Dublin, Feb. 21, 2020 (GLOBE NEWSWIRE) -- The "Product Information Management Market by Component (Solutions and Services), Deployment Type, Organization Size, Industry Vertical (Consumer Goods and Retail, Manufacturing, and Transportation and Logistics), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global PIM Market Size is Expected to Grow from USD 7.0 Billion in 2019 to USD 11.4 Billion by 2024, at a CAGR of 10.2%.
The PIM market is growing rapidly, owing to factors such as the growing need to gain real-time visibility into data to reduce TTM and increasing need for eliminating data inconsistencies across multiple data silos. However, varied data and government regulations across industries and regions, and complex data governance and system integration are expected to pose challenges in the implementation of PIM solutions.
Cloud deployment type to grow at a higher CAGR during the forecast period
With the rising technology infusion and increasing data, most of the organizations want access to ostensibly infinite resources, and hence, they are increasingly moving toward adopting cloud-based technologies. The cloud deployment model is mostly adopted by organizations that either want less customized solutions or want rapid implementation, and reduced setup and operational costs. Owing to this, many leading PIM solution providers such as SAP, Akeneo, Plytix, Pimcore, and Oracle are focusing on improving their cloud portfolio, which is another factor that aids to increase the adoption of cloud deployment model for PIM solutions.
Consumer goods and retail industry vertical to hold the highest market share during the forecast period
Changing consumer demands and rising competition compel the consumer goods and retail industry vertical to continuously improve its products and services, resulting in different product lines, vast product portfolio, and continuous product changes. With this, organizations across the consumer goods and retail industry are increasingly deploying PIM solutions to optimize the collection, enrichment, and syndication of their product information. The need to adhere to various regulations prevailing in the industry, and improve customer and supplier experiences are various other factors for the high adoption of PIM solutions among consumer goods and retail companies.
Asia Pacific to grow at the highest CAGR during the forecast period
The high growth of the market in Asia Pacific (APAC) can be attributed to the increasing internet penetration and consumer spending, rising number of business processes, springing startups having limited IT budgets, and increasing adoption of cloud technologies. Various global PIM solution providers, including Oracle, IBM, SAP, Pimcore, and Informatica, have their businesses in the region due to the region's low-cost benefits and high availability of workforce
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Product Information Management Market
4.2 North American Market, By Industry Vertical and Country
4.3 Product Information Management Market: Major Countries
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Need to Gain Real-Time Visibility Into Data to Reduce Ttm
5.2.1.2 Indispensable Requirement of a Data Hub for Better Data Syndication
5.2.1.3 Compelling Need for Eliminating Data Inconsistencies Across Multiple Data Silos
5.2.2 Restraints
5.2.2.1 Misapprehensions About Data Security and Privacy Risks
5.2.3 Opportunities
5.2.3.1 Incorporation of Ai and Ml Capabilities to Improve Information Management and Customer Experience
5.2.3.2 Rising Investments in Automation to Enable Quicker Decisions
5.2.4 Challenges
5.2.4.1 Varied Data and Government Regulations Across Industries and Regions
5.2.4.2 Complex Data Governance and System Integration
5.3 Industry Trends
5.3.1 Case 1: Optimized Products and Improved Revenue Through Effective Data Consolidation and Optimization Recommendations
5.3.2 Case 2: Eliminating Manual Data Updating Tasks and Data Inaccuracies to Enhance Sales Productivity and Accelerate Revenue
5.3.3 Case 3: Meeting Industry and Geographic Regulatory Standards to Create Personalized Product Experiences
