Global Product Information Management (PIM) Market, By Component (Solution and Services); By Deployment Type (On-Premises and Cloud); By Region (North America, Europe, Asia Pacific, and Rest of the World); Trend Analysis, Competitive Market Share & Forecast, 2021-2027

Upcoming:
January 2021
Report Code:
BWC20272
Available Format:
PDF PDF Icon
Pages:
180

global product information management (pim) market

Global Product Information Management (PIM) Market size- Industry Trends & Forecast Report 2027.

The global product information management (PIM) market worth USD 8.5 billion in 2020, and is further projected to reach USD 17.9 billion by 2027, growing at a CAGR of 11.2% during 2021-2027 (forecast period). The Product Information Management (PIM) market is likely to grow in the forecast timeframe due to the rising demand for PIM solutions from the flourishing e-commerce industry and the increasing need to offering enhanced customer services. Furthermore, rising digitalization, along with the growing demand for centralized data management tools across industries are the key factors driving the growth of the market.


Source: BlueWeave Consulting


GlobalProduct Information Management (PIM)Market Overview:

Product Information Management (PIM) is defined as a collection of systems that are particularly used for managing and centralizing product information. It is usually used by e-commerce organizations to maintain product catalogs with consistent and accurate information. This product information management system can be combined with catalog management along with the business process management and data quality to identify and sort problematic data and forward it to the desired distribution channels. It is also used in finds extensive applications across various industries, including banking, financial services, and insurance (BFSI), retail, manufacturing, healthcare, and IT & telecom.

 

 

Product Information Management (PIM) Market Forecast and Trends

 

Growth Drivers 

 

Rising demand for PIM solution from flourishing eCommerce industry 

The e-commerce industry has been booming at a tremendous pace across the globe, owing to the rising consumer demand for products, rising Internet access, and the rising penetration of smartphones. Online sales have also been raised to almost 18% every year. In countries such as Mexico, India, the Philippines, and China, the e-commerce industry is growing at a rate of more than 25%. The various E-commerce sites are receiving more orders from people living in the urban areas of countries like China and India. Amazon.com Inc., Alibaba Group Holding Ltd., eBay Inc., Walmart Inc., and Target Brands Inc., among others, are the major players in the e-commerce industry. Furthermore, With amidst COVID-19 the spending in e-commerce has been growing rapidly worldwide. With the rapidly growing e-commerce industry, it is also expected that the demand for PIM solutions to rising during the forecast period as PIM enables management and edit all product information easily. 

 

Incorporation of AI and ML capabilities to improve information management and customer experience is acting as a driver for the market

The various organizations across different industries such as healthcare, retail, and BFSI among others have been investing largely and adopting new technologies namely AI and to grow and to stay ahead of their competitors. Also, AI-powered PIM offers, automatic classification of products, enrichment processes through the selection of data from trusted sources, scoring of products, and providing contextual recommendations has been booming in the market. AI-powered PIM solutions can also generate automated insights about data issues and can create an integrated view of the data present across multiple systems, for helping customers understand their products better. Further, AI-embedded chatbots can also improve customer experience and satisfaction, resulting in enhanced revenue and profits. 

 

Restraints 

 

Misapprehensions about data security and privacy risks 

Compliance for security has been the organization of the primary concern across the globe is reluctant to adopt new solutions that largely involve data handling and shifting from one platform to another. PIM also involves data collection and transmission from one channel to another. The synchronization of the data across channels is also involved with the PIM system. But the lack of proper knowledge about security frameworks and their implementation, forcing many companies to generally have the perception that PIM solutions might lead to data breaches in their highly abstracted data sets. Thus, the company prefers vendors who can customize their existing systems to manage their product information and withstand the competition. Similarly, a few Small and Medium-Sized Enterprises (SMEs) that still want to adopt cloud-based PIM solutions withdraw their decision due to privacy concerns associated with the cloud. 

 

Impact of COVID-19 in industry

 

The global economy and humanity have been pushed into a crisis due to the COVID-19 pandemic. Due to the high infection rate and adverse impact on public health systems, various governments have enforced nationwide lockdowns significantly impacting manufacturing supply chains, trade, and related services. Players are currently considering digital solutions that would enable them to serve the community and provide new opportunities to do business. The production, manufacturing, supply chain, and other operations, have slowed down globally aimed to limit the spread of coronavirus,

The global impact of the coronavirus disease 2019 (COVID-19) is likely only beginning and would significantly affect the Product Information Management (PIM) market in 2020. Though, the COVID-19 pandemic has positively impacted the PIM hardware demand from enterprises in 2020. The PIM demand for retail is expected to increase during 2020 - 2021 due to the increased e-commerce penetration across the globe. This would provide opportunities for PIM vendors.

