Product Information Management Market Analysis and Global Forecast 2023-2033

Product Information Management Market Overview

The Product Information Management Market Size is expected to reach USD 21.65 Billion by 2033. The Product Information Management industry size accounted for USD 12.24 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 19.14% from 2023 to 2033. The Product Information Management (PIM) market focuses on systems and processes that manage all the information required to market and sell products through distribution channels. PIM solutions centralize and manage product data, ensuring accuracy, consistency, and up-to-date information across multiple channels. These systems are crucial for businesses with extensive product catalogs, helping streamline product management, improve data quality, and enhance customer experiences. PIM supports various functions including data collection, data enrichment, catalog management, and data distribution. The market is driven by the growing need for efficient product data management and the increasing complexity of product information across various industries

Global Product Information Management Market Synopsis

COVID-19 Impact Analysis

The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the Product Information Management market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.

Product Information Management Market Dynamics

The major factors that have impacted the growth of Product Information Management are as follows:

Drivers:

Ø  Increasing Volume and Complexity of Product Data

As businesses expand their product lines and enter new markets, the volume and complexity of product information grow exponentially. PIM systems help manage this data efficiently, ensuring accuracy and consistency across various channels.

Restraint:

• Data Quality and Management Challenges

For PIM systems to be effective, the quality of the input data must be high. Many organizations struggle with poor data quality, fragmented data sources, and inconsistent data management practices. Ensuring clean, accurate, and comprehensive data can be a daunting task, impeding the effectiveness of PIM solutions.

Opportunity:

⮚      Growth of E-Commerce and Digital Transformation

The continued growth of e-commerce and the digital transformation of traditional businesses create a substantial demand for PIM solutions. Companies need robust systems to manage and distribute accurate product information across multiple online platforms, ensuring a consistent and engaging customer experience.

Product Information Management Segment Overview

By Component

Based on Component, the market is semented based on Solution, Services. the Solution segment dominates. This is due to the critical need for robust PIM software solutions that centralize and manage comprehensive product data, ensuring accuracy and consistency across multiple distribution channels.

By Verticals

Based on Verticalss, the market has been divided into the BFSI, Consumer goods and retail, Manufacturing, Others. the Consumer Goods and Retail sector dominates the Product Information Management (PIM) market. This dominance is driven by the sector’s high demand for accurate and consistent product data across multiple channels to enhance customer experience and support extensive product catalogs.

Global Product Information Management Market Regional Analysis

Based on region, the global Product Information Management market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is projected to dominate the use of the Product Information Management market followed by the Asia-Pacific and Europe regions.

Product Information Management North America Market

North America holds a dominant position in the Product Information Management Market. Due to rising e-commerce traffic and the growing adoption of this solution in the retail and e-commerce industries, which boosts e-commerce sales in North American nations like the United States and Canada, the North American PIM market area is expected to lead this market. Furthermore, the increasing quantity of fitness centers and health clubs opening will fuel market expansion in this area.

Product Information Management Asia-Pacific Market

The Asia-Pacific region has indeed emerged as the fastest-growing market for the Product Information Management industry. From 2023 to 2032, the Asia-Pacific Production Information Management (PIM) Market is anticipated to develop at the quickest compound annual growth rate (CAGR). This is a result of the rise in online commerce and the usage of high-speed broadband and the internet by additional countries in the region. In the e-commerce industry, this software is highly needed because to the growing number of foreign e-commerce companies operating in China and India, such as Amazon, Alibaba, Flipkart, Snapdeal, and many more.

Competitive Landscape

The global Product Information Management market is highly competitive, with numerous players offering a wide range of software solutions. The competitive landscape is characterized by the presence of established companies, as well as emerging startups and niche players. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as product launches, and strategic alliances.

Prominent Players:

• Oracle
• SAP
• IBM
• Informatica
• Pimcore
• Akeneo
• Inriver
• Winshuttle
• Riversand
• SALSIFY

Key Development

In Oct. 2021, Enterprise leader in process management and business process intelligence, Signavio, was bought by SAP SE. Through venture capital funds, SAP also assists business owners who want to create market-leading companies. The company offers SAP.io Fund, which focuses on strategic early-stage investments in enterprise software entrepreneurs and commits to investing up to 40% of investable cash. It is currently managed by Sapphire Ventures.

Scope of