The global Catalog Management Systems market size is projected to reach approximately $1.9 Billion by 2030, at a CAGR of 10.6% from 2022 to 2030. A Catalog management system is designed to help with designing and editing catalogs, which allows for accurate pricing of the products available. It is used to maintain the product information in a structured and organized manner, which helps customers and channel partners understand the product benefits. At the moment, there’s a range of new items being released by brands and due to their short lifecycle, they are very dependent on various channels. Firms find it hard to maintain the integrity of item data across all platforms and channels. Catalogs are an important part of any business because they present a list of products that are available for sale and provide useful information on how to order the product.
COVID-19 Impact Analysis
The pandemic has had a positive impact on the Catalog Management Systems market. COVID-19 has contributed greatly to the digital transformation that has occurred in several industries, including retail and eCommerce, telecom, and media and entertainment. These solutions can quickly provide a snapshot of products in a channel, capture and upload data, and map it to customer needs. Systems also help in verifying, enriching, and augmenting data in real-time. They automate the creation of product catalogs using data from multiple sources to improve product assortment. As a result, they are faster at syndicating information across channels and reduce the need for manual labor to a great extent.
The Catalog Management Systems market is expected to witness growth due to various factors. There is a growth of people using mobile apps, social media, and digital channels which has increased the level of engagement in retail and e-commerce. Furthermore, the demand for more efficient catalog management is rising as companies focus on reducing operational costs and streamlining selling processes. This will drive market growth during the forecast period.
⮚ Increased Adoption of Catalog Management Systems in the E-Commerce Industry
The internet has enabled many businesses to grow their customer base. With more consumers having access to the internet and more people owning smartphones, the eCommerce industry is forecasted to maintain its rapid growth. The e-Commerce industry is rapidly growing in countries like the Philippines, Mexico, India & China. Catalog management reduces service delivery costs, improves customer experience, makes employees more efficient, and increases business productivity. Catalog management systems offer customers a better shopping experience by providing comprehensive information on all the products. These benefits not only give time to focus on other important aspects of the business but also help automate updates on eCommerce platforms.
- Lack of Proper Knowledge of the Data Security and Privacy Issues of Catalog Management Systems
Concerns about data security are what have prevented the majority of companies from adopting catalog management solutions. Users do not often use these solutions because they are worried about losing their important data as a result of errors occurring during compilation or upgrade. Users feel the level of security for their data is insufficient and that the company would potentially not take responsibility for any data thefts or losses. Users are also increasingly worried about the potential loss of their data’s authenticity.
⮚ Use of Artificial Intelligence and Machine Learning to Improve Customer Experience
Organizations across industries such as healthcare, retail, and financial services are investing in new techs like AI and ML to grow and stay ahead of the competition. AI catalog management provides automatic product classification, anomaly detection, enrichment of the catalog through the selection of trusted data sets, scoring products, and contextual recommendations. ML catalog management solutions help businesses in ensuring data compliance, driving digital transformation, and improving operational efficiency. By sensing upcoming data quality issues and suggesting appropriate solutions for them, these solutions can reduce the need for expensive clean-up tasks that would otherwise be necessary. IBM is one of the companies that offer machine learning-enabled catalog management solutions.
Based on the Type, the Catalog Management Systems market is segmented based on Product Catalogs and Service Catalogs. The Product Catalog segment is anticipated to account for the large market share. The penetration of e-commerce websites and online retail stores has allowed users to shop for their desired products under one application. The segment growth can be attributed to the increasing penetration of these websites and stores. The Service Catalog segment is anticipated to expand at the highest CAGR. This expansion can be attributed to the increasing demand for post-purchase services of tangible products.
Based on the Component, the Catalog Management Systems market is segmented based on Solutions and Services. The Solution segment is anticipated to account for the large market share as it is a broader solution that covers most of the needs of any company. Solutions provide the core components needed to run a Catalog Management System (CMS).
By Deployment Type
Based on Deployment Type, the global Catalog Management Systems market has been divided into Cloud and On-Premises. The Cloud segment is expected to hold the largest market share owing to the cost-effectiveness and scalability of cloud solutions. Large enterprises often choose to adopt the on-premises model, because they have a higher budget allowance that can be used to buy catalog management software. Some SMEs find it difficult to get the necessary funding for the same.
