Product Information Management Market

Product Information Management Market Statistics: 2027

The global product information management market size was valued at $9.90 billion in 2019, and is projected to reach $59.25 billion by 2027, growing at a CAGR of 25.2% from 2020 to 2027. A product information management (PIM) is a business application that consolidates the management of product data & digital assets and streamlines collaborative data enrichment. It helps standardize the increasingly complex demands of product content and syndicates trusted & high-quality product information to sales and marketing channels.

During COVID-19 pandemic, e-commerce sector has witnessed spike in demand. This has led to increase in demand for product information management software, especially in retail sector as it helps in providing manufacturers with the insights pertaining to online competitive landscape. PIM also provides the tools that enable businesses to control their product appearances on many website properties.

Increase in demand for better product information for future commerce, growth in demand for product information management software from thriving eCommerce industry, the need to boost team productivity, and rise in need for product data curation & management are some of the major factors that drive the growth of global product information management market. However, lack of skilled IT staff and inaccuracies in data are anticipated to restrict the market growth. On the contrary, integration of artificial intelligence and machine learning capabilities to enhance information management and customer experience and rise in demand for cloud-based product information management solutions are anticipated to provide lucrative growth opportunities for the expansion of global PIM market during the analysis period.

On the basis of component, the global product information management software segment is expected to dominate the overall product information management market size in 2027. This is attributed to advantage of product information management solution such as standardizing the increasingly complex demands of product content, acting as multichannel marketing software tool, track all catalog & inventory data of a company in real time, improving conversion rate, and synchronizing images, videos & product descriptions from all channels used by the brand.

According to the industry vertical, the retail segment accounted for the highest product information management market share in 2019, as retail industry’s distribution & supplier networks has become more complex across the world. Thus to provide effective product information across all distribution channels to increase sales, companies are adopting PIM software. In addition, growing ecommerce trade across the world is leading the industry players to focus on maintaining product content and improving consumer’s experience, maintain customer reviews, ratings and customer behavior on the online platforms. This is further leading to growth of PIM software segment.

In 2019, the global product information management market was dominated by the North America region, due to major presence of key market vendors in this region and great adoption of advanced technologies in most of the industries, especially retail. In addition, digitization, booming ecommerce sector act as the key driving forces of the North America PIM market.

The emergence of COVID-19 is expected to have a positive impact on the growth of the product information management market. As the ecommerce sector is booming, the role of the product merchandiser is evolving radically. Customers’ retail decisions are no longer being made in the physical stores, but online in web browsers or smartphones on digital shelf. The prices of manufacturer’s products are being compared with alternative products from retailers on the websites all over the world. Thus, product information management software have emerged as a new solution offering manufacturers with insight into the online competitive landscape. It also offers tools that enable brands to control the products’ appearances on multiple website which is expected to propel the market PIM market growth. 

The report focuses on the growth prospects, restraints, and global product information management market trends. Moreover, the study includes Porter’s five forces analysis of the industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the product information management market growth.

Segment review

The global product information management market is segmented on the basis of component, deployment, enterprise size, industry vertical, and region. By component, it is divided into software and services. The software segment is further sub categorized into single domain PIM and multi domain PIM. Depending on deployment, it is categorized into on-premise and cloud. According to enterprise size, the PIM market is classified into large enterprises and small & medium enterprises. As per industry vertical, it is fragmented into BFSI, retail, manufacturing, IT & telecom, transportation & logistics, media & entertainment, and other. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players operating in the global product information management market analysis include Oracle, SAP SE, IBM, Informatica LLC, Akeneo, Pimcore, Salsify, Riversand, Stibo Systems, and Inriver.

Top impacting factors

Rise in need for product data curation and management

Companies across various sectors are realizing the need for suitable solution which can facilitate the product data curation and management. This is attributed to the fact that companies are looking to gain the competitive advantage in the fast evolving digital marketplace. product information management solutions are usually required when there are multiple channels, complex attribute models, endless aisle (inbound or outbound), multiple product hierarchies, complex user models, direct to consumer (DTC) commerce and when existing legacy systems become expensive to maintain.  As the marketplace is fast changing and competitors are offering advanced capabilities, companies are leaning towards investing in PIM, driving the growth of this market.

Increase in demand for better product information for future commerce

In the digital economy, both B2C and B2B customers are demanding more convincing, frictionless, and personalized commerce experiences. Retailers, manufacturers, and brands must deliver accurate product data to all their distribution channels to optimize the story being told around their products. Product information management (PIM) software is an essential tool for organizations to effectively sell their products and services across the many channels through which there customer engagement.

Further, to overcome the shortcomings of traditional MDM applications such as lack of support for image, video content necessary to merchandize products; syndication capabilities to publish product data and content to numerous channels; absence of portals facilitating distribution of this data to company’s distribution network; and integration with core commerce services, comprising inventory management, order management, and marketing automation; companies are adopting the PIM software. This is further propelling the demand for PIM software market, as it offers a single system of truth for commerce that addresses these shortcomings.

Key Benefits For Stakeholders

• This study includes the analytical depiction of the global product information management market forecast and trends to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and product information management market opportunity.
• The current product information management market size is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the product information management industry.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the PIM market.

 Product Information Management Market Report Highlights