6 Product Information Management Market, By Component
6.1 Introduction
6.2 Solutions
6.2.1 Multi-Domain Solution
6.2.1.1 Growing Need to Achieve Unified Governance and Avoid Redundant Costs to Drive the Growth of Multi-Domain Product Information Management Solution
6.2.2 Single-Domain Solution
6.2.2.1 Unique Business Logic Among Different Business Domains and Growing Demand to Meet Industry-Specific Compliance Standards to Drive the Growth of Single-Domain Product Information Management Solution
6.3 Services
6.3.1 Consulting and Implementation
6.3.1.1 Organizations' Need to Identify the Right Set of Solutions and Achieve Hassle-Free Deployment and Integration of Software to Drive the Growth of Consulting and Implementation Services
6.3.2 Training, Support, and Maintenance
6.3.2.1 Need to Reduce Resource Wastage and Resolve Critical Business Issues to Boost the Demand for Training, Support, and Maintenance Services
7 Product Information Management Market, By Deployment Type
7.1 Introduction
7.2 On-Premises
7.2.1 Data Security and Privacy Concerns Among Organizations to Boost the Adoption of On-Premises Deployment Type
7.3 Cloud
7.3.1 Organizations With a Focus on Scalability and Cost-Effectiveness to Choose Cloud Deployment Type
8 Product Information Management Market, By Organization Size
8.1 Introduction
8.2 Large Enterprises
8.2.1 Economies of Scale, Growing Assimilation of Advanced Technologies, and Extensive Product Portfolio to Drive the Adoption of Product Information Management Solutions Among Large Enterprises
8.3 Small and Medium-Sized Enterprises
8.3.1 Organizations' Demand for Flexible Pricing Models and Cost-Effective Deployment to Boost the Adoption of Cloud-Based Product Information Management Solutions
9 Product Information Management Market, By Industry Vertical
9.1 Introduction
9.2 Banking, Financial Services, and Insurance
9.2.1 Need to Maintain Trust and Instill Confidence Among Customers to Drive the Growth of Product Information Management Solutions Among Banking, Financial Services and Insurance Companies
9.3 Consumer Goods and Retail
9.3.1 Need to Enhance Customer Experiences With Better Product Data Syndication to Drive the Adoption of Product Information Management Solutions in the Consumer Goods and Retail Industry
9.4 Manufacturing
9.4.1 Need to Enhance Communication Between Suppliers and Consumers Through Better Product Visibility to Boost the Growth of Product Information Management Market in the Manufacturing Industry
9.5 IT and Telecom
9.5.1 Vast and Complex Product Portfolio to Boost the Adoption of Product Information Management Solutions Among IT and Telecom Companies
9.6 Media and Entertainment
9.6.1 Digital Data Management Capabilities of Product Information Management Solutions to Drive Its Adoption Among Media and Entertainment Companies
9.7 Healthcare and Life Sciences
9.7.1 Need to Adhere to Changing Industry and Regional Regulations to Drive the Demand for Product Information Management Solutions in the Healthcare and Life Sciences Industry
9.8 Transportation and Logistics
9.8.1 Focus on Automating Workflow Processes and Optimizing Supply Chain to Boost the Adoption of Product Information Management Solutions in the Transportation and Logistics Industry
9.9 Others
10 Product Information Management Market, By Region
10.1 Introduction
10.2 North America
10.3 Europe
10.4 Asia Pacific
10.5 Middle East and Africa
10.6 Latin America
11 Competitive Landscape
11.1 Introduction
11.2 Competitive Scenario
11.2.1 New Product/Solution Launches and Product Enhancements
11.2.2 Partnerships and Agreements
11.2.3 Acquisitions
11.3 Competitive Leadership Mapping
11.3.1 Visionary Leaders
11.3.2 Dynamic Differentiators
11.3.3 Innovators
11.3.4 Emerging Companies
12 Company Profiles
12.1 Introduction
12.2 SAP
12.3 IBM
12.4 Informatica
12.5 Oracle
12.6 Akeneo
12.7 Pimcore
12.8 Salsify
12.9 inRiver
12.10 Magnitude Software
12.11 Stibo Systems
12.12 Contentserv
12.13 Enterworks
12.14 Plytix
12.15 Riversand
12.16 Aprimo
12.17 Mobius
12.18 Perfion
12.19 Profisee
12.20 Censhare
12.21 Vinculum
12.22 Right to Win
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