By Organization Size
Based on Organization Size, the global Catalog Management Systems market has been divided into Large Enterprises and SMEs. The SMEs segment is expected to hold the largest market share due to the rising adoption of cloud-based systems. SMEs often lack the budget and resources to conduct effective marketing operations. These enterprises face greater challenges with limited budgets in comparison to large companies. They need better methods to tackle complex issues and optimize their process costs.
Based on Vertical, the global Catalog Management Systems market has been divided into IT and Telecom, Retail and e-Commerce, BFSI, Media & Entertainment, Travel, and Hospitality. The Retail and e-Commerce segment is expected to hold the largest market share. Retail and eCommerce have been experiencing a boom because of the adoption of various digital strategies that meet the growing needs of consumers. Today, customers expect rich and consistent product information. That is why catalog managers ensure the quality of product data across all sales channels for the organization.
Global Catalog Management Systems Market Share, by Segmentation
Based on region, the global Catalog Management Systems market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America is projected to dominate the use of the Catalog Management Systems market followed by the Asia-Pacific and Europe regions.
North America Market
The North American market is expected to be a dominant presence in the Catalog Management Systems market. The presence of significant manufacturers and companies in the region accounts for the region’s largest market share. The region has been one of the quickest in technology adoption and IT infrastructure optimization, leading to substantial growth in the global catalog management systems market.
The Asia Pacific region is forecast to experience accelerated growth Catalog Management Systems market growth over the next few years. The rapid economic growth, digitalization, globalization, and rising usage of cloud-based technologies are projected to drive the catalog management systems market in the Asia Pacific region. The e-commerce sector in the region is expected to facilitate the market for catalog management during the forecast period
The market comprises tier-1, tier-2, and local players. With their wide product portfolios, tier-1 and tier-2 players have a global reach. Because of their strategic innovations and broad regional presence, companies such as IBM, Oracle, Coupa Software, AP, Servicenow, CA Technologies, Fujitsu, Comarch, Proactis, and Salsify, lead the global Catalog Management Systems business. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as growth, product releases, and alliances.
- Coupa Software
- CA Technologies
In November 2020, Salsify has teamed up with e-Comas, a company that provides consulting, management, and content optimization for Amazon. The aim behind the partnership is to provide Amazon digital shelf excellence to brand manufacturers in Europe, the Middle East, and Africa by utilizing Salsify’s solutions.
Scope of the Report
Global Catalog Management Systems Market, by Type
- Product Catalogs
- Service Catalogs
Global Catalog Management Systems Market, by Component
Global Catalog Management Systems Market, by Deployment Type
Global Catalog Management Systems Market, by Organization Size
- Large Enterprises
Global Catalog Management Systems Market, by Vertical
- Retail and eCommerce
- Media and Entertainment
- Travel and Hospitality
Global Catalog Management Systems Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
|Market Size||2030: $ 1.9Billion|
|CAGR||10.6% CAGR (2022-2030)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Segmentations||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, Middle East, Africa|
|Key Vendors||IBM, Oracle, Coupa Software, AP, Servicenow, CA Technologies, Fujitsu, Comarch, Proactis, and Salsify|
|Key Market Opportunities||Use of Artificial Intelligence and Machine Learning to Improve Customer Experience|
|Key Market Drivers||Increased Adoption of Catalog Management Systems in the E-Commerce Industry|
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Catalog Management Systems market trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities in the future
- Catalog Management Systems market historical market size for the year 2020, and forecast from 2021 to 2028
- Catalog Management Systems market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
- To identify and understand the various factors involved in the global Catalog Management Systems market affected by the pandemic
- To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Catalog Management Systems Market FAQs
- What is the study period of this market?
- The study period of the global Catalog Management Systems market is 2020 – 2030
- What is the growth rate of the global Catalog Management Systems market?
- The global Catalog Management Systems market is growing at a CAGR of ~ 6% over the next 7 years
- Which region has the highest growth rate in the global Catalog Management Systems market?
- Asia Pacific is expected to register the highest CAGR during 2022 – 2030
- Which region has the largest share in the global Catalog Management Systems market?
- North America holds the largest share in 2021
- Who are the key players in the global Catalog Management Systems market?
- IBM, Oracle, Coupa Software, AP, Servicenow, CA Technologies, Fujitsu, Comarch, Proactis, and Salsify are the major companies operating in the global Catalog Management Systems
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- Yes, we offer 16 hours of analyst support to solve the queries
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