Global Product Information Management (PIM) Market is Forecast to Grow at the CAGR of 11.2% in the Forecast Period
Published | 08 October 2021
The global product information management (PIM) market is growing at a high CAGR because of its wide application in various industries including banking, financial services, and insurance (BFSI), retail, manufacturing, etc., and the growing demand for centralized data management tools across industries…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global product information management (PIM) market was worth USD 8.5 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 11.2%, earning revenue of around USD 17.9 billion by the end of 2027. The global product information management (PIM) market is flourishing because of its wide application in various industries including banking, financial services, and insurance (BFSI), retail, manufacturing, healthcare, and IT & telecom. Furthermore, the PIM services offered by the companies like training, support, and maintenance service providers guide companies after deployment of PIM assist enterprises in making appropriate and informed decisions for gaining desired business outcomes. 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. However, misconceptions surrounding complexities in using PIM and the risk of data theft may act as a major restraining factor for the global product information management (PIM) market growth.
Consistent Product Launches Is Anticipated to Drive the Global Product Information Management (PIM) Market
With expanding the scope of product information management in various industries such as manufacturing and e-commerce, many software and solution provider companies are incessantly launching PIM systems to grab lucrative growth opportunities. For instance, Orbweaver Sourcing, LLC, a data integration and automation company, recently announced the release of an industry-specific part information management (PIM) system. Similarly, Widen, a leading enterprise digital asset management solution, also recently launched upgrades to the Widen Collective, that combines digital asset management (DAM) and production asset management (PIM) into a one-category bending solution. Such launches go a long way in increasing the penetration of PIM, propelling its market growth.
Increasing Demand for Centralized Data Management Is Expected to Boost the Global Product Information Management (PIM) Market
As businesses are expanding their scope beyond geographical boundaries with increasing globalization, the need for data management tools for efficient management of business operations is also growing, boosting the demand for PIM systems. A product information management system collects, manages, and processes product information in a single place and assists in creating product catalogs and distributing product information to sales channels and e-commerce channels. This eliminates the need for human intervention in such redundant tasks, boosting business efficiency.
Global Product Information Management (PIM) Market - By Deployment
Based on deployment, the global Product Information Management (PIM) market is segmented into on-premises and cloud. The on-premise segment holds the largest market share. However, cloud deployment is projected to witness the highest CAGR during the forecast period. COVID-19 pandemic emerged as the major driving factor for the cloud deployment as offices were closed down due to nationwide lockdowns and in-person visits of technicians were not deemed safe during such situations. Furthermore, the increasing adoption of technological advancements in organizations and the rapid shift towards cloud is boosting their trust in the safety of cloud deployment methods. This is expected to boost the market in the forecast period.
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Global Product Information Management (PIM) Market - Regional Insights
Geographically, the global product information management (PIM) market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The North America region is likely to dominate in the product information management (PIM) market. The Asia-Pacific region is anticipated to emerge as the leading market for PIM in the forecast period. The flourishing manufacturing and e-commerce business in developing countries like India, Japan, China, South Korea, etc., and growing demand for low-cost products manufactured in these regions are propelling the demand for efficient product information management (PIM) for efficient management of the business.
Impact of COVID-19 on Global Product Information Management (PIM) Market
The global product information management (PIM) market was presented with lucrative growth opportunities during the outbreak of the COVID-19 pandemic. The market initially faced a setback when the operations of various major end-user industries such as e-commerce, manufacturing, retail, etc., were halted. Since the production and distribution channels were completely restricted, the need for product information management dropped down, negatively affecting the market. However, the global market is expected to witness high growth in the post-COVID-19 period as e-commerce and online businesses flourish.
The leading players in the global product information management (PIM) market are SAP SE, Riversand Technologies Inc., Salsify Inc., Plytix Limited, Syndigo LLC, Akeneo SAS, Informatica LLC, Pimcore USA, inRiver AB, IBM Corporation, Stibo Systems Inc., Agility Multichannel Limited, EnterWorks Acquisition Inc., Oracle Corporation, ADAM Software NV, Winshuttle, Vinculum, Matrix, and other prominent players.
The prominent market participants compete based on price and product quality. Small and medium-sized players in the global product information management (PIM) market 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.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global product information management (PIM) market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global product information management (PIM) market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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