Global Product Information Management Market Overview
The key driver impacting the product information management market is the rising adoption of product information management (PIM) by expanding the retail sector across the globe. For instance, As per the Crescendo Worldwide Organisation, Retail market sales globally reached approximately $24 Trillion in 2018. It is predicted that global retail sales will reach around $30 Trillion by 2023, mounting from $23 Trillion in 2017. Across the globe, the retail industry is considered one of the fastest-growing with the sales recorded in 2019 were US$ 2.47 billion. It is expected to reach Rs. US$ 1.1 trillion in 2020, as per the India Brand Equity Foundation. The growing retail sector globally is estimated to boost market demand in the forecast period as it is the majorly use product information management software market. Moreover, the growing penetration of data analytics and the concerns related to internet security and privacy globally contribute to product information management market demand in the coming years.
According to Value Market Research, the global Product information management market size was valued at around USD 9000 million in 2020 and is estimated to grow at a CAGR of about 12% during the forecast period 2021 to 2027.
The growth in demand for product information management software from the flourishing eCommerce industry is likely to augment the demand in the forecast period. For instance, the most recent UN trade and development body(UNCTA- 2020) report shows that worldwide e-commerce sales represent $25.6 trillion in 2018, which climbed by 8% from 2017. There were around 1.4 billion people globally who shopped online in 2018. The countries like China, United States, and the UK are the leading countries in e-commerce sales to consumers. In addition, B2C e-commerce was recorded at $4.4 trillion, an increase of 16% from 2017. However, the complexities in data integration & customization may hamper the market in the long run. Also, loopholes in identifying sensitive data are still not achieved is negatively impact the market. Nevertheless, the current industry trends, such as the growing demand for IoT devices, are expected to offer several beneficial market opportunities for the key players.
The product information management market is vast, with many local and global players. The product information management market is extensive, with many regional and international players. The prominent market leaders follow several strategies to improve their market status, such as extending product portfolio, acquisitions, contracts, acquisitions, amalgamation, acquisitions, product upgrades to mount their market share across the globe. The prominent players studied in the report include SAP, IBM, Oracle, Informatica, Pimcore, Akeneo, Winshuttle, Inriver, Salsify, Stibo Systems, Aprimo, Contentserv, Riversand, Mobius, Perfion, Pimcore, Profisee, Vinculum, Censhare, Pimworks, Vimedici, Truecommerce, Magnitude Software, Plytix, and Syndigo.
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In this research report, the product information management market is segmented by enterprise size, end-user industry, and region.
Analysis by Enterprise Size:
By enterprise size, the report is categorized into large enterprise and small & medium enterprise (SME). The large enterprise segment dominates the enterprise size segment with over 55% share in 2020. It is due to massive adoption by large enterprises as it offers a single centralized system to manage product information across the sectors. There is always a demand for scalable, flexible, and convenient services by large enterprises are likely to create more demand by large enterprises. Moreover, large enterprises are capable enough to invest heavily in advanced technologies to improve overall productivity and efficiency, contributing to the high market demand from large enterprises in the forecast period.
Analysis by End-User Industry:
By end-user industry, the report is categorized into BFSI, healthcare, IT and telecom, retail, government and defense, manufacturing, media and entertainment, and other end-user industries. The retail segment dominates the end-user industry segment with over 20% share in 2020. It is because of rising complexity in the retail industry's distribution & supplier networks globally, which creates demand for effective product information across all distribution channels to increase sales. This leads to high adoption by retail companies. Moreover, the growing focus on enhancing customer experience and high implementation of artificial intelligence and retail analytics tools in the retail and e-commerce industry contributes to the high demand for product information management from retail in the forecast period.
Analysis by Region:
In the regional outlook of the global Product information management market, the North America region dominates globally with a 30% market share in the forecast period. It is due to the digitization and the expanding e-commerce, IT and telecom, and BFSI industry. Moreover, the major presence of key market key players in this region, such as Oracle and IBM, with high adoption of advanced technologies in most industries, particularly Banks, retail, and e-commerce sector contribute to tremendous market growth across North America.
Market Segmentation covered in the Report:
By Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises
By End-User Industry
- BFSI
- Media & Entertainment
- Retail
- Energy and Utilities
- Healthcare
- IT and Telecommunications
- Transportation and Logistics
- Other End-user Industries
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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