According to BlueWeave Consulting, 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). Product Information Management (PIM) provides a quick snapshot of the products in a channel, and captures and uploads data, and maps it to the customer needs while validating, enriching, and augmenting the data in real-time and automate the creation of product information using data from multiple sources to help improve product assortment and achieve faster syndication of product data across channels. Thus, the benefits associated PIM solution helps businesses to reduce time and offer automation to update product information on the eCommerce platform.
Misapprehensions about data security and privacy risks are acting as a major restraint for the market
For instance, recently in October 2020, Pfizer had suffered a data breach due to email addresses, home addresses, full names, and other HIPAA related information from unsecured cloud storage. Another, major reason that company is reluctant to adopt a cloud-based solution is system integration complexities. Hence, security and other compliance have been the organization of the primary concern across the globe are reluctant to adopt new solutions that involve data handling or shifting from one platform to another. PIM involves data collection and transmission from one channel to another. The synchronization and publishing of the data across channels have been also involved with the PIM system.
Varied data and government regulations across industries and regions are hampering the market growth
Data security concerns have been growing rapidly and it is very crucial to protect individual data. Thus, the government organization and associations have created numerous regulations and guidelines across all industry verticals. Companies across industries and countries have varied regulations with which PIM companies, as well as industry participants, need to comply. For instance, in countries like India, Government e-Marketplace (GeM) controlled by the Ministry of Commerce and Industry mandated for sellers to enter the Country of Origin while registering all new products on GeM. In the US, also medical device manufacturers need to comply with the Global Unique Identification Database a database administered by the Food and Drug Administration for better product assortment and global identification.
Service Segment occupy the largest share of the Product Information Management (PIM) market
The service segment is likely to dominate as services play a most important 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 also assist enterprises in making appropriate and also informed decisions for gaining desired business outcomes. The AI-embedded chatbots are improving improve customer experience and satisfaction, resulting in enhanced revenue and profits. Similarly, ML-enabled PIM solutions help organizations to manage compliance, drive data-based digital transformation and achieve better operational efficiency by sensing any upcoming data quality issues and suggest apt solutions to improve data matching and avoid data inconsistencies.
Global Product Information Management (PIM) Market: Regional insights
North America catering the largest share and expected to witness significant growth in the Product Information Management (PIM) market during the forecast period. The high industry growth rate, with the emergence of new technology, is the major reason. The key providers are continuously upgrading their offerings to differentiate them from other competitors. This is achieved by various organic and inorganic strategies. Suppliers operating in the industry are continuously working on new development, technical expertise, and in-house capabilities. High opportunity makes the Product Information Management (PIM) market more competitive and suppliers are trying hard to capture the clients. The market is highly acceptable to innovative products, however, considering the risks involved in business continuity implementers are still considering brand over new offerings in the market.
Global Product Information Management (PIM) Market: Competitive Landscape
The leading players in the global Product Information Management (PIM) product market includes, 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, Plytix and Syndigo, and others, are expanding their presence in the market by implementing various business strategies. Major players are engaged in mergers and acquisitions, expansion of their manufacturing facilities, infrastructural growth, investment in R&D facilities, and the quest for opportunities to expand vertically through the value chain.
Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off.