 

Product Information Management (PIM) Market: By Component 

 

Based on the Component, Product Information Management (PIM) market is segmented into Solution and Service. The service segment is likely to dominate in the market as the vendors offer training, support, and maintenance services to help in-house staff understand PIM systems. These services also provide a cost-effective way that ensures performance at the highest level of in-house staff. Training, support, and maintenance services are important for end users because certain companies do not have the expertise to understand the complexities involved in configuring PIM. These services play a crucial role in the maintenance of PIM solutions. The training, support, and maintenance service providers guide companies after deployment of PIM that particularly helps address specific business-process requirements most feasibly. These services assist enterprises in making appropriate and informed decisions for gaining desired business outcomes.


Source: BlueWeave Consulting


Product Information Management (PIM)Market: Regional Insight

North America region is likely to dominate in the Product Information Management (PIM) market, followed by the Asia Pacific, and others. The developing countries like the US and Canada have major opportunities for industrial production, retail sales, and fixed-asset investment for Product Information Management (PIM). Several other economies such as Indonesia, the Philippines, and Singapore in the Asia Pacific region are also forecast to grow at modest rates. The company's productivity is directly proportional to the productivity of workers. Hence, businesses in these regions are commonly embracing different instruments to help workers increase their productivity.

Source: BlueWeave Consulting


Recent Development

 

·         In October 2020, Pimcore had introduced new features and improvements. The company also updated its Pimcore platform and had added new features, such as an editable dialog box, cache performance improvement, and tree sorting.

·         In June 2020, Winshuttle had formed a partnership along with ABBYY, a digital intelligence company. The main aim behind the partnership is to help organizations and businesses in digital transformation, which involves extracting data from physical documents and automatically loading it into SAP.

 

Competitive landscape

The Product Information Management (PIM)market is fragmented owing to the presence of number of companies that providesvariedProduct Information Management (PIM)products. However, the companies that hold the majority share of Product Information Management (PIM)market areOracle , SAP , IBM , Informatica , Pimcore , Akeneo ,Inriver , Winshuttle, Riversand Salsify , Aprimo , Stibo Systems , Contentserv, Mobius , Perfion, Profisee, Censhare , Vinculum , Pimworks (US), Truecommerce , Vimedici, Magnitude Software , Plytix and Syndigoand othersprominent players.

In the Product Information Management (PIM)market, prominent market participants compete on the basis of price and product quality. Small and medium-sized market players are expected to show considerable improvements in the foreseeable future, given the moderate level of capital expenditure needed to set up a business. The large-sized companies, however, are likely to aim for global expansion, in a bid to gain a more considerable brand reputation.

Scope of the Report

Attribute

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Billion

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Russia, Brazil, Japan, South Korea, China, UAE, South Africa, UAE, Turkey, India, Rest of APAC, Mexico, Argentina, Rest of Latin America, Saudi Arabia, Rest of MEA, Rest of Europe, GCC

Product/Service Segmentation

By Component, By Deployment Type, and By Region

Key Players

Oracle , SAP , IBM , Informatica , Pimcore , Akeneo ,Inriver, Winshuttle, Riversand Salsify , Aprimo, Stibo Systems , Contentserv, Mobius , Perfion, Profisee, Censhare, Vinculum , Pimworks (US), Truecommerce, Vimedici, Magnitude Software , Plytixand Syndigoand others.

 

 

Scope of the Report

By Component

Ø  Solution

Ø  Services

ByDeployment Type

Ø  On Premises

Ø  Cloud

 

By Region

Ø  North America

Ø  Europe

Ø  Asia Pacific

Ø  Middle East and Africa

Ø  Latin America






COVID-19

We've been tracking the direct impact of COVID-19 on this market, and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Contact our sales team for more details at

Contact Now

WHY CHOOSE US

  • 24/7 Research support

    Get your queries resolved from an industry expert. Request for a free product review before report purchase.

  • Coustom Research Service

    Ask the Analyst to customize an exclusive study to serve your research needs.

  • Quality & Accuracy

    offers best quality reports based on various authentic and accurate data findings.

  • Data Visualization

    As the business world is changing dynamically every day. We need to stay pin point in relation to data management and optimum data utilization

  • Information security

    We never share your personal and confidential information. Your personal information is safe and secure with us.