Product Information Management Market Worth USD 12.91 Billion by 2029 | Report by Fortune Business Insights

As per the report by Fortune Business Insights, the global Product Information Management Market size is projected to reach USD 12.91 Billion in 2029, at a CAGR of 23.1% during the forecast period, 2022-2029

Pune,India, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The Product Information Management Market Size stood at USD 2.49 billion in 2021. The market value is slated to rise from USD 3.01 billion in 2022 to USD 12.91 billion in 2029 at a CAGR of 23.1% during 2022-2029. Size, ingredient, weight, colors, and other product specifications are among the increasingly complicated requirements for product content that Product Information Management (PIM) aids in standardizing. Retailers, producers, and wholesalers are increasingly using PIM systems to manage their items in a single location. Fortune Business Insights™ presents this information in its report titled, “Product Information Management Market forecast,2023-2029”.

Key Industry Development-

To provide cutting-edge MDM and PIM solutions to clients located all over the world, Codifyd Inc., a provider of end-to-end digital commerce and product content solutions, teamed up with Riversand, a SaaS-based provider of product information solutions.

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Report Scope & Segmentation

Report Coverage Details
Forecast Period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 23.1%
2029 Value Projection USD 12.91 Billion
Base Year 2021
Product Information Management Market Size in 2021 USD 2.49 Billion
Historical Data for 2018 to 2020
No. of Pages 150
Segments covered Deployment, Enterprise, End-User,
Product Information Management Market Growth Drivers Rise in Complexity of Managing the Data Generated by Digital Commerce is Likely to Boost the Demand for PIM
Rising Concerns about Dealing with Multiple Sales Channel Requirements Hinder the Market Growth

Key Takeaways

  • Product Information Management Market is expected to flourish & reach USD 12.91 Billion in 2029
  • Using PIM in combination with AR helps the buyer to make sure they have selected the right product.
  • PIM facilitates data distribution to a wide range of channels and media. Thus, various end users require to adopt this software in order to manage a large quantity of product content
  • PIM It also allows large companies to manage product data for multi-channel marketing and improves marketing productivity.
  • Product Information Management Market Size in North America was USD 0.90 Billion 2021

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Drivers & Restraints -

  • As Digital Commerce Becomes More Complex, PIM Demand is Likely to Rise
  • Businesses with extensive product lines often utilize sophisticated categorizations in their product catalogs.
  • As it might simplify the creation, maintenance, and transfer of product information to downstream channels, many firms are captivated by the complex structure of digital commerce.
  • PIM makes it easier to distribute data across many channels and media. Therefore, a lot of end users insist on the use of PIM software to manage a lot of product content.
  • Thus, the necessity for product information management software grows as a result of the complexity of handling the data generated by digital commerce.
  • The increased use of open-source PIM platforms demands a robust IT service team to integrate and configure PIM systems.
  • Data collected from various sales channels could be inaccurate or inconsistent about the products, contain mistakes, or miss certain information. This factor can limit the product information management market growth.

Regional Insights

North America to be the Largest Market Share Holder due to Rise in E-commerce Traffic

Due to the increase in e-commerce traffic over the past several years and the increased use of PIM software to improve consumer experiences, North America held the largest product information management market share in 2021. The market is also anticipated to grow due to the leading industry players' presence across North America. North American countries such as the U.S. and Canada witness an increase in e-commerce sales due to the adoption of product information management software.

Segments -

By Deployment, Cloud to Hold the Most Extensive Market Share

The market is divided into cloud and on-premise based on deployment. The cloud, which now has the biggest market share, will experience the quickest CAGR increase during the anticipated period. The cloud-based PIM software seeks to manage the volume of content that is always changing while also managing a vast network of providers. It allows faster launch times, lower costs, and greater scalability for digital administration of product information.

By Enterprise Type, Large Enterprises Segment Dominate the Market

The market has been examined for both Small & Medium Enterprises (SMEs) and large enterprises, depending on enterprise type. To sell their products and use numerous marketing techniques to provide better product experiences to the customers and achieve their business goals, huge corporations invest in e-commerce startups and diverse online businesses.

By End-user, Retail & E-commerce Industry to Forge High Capital

IT & telecommunication, healthcare, manufacturing, retail & e-commerce, automotive, and others are the end-users of the market. Throughout the projected period, it is anticipated that the manufacturing, retail & e-commerce, and others segment will hold the biggest market shares. PIM, which helps track the wholesale of items, is increasingly being used by merchandisers, managers, and retailers. The retail & e-commerce segment is therefore expected to dominate the market during the projection period.

Report Coverage-

The market analysis includes well-known regions from around the world to get a better grasp of the business. The study also provides perspectives on current market and industry trends as well as an analysis of the technologies that are rapidly gaining widespread acceptance. It also emphasizes some of the barriers to growth and the elements that support it, giving the reader a thorough understanding of the industry.

Competitive Landscape

Key Players Benefit from Advanced Product Information Management

A sizable percentage of the global market is under the hands of many service providers. Modern technologies are being used by several organizations to expand their market share. Expansion of product portfolio, mergers and acquisitions, and R&D are the three basic methods employed by service providers. It is expected that as a result, the global market would continually update its product offerings.

List of Key Players Mentioned in the Report:

  • Akeneo (France)
  • Informatica Inc. (Germany)
  • Magnitude Software, Inc. (Agility Multichannel) (Sweden)
  • IBM Corporation (U.K.)
  • Inriver AB (Germany)
  • Salsify Inc. (U.S.)
  • Syndigo LLC (U.S.)
  • SAP SE (Germany)
  • Stibo Systems (U.S.)
  • Pimcore (U.S.)

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Major Table of Contents:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Executive Summary
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Global Product Information Management Key Players Market Share Insights and Analysis, 2021 
  • Global Product Information Management Market Size Estimates and Forecasts, By Segments, 2018-2029
    • Key Findings
    • By Deployment (USD)
      • Cloud
      • On-premise
    • By Enterprise Type (USD)
      • Small & Medium Enterprises (SMEs)
      • Large Enterprises
    • By End-user  (USD)
      • Retail & E-commerce
      • Manufacturing
      • IT & Telecommunication
      • Healthcare
      • Automotive
      • Others (Government, Transportation & Logistics, etc)
    • By Region (USD)
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
  • North America Product Information Management Market Size Estimates and Forecasts, By Segments, 2018-2029
    • Key Findings
    • By Deployment (USD)
      • Cloud
      • On-premise
    • By Enterprise Type (USD)
      • Small & Medium Enterprises (SMEs)
      • Large Enterprises
    • By End-user  (USD)
      • Retail & E-commerce
      • Manufacturing
      • IT & Telecommunication
      • Healthcare
      • Automotive
      • Others (Government, Transportation & Logistics, etc)
    • By Country (USD)
      • United States
      • Canada
      • Mexico

TOC Continued…!

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How big is the Product Information Management Market?

The market is projected to grow from USD 3.01 billion in 2022 to USD 12.91 billion by 2029, exhibiting a CAGR of 23.1% during the forecast period.

How big is Product Information Management Market In North America?

The market in North America stood at USD 0.90 Billion in 2021 and is expected to gain a huge portion of the market share in the coming years.

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