The global product information management market is expected to witness significant growth, expanding at a CAGR of 17.5% during the forecast period from 2018 to 2026. The growth is primarily due to the increasing need for a centralized repository to manage important information related to the products. The main purpose of product information management is to securely store product information so that it can be easily extracted, retrieved, assessed, and utilized. Without a proper product information management system in place, these processes can be very time-consuming and cumbersome. Product information management is helpful in providing safe and secure access to the information that is stored in the centralized system. It enables easy and quick access to the repository information and, at the same time, provides strategic data storage techniques while maintaining data quality. As a result, increasing demand for centralizing product data information is driving the growth prospects of the product information management market worldwide.
Product information management streamlines and automates the business process for consistent, efficient, and accurate management of product content. In any business organization where product information is scattered across different departments or verticals, a product information management tool is a requisite. It helps collect information from different departments and transform it into one product database that is accessible to everyone. Management of product information aids businesses in reducing the overall time and cost required for generating, storing, publishing, and managing information. Product information management is the most commonly used thread that runs through e-commerce, sales, and marketing domains.
The rapid growth of the e-commerce industry is another significant factor facilitating the growth of the product information management market. The e-commerce sector has given rise to multichannel retailing, where distinct channels require distinct versions of product information. Organizations with high volumes of inventory must have accurate and up-to-date product information. The cost of inaccurate inventory, incorrect shipments, returned items, and other errors can have a significant impact on the profitability of a business organization. The rise in multichannel commerce, online retailing, etc., has led to exponential growth in product data and also raised the complexity of managing it. This, in turn, has increased the adoption of product information management solutions for managing product information across multiple sales channels and locations.
Market Snapshot
Software held the largest market share in 2017.
Based on offerings, the global product information management market was dominated by the software segment in 2017 and is likely to remain dominant throughout the forecast period from 2018 to 2026. Product information management software saves time and money, reduces errors in product information and customer orders, allows flexibility with evolving products, helps offer a uniform customer experience across all channels, etc. As a result of the aforementioned benefits of PIM software, as well as the growing need of enterprises to harmonize and centralize all marketing and technical information of their products and catalogs, the segment is growing, which is facilitating the growth of the overall product information management market.
The Cloud-based Model is Likely to Emerge as the Fastest-Growing Segment from 2018 to 2026.
Based on the deployment model, the on-premise segment led the market in 2017. The security features offered by the on-premise model over the cloud are mainly supporting the growth of this segment. Several organizations across the globe are still largely dependent on the on-premise deployment model. However, with an on-premise product information management tool, as the product catalog grows, so do the number of users and the requirements. As a result, the infrastructure and servers age, affecting the performance of product information management software. The market is already witnessing a paradigm shift from on-premise to cloud, and therefore cloud-based models are projected to emerge as the fastest-growing segment during the forecast period from 2018 to 2026. In order to address enterprise-wide use cases, cloud-based product information management solutions have remarkable product features and offer a faster roadmap to address requirements as businesses evolve. By moving product information management to the cloud, companies can harness the full capabilities of accurate data for promoting innovation, decreasing the cost of quality, exceeding customer expectations, and driving revenues.
North America Leads the Product Information Management Market Globally.
Based on geography, the product information management market was dominated by North America in 2017 and is expected to demonstrate notable growth during the forecast period from 2018 to 2026. The presence of prominent players such as IBM (International Business Machines Corporation), Oracle Corporation, Edgenet, Inc., Informatica, Netcracker, Inc., and Salsify, Inc. supports the market's growth and is likely to provide lucrative opportunities for the growth of the product information management market in the region. Moreover, North America has been extremely responsive to adopting the latest technological advancements, such as the integration of big data and business intelligence (BI) tools within product information management solutions, which in turn supports regional growth.
Competitive Insights
Major players in the product information management market include Aprimo LLC, Agility Multichannel Limited, Akeneo, Catsy, Censhare AG, Edgenet, Inc., International Business Machines Corporation, Informatica, inRiver AB, Netcracker, Inc., Oracle Corporation, Pimcore GmbH, Plytix, Riversand Technologies, Inc., Salsify, Inc., SAP SE, and Shotfarm, among others.
The product information management market appears fragmented and competitive in nature owing to the presence of regional as well as international players. Partnerships, mergers and acquisitions, and product innovation remain some of the key strategies adopted by the players to strengthen their position and achieve a competitive edge over other players in the global product information management market. For instance, in January 2018, Akeneo, one of the leading providers of product information management solutions, acquired Sigmento, an Israel-based product data automation company. The acquisition has strengthened Akeneo's position among the product information management providers and will reinforce the company's mission to aid end users in turning product information into influential brand assets.
Periods of History and Forecast
The research report presents the analysis of each segment from 2016 to 2026,considering 2017as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments was calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
The product information management market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global product information management market based on offerings, deployment models, end-use verticals, and geography. Key segments covered in the report are as follows.
Key questions are answered in this report.
What was the market size of product information management in 2017 and the forecast up to 2026?
What are the factors driving the product information management market?
What are the key market trends in the product information management market?
Which is the largest regional market for product information management?
Which players are leading the product information management market?
What are the sustainability strategies adopted by the key players operating in the market?
This report's distinct data points
Current and future scenarios of product information management across the globe
The adoption rate of product information management across various end-use verticals
Comparative scenario for all segments for the years 2017 (actual) and 2026 (forecast)
Qualitative and quantitative insights across different geographies and sub-geographies
comprehensive mapping of the competitive landscape and the market participants' behavior.
Must-have information for market players to enhance and sustain their market footprint
Frequently Asked Question:
The market for Product Information Management Market is expected to reach USD$ XX Bn in 2026.
The Product Information Management Market is expected to see significant CAGR growth over the coming years, at 17.5%.
The report is forecasted from 2018 -2026.
The base year of this report is 2017.
Aprimo LLC, Agility Multichannel Limited, Akeneo, Catsy, Censhare AG, Edgenet, Inc., International Business Machines Corporation, Informatica, inRiver AB, Netcracker, Inc. are some of the major players in the global market.
