of global businesses utilized AI, marking a 4% increase from 2021. Additionally, there was a 13% surge in AI adoption from 2021 to 2022. Consequently, the rising adoption of artificial intelligence is poised to propel the growth of the product information management market.

The product information management market is advancing with the integration of artificial intelligence and machine learning capabilities to enhance information management and customer experiences. As AI and machine learning become prominent trends, businesses are keen on leveraging these technologies to enhance their digital experiences. Integrating AI into PIM systems allows businesses to provide more effective, intuitive, and meaningful consumer purchase experiences with updated product data on eCommerce websites. For instance, VouchPro, an Indian-based provider of managed live streaming services, improved virtual attendee experiences for VouchPro events by integrating AI. Hence, the integration of AI and machine learning to enhance information management and customer experiences is a driving force behind the market's more efficient growth.

Major companies in the product information management market are introducing innovative solutions by integrating PIM with digital asset management systems to enhance rich media creation and streamline asset management. The integration of a Digital Asset Management (DAM) system directly into PIM serves the dual purpose of centralized eCommerce digital asset management and significantly enhancing the quality of Product Detail Pages (PDP) on digital storefronts. For example, Jasper Commerce, Inc., a Canada-based PIM software company, launched the latest Jasper PIM SaaS solution featuring DAM capabilities. This empowers clients to deliver comprehensive augmented reality (AR) experiences, resulting in a remarkable 19% boost in customer engagement and an impressive 90% increase in sales conversion rates.

In January 2021, inRiver, a Sweden-based product information management company, acquired Detail online, a Swedish AI-powered analytics solution. This acquisition enhances inRiver's digital-first PIMTM solution, accelerating time-to-market and improving purchase experiences by leveraging data to enhance content performance and address real-time challenges in channels or products.

Major companies operating in the in the product information management market report are International Business Machines Corporation, SAP SE, Informatica LLC, Magnitude Software Inc., Contentserv Inc., Plytix Limited, Salsify Inc., Riversand Technologies Inc., Pimcore, Akeneo SAS, Stibo Systems A/S, EnterWorks Acquisition Inc., Agility Multichannel Limited, Mobius Knowledge Services Inc., Profisee Group Inc., Censhare AG, Vinculum Solutions Inc., TrueCommerce Inc., Vimedici AG, Imagine Communications Corp., inRiver AB, StoreGekko Limited, Idiosity Inc., Icecat NV, Skypim Limited, Merchantry Global Inc., ADAM Software NV, Oracle Corporation, ASIM Products

North America was the largest region in the product information management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the product information management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the product information management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The product information management market includes revenues earned by entities providing software solutions and services including consulting and implementation, training, support, and maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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