The global Product Information Management market was valued at USD 7,003.98 million in 2019 and is expected to reach USD 14,809.81 million by 2027, growing at a CAGR of 9.97% from 2020 to 2027.
The process of handling all the data that is required to market and sell the products is referred to as product information management, also known as PIM. The motto of implementing PIM, within organizations, is to create quality data both for internal use and distribution channels. The application of PIM also encourages the count of sales channels, offers a wide array of products with an accurate description, and determines numerous requirements. The elevating demand for centralized data management tools is expected to offer a steady growth to the market
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Market Key Players
Various key players are discussed in this report such as
- Stibo Systems, and
The product information management market is expected to have steady growth during the foreseen period. The factors influencing the global product information management market growth accounts for the intensifying demand for centralized data storage to save the data related to products and aids in eradicating the data inconsistencies across numerous data storage systems. In addition, the implementation of PIM systems also ensures better customer services that attract consumers boosting the market potential.
Moreover, the integration of AI and Ml capabilities, in PIM solutions, also improves the information management and customer experience; thereby creating lucrative growth opportunities for the market. On the flip side, the increasing data breaching cases coupled with the privacy issues are likely to restrict the sale; which in turn, decreases the global product information management market potential in the next decade.
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Product information management (PIM) is mainly used to market the product so that it reaches maximum number of customers. This software benefits in shortening the time required for the promotion of new products launched in the market through various sales channels such as social media, e-commerce portals, distributers, and others. With PIM, consumers can get appropriate information, images and other digital media. Thus, owing to various benefits, retailers are increasingly adopting PIM software which is expected to drive the growth of the global product information management market.
For instance, in October 2019, an e-commerce company, Verishop announced that they had started to employ product information management software (PIM) solutions in order to help start-ups to scale up the speed of introducing & launching their products in the market
Challenges: Increasing data security concerns and lack of awareness about PIM to hamper the market growth
The rise in number of cyber-attacks is resulting in rising concerns regarding data security. According to the World Economic Forum, as of 2019, cyber-attacks are among the top 5 risks to global stability.
Furthermore, the increasing data breaches is another factor predicted to restrict market growth. For instance, according to the Verizon Data Breach Investigation, in 2014,around 2,100 data breaches were reported where 700 million records were exposed. Moreover, according to Statista, in 2018, around 1,244 data breaches were reported in the U.S. where 446.5 million records were exposed.
Trends: Growing trend towards adoption of PMI in major verticals
The trend of adopting PMI in major verticals is contributing to the growth of the global product information management market. This is mainly because product information management has applications across healthcare, retail, BFSI, IT & telecom, transportation & logistics, etc. In the pharmaceutical &healthcare sector, a surge in number of drug approvals has attributed to the growth of PIM solutions. For instance, in 2015, the Food and Drug Administration (FDA) approved 51 new drugs. This total 51 comprises 45 drugs approved by FDA’s CDER (Centre for Drug Evaluation and Research) and 6 recombinant therapies approved by CBER (Centre for Biologics Evaluation and Research).
Opportunity: Technological advancements in product information management to create lucrative growth opportunities in global industry
The product information management, technological advancements and innovations in production information management is likely to create lucrative growth opportunities in the global market. For instance, Akeneo SAS, in February 2019 declared the introduction of ‘Akeneo PMI Version 3.0’ and ‘Franklin,’ which is the company’s new AI-based product library. The PMI solution contains machine learning-enabled data intelligence capabilities. The Franklin solution automates the process of product information enrichment & curation and allows addressing a major problem for most retailers and brands.
The sudden outbreak of COVID has impacted numerous industries globally, resulting in dropping down sales. The lockdown situation has recorded almost zero sales of the product, but the unlocking process has boosted the e-commerce sector. As a result, the need for appropriate maintenance of data supporting the information related to the product is attracting clients towards product information management solutions
Product Information Management Market is segmented into component such as Solution and Services. Further, market is segmented into vertical such as Consumer Goods and Retail, IT& Telecom, BFSI, Healthcare & Life Sciences, and Others.
Also, Product Information Management Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.