Product Information Management (PIM) Market Business Growth, Development Factors, Forecast 2019-2028
Product information management streamlines and automates the business process so that product quality is managed consistently, efficiently, and reliably. A product information management tool is required in any business enterprise where product information is distributed across several departments/verticals. It helps in the collection of data from various departments and the transformation of the data into a one product data set that is accessible to everyone. Product information management helps companies and the overall time and cost of creating, storing, publishing and maintaining records. The most common thread that runs across e-commerce is product information management.
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PRODUCT INFORMATION MANAGEMENT (PIM) MARKET DYNAMICS
Increased demand for quality product information for future trade, increased demand for product information management software from booming ecommerce sector, a need to improve team competitiveness and an increased need for product data curation and management are some of the key factors driving the growth of the global product information management market. However, the lack of skilled IT employees and data inaccuracies is expected to restrict market growth.
COVID 19 IMPACT ON PRODUCT INFORMATION MANAGEMENT (PIM) MARKET
Covid19, drastically affects the world supply chain and industrial sector growth. At the initial stages of the pandemic, the world experienced, ‘supply shocks’. In the foreseeable future, the COVID-19 pandemic has accelerated the existing trend toward digital marketplaces. According to the Flexera 2020 State of the Cloud Study, 93% of companies have a multi-cloud strategy and 87% have a hybrid cloud strategy. In addition, 20 percent of companies spend more than USD 12 million a year on public clouds, and 59 percent of enterprises expect the use of cloud to exceed the existing plans due to the COVID-19 scenario. This would give rise to the adoption of cloud-based PIM offerings, providing opportunities for vendors.
PRODUCT INFORMATION MANAGEMENT (PIM) MARKET SEGMENTAL OVERVIEW
The report analyses the Product Information Management (PIM) market based on component, organization size, deployment type, vertical, and geography.
PRODUCT INFORMATION MANAGEMENT (PIM) MARKET BY COMPONENT
By component, the global Product Information Management (PIM) market is segmented into solutions and services. Solution segment is again bifurcated into multi domain and single domain solution. Services segment is segmented into consulting and implementation, and training, support, and maintenance. Training, support and maintenance service segment is expected to witness a fastest growth in the forecast period. Training, support and maintenance services are essential for end-users because some organizations do not have the resources to understand the complexities involved in configuring PIM. These service providers guide companies through the deployment of PIM to better resolve complex business-process needs in the most feasible manner. This services help businesses to make appropriate and informed decisions to achieve the desired business outcomes.
PRODUCT INFORMATION MANAGEMENT (PIM) BY ORGANIZATION SIZE
By organization size, the global Product Information Management (PIM) market is segmented into small, medium-sized enterprises and large enterprises. The use of PIM solutions and services is higher in large enterprises. PIM networks provide a centralized system for managing product information across many industries. As a result, large corporations spend aggressively in new technology in order to boost their overall competitiveness and performance.
PRODUCT INFORMATION MANAGEMENT (PIM) MARKET BY DEPLOYMENT TYPE
The global Product Information Management (PIM) by deployment type is classified into on-premise and cloud. Cloud-based segment is likely to emerge as the fastest growing segment during the forecast period. Cloud-based product information management solutions have impressive product features that provide a quicker roadmap to meet requirements as businesses evolve. By moving product information management to the cloud, businesses can make full use of accurate data to promote innovation, reduce quality costs, meet consumer demands and drive revenue.
PRODUCT INFORMATION MANAGEMENT (PIM) MARKET BY VERTICAL
The global Product Information Management (PIM) by vertical is classified into banking, financial services, and insurance, consumer goods and retail, transportations and logistics, manufacturing, IT and telecom, media and entertainment, healthcare and life sciences, and others. Among these, media and entertainment is expected to record the fastest growth rate during the forecast period. As most of the population stays at home, media and entertainment use has increased with double-digit growth. In addition, PIM provides high visibility, scalability and service management that can tackle challenges that have arisen due to a sudden increase in demand in the vertical media and entertainment sector.
PRODUCT INFORMATION MANAGEMENT (PIM) MARKET BY GEOGRAPHY
Geographically, the Product Information Management (PIM) market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the rest of the world regions which includes Latin America, and Middle East & Africa. Asia-Pacific is experiencing the fastest growth as digitization has rapidly increased the volume and speed of data generation, increasing the need for this vast data storage and protection. Centralizing and utilizing information from this data provides a competitive advantage for businesses in this region that fuels the market demand.
PRODUCT INFORMATION MANAGEMENT (PIM) KEY PLAYERS
Some of the major players operating in this market include IBM (US), Oracle (US), SAP (US), Pimcore (Austria), Akeneo (France), Inriver (Sweden), Winshuttle (US), Plytix (Denmark), Riversand (US), Salsify (US), Aprimo (US), Vimedici (Germany), Stibo Systems (Denmark), Contentserv (Switzerland), Mobius (India), Informatica (US), Perfion (Denmark), Profisee (US), Censhare (Germany), Vinculum (India), Pimworks (US), Truecommerce (US), and Magnitude Software (US)
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