The Product Information Management Market was valued at USD 8.27 billion in 2019 and is expected to reach USD 31.84 billion by 2025, at a CAGR of 25.2% over the forecast period 2020 - 2025. While product information management cannot create an augmented reality situation by itself, data within PIM can be used to create an AR-based interface on web interfaces, which is an ongoing trend. Web users on product pages can use their smartphones to interact with products while they are on the product page with the help of AR.
- Growing demand to centralize data management tools is driving the market. Managing and sharing that information which spans a complex array of attributes, relationships, records and assets is a process that exceeds the capability of traditional product information management (PIM), by which the demand of market is increasing for data quality and building loyalty with the value chain partners.
- Growing demand for better customer service is driving the market. By publishing product information consistently across all channels and business systems, internal departments such as sales, marketing, and in-store staff can readily access reliable information about stock status. With PIM implemented, staff can serve customers better by providing the relevant information, removing buying obstacles, leading them further along the sales cycle.
- Increasing data breaching cases is restraining the market as customers may decide to flee to a competitive alternative if the theft of data occurs by any competitors and it may damage a company’s brand reputation.
Scope of the Report
The product information management market is now gaining traction in various end-user industries, and has caught the eye of various organizations for better information management and storage. PIM offers a centralized platform, cost-effective and manage data on a business's products and services under verticals in BFSI, healthcare, retail, etc.
Key Market Trends
E-commerce to Drive the Market Growth
- The adoption of product information management(PIM) is booming in e-commerce industry. The growing focus on enhancing customer experience and the adoption of artificial intelligence and analytics tools are some of the major factors owing to the growth of solutions in the e-commerce sector.
- Traditional PIM approaches usually relies on point to point integration in online platform, an approach in which applications and systems are connected through a one-to-one relationship, but now large amount of data is generated for which API-led connectivity in PIM is made to handle from inventory to order history systems.
- A strong PIM solution centralizes and syncs product data across the entire technology stack allowing back-office and marketing teams to manage, merchandise and market everywhere customers want to shop. A PIM working with an ERP and e-commerce platform will improve both back-end and front-end workflows.
- PIM software performs function by supplier onboarding tools to increase information quality and eliminate errors and maintain customer ratings, reviews, comments and behavior in online platform, where retailer can use them in other areas of the retail business.
- IBM InfoSphere is a robust solution designed to give retailers and businesses the real-time data they need to make strategic decisions. It offers data aggregation and syndication, collaborative workflows, auditing, reporting, flexible data modeling and hundreds of other helpful features, which help to increase the online sales effectively.
Asia-Pacific to Witness the Fastest Growth
- Asia-Pacific is witnessing fastest growth as digitization has exponentially increased the volume and speed of data generation, which is creating the need for this huge data storage and security. Centralizing and harnessing information from this data is providing a competitive advantage to companies in this region, which drives the demand of the market.
- Immense market potential in Asia-Pacific is expected to draw several international players to expand into the region. For example, as of May 2018, Walmart acquired Flipkart to expand into the Indian e-commerce market, which shows a market growth in the retail sector.
- The pharma analytics technology in Asia-Pacific, which extensively uses data for quantitative and qualitative analysis is undergoing an industry transformation from volume-based medicines and reimbursement to value-based medicines that needs proper supply chain management. Companies are seeking to implement a robust Product Information Management (PIM) solution to aggregate item information in one centralized location and publish the same information to their supply chain and regulatory agencies.
The product information management market is highly fragmented and competitive in nature owing to the presence of regional as well as international players. Players are doing mergers & acquisitions and product innovation to maintain their position in the market, which holds a high rivalry among the competitors. Key players are SAP AG, IBM Corporation, Oracle Corporation, etc. Recent developments in the market are -
- Jan 2019 - Unbxd launched a new AI-powered product information management solution. The product provides a faster product-to-market time by automating and centralizing the process behind the generation of product content and experiences.
- Feb 2019 - Akeneo, a leading provider of Product Information Management (PIM) solutions for corporate brands and retailers, announced the launch of Akeneo PIM Version 3.0 and its new AI-based product library, Franklin, at the Akeneo PIM Summit, the global gathering of Akeneo customers and partners in Paris, France.
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