Pune, India., Oct. 06, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Product Information Management Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis– By Component (Solutions and Services), Deployment (On-Premise and Cloud), Organization Size (SMEs and Large Enterprises), Vertical (BFSI, Healthcare, IT & Telecom, Manufacturing, Retail & e-Commerce, Transportation & Logistics, and Others), and Geography” the market in terms of revenue was estimated to be worth $11.24 billion in 2022 and is poised to reach $31.41 billion by 2030, growing at a CAGR of 13.7% from 2022 to 2030.
The growing requirement for efficient management of product data is primarily driving the market. Additionally, there is a tremendous rise in online shopping across the globe, leading to higher demand for product information management solutions among e-commerce players. Thus, the market demand is anticipated to increase during 2022 to 2030.
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Global Product Information Management Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 11.24 Billion in 2022 |
| Market Size Value by | USD 31.41 Billion by 2030 |
| Growth rate | CAGR of 13.7% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Component, Deployment, Organization Size, Vertical, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Growth of Omni-channel Commerce to Provide Lucrative Opportunities for Global Product Information Management Market:
There has been a steady rise in omnichannel commerce across the globe. Exploring trends on social media, assessing rivals, and researching products online while being present at a real store have become standard practices. It has also resulted in the establishment of omnichannel commerce, offering customers a seamless buying experience. A conventional multichannel shop could have a website as well as a real-time physical store location. Although both omnichannel and multichannel include selling across a variety of physical and digital channels, the major difference pertains to how the consumer experience is tied together across those channels. With the advent and adoption of social media and the advancement of newer technologies, businesses today have plenty of options for reaching out to their customers. In addition, marketers now have a variety of venues to promote their items on.
As a result, customers demand a seamless experience across all such channels and platforms, forming the core of the omnichannel. Over the last two decades, there has been a huge shift in client purchasing behavior as a result of the revolutionary advancements in technology and the internet. An omnichannel strategy for integrated data collection and analytics enables a firm to monitor and gather data from its consumers across all channels. Such data assists the firm in better understanding its consumers and learning their requirements and preferences, such as the items they have looked at, the things they have left in the basket, the offers they were drawn to, and so on. Such trends have been leading to a growing requirement for solutions such as product information management, which offers improved product data organization, visibility, and customer engagement, among others. Thus, the growth of omnichannel commerce is anticipated to offer great opportunities for the product information management market.
Product information management can be explained as the process of handling and elevating product information and related digital assets across varied teams to provide an attractive product experience and successfully promote the product across multiple sales and marketing channels. A product information management solution can be termed as a master-data-fueled, process-driven application for collaborating on product content. It serves as a singular, central platform to gather, manage, and enrich merchandise information and distribute it to marketing, sales, and e-commerce channels. With technological advancements, customers’ expectations for relevant, detailed, and trusted product information across most channels for making an informed purchase decision have been increasing. But often, product information remains fragmented, incomplete, and inconsistent across different applications, business units, siloed systems, and channels. Varied departments, such as digital marketing, product management, or merchandising, often fail to obtain a complete view of all product information. Hence, additional time is spent on manually managing product data or exchanging information about product content, both internally and with suppliers or creative agencies. Product information management solutions remove such challenges and hence are witnessing a strong demand.
Akeneo SAS, Informatica Inc., inRiver AB, Jasper Commerce Inc., and Salsify Inc. are key players in the product information management market. With the strong growth in demand for product information management, numerous companies have established partnerships to expand their offerings in digital solutions. For instance, in October 2022, SpecialChem, a leading materials selection platform, and Agilis, a provider of digital commerce solutions for the chemical industry, partnered to develop a cloud-based product information management solution designed specifically for the chemical industry. The rising complexity and volume of product information in the chemical industry can be efficiently tackled by the new solution, as per the company. Additionally, several organizations are introducing new products or updating their existing portfolio to improve their market share. For instance, in November 2022, Propel Software introduced a product information management solution to enhance its product value management platform. The new offering is expected to provide a continuous thread that can transform technical data into customer-facing product content. As per the company, they are the only player to offer a product information management solution that enables synchronized workflows, dynamic collaboration, and data continuity throughout the whole product lifecycle.
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Global Product Information Management Market: Segmental Overview
The product information management market is segmented on the basis of component, deployment, organization size, and vertical. Based on components, the product information management market is bifurcated into solutions and services. By deployment, the product information management market is divided into on-premise and cloud. By organization size, the product information management market is bifurcated into SMEs and large enterprises. Based on vertical, the product information management market is segregated into BFSI, healthcare, IT & telecom, manufacturing, retail & e-commerce, transportation & logistics, and others.
Global Product Information Management Market: Competitive Landscape
Akeneo SAS, IBM Corporation, Informatica Inc., inriver AB, Jasper Commerce Inc., Oracle Corporation, Precisely Holdings LLC, Salsify Inc., Stibo Systems, and Syndigo LLC are a few of the key companies operating in the product information management market. The product information management market leaders focus on expansion and diversification, new product launches, and acquisition strategies, which allow them to access prevailing business opportunities.
Recent Developments:
- August 2023: inriver AB introduced the Brand Store, a self-service digital storefront providing a centralized and secure way to distribute product information. The launch was aimed at continuing the company’s commitment to evolving the product information management space with its new breed of solutions. Broan-NuTone, Brunswick, Rockwool, and Victorinox are some of the companies that adopted the solution to maintain full control over their critical product assets through this platform.
- July 2023: Akeneo, a leading provider of product information management and product experience management solutions, was chosen by Childsplay Clothing, a luxury childrenswear retailer, to support its international growth. The retailer expects Akeneo’s product information management solution to aid in centralizing product information across its entire sales channel.
- February 2023: Pimly, a Chicago-based startup, launched the Product Cloud, a Salesforce-native product information management platform. The new solution is expected to bring all product information of an organization into Salesforce to easily manage and utilize product data and digital assets across Salesforce clouds.
- February 2023: Lumavate, a digital experience platform provider, launched its product information management solution. The new solution is anticipated to allow enterprises to take control of their product information and tailor the product information management solution according to their business needs.
Go through further research published by The Insight Partners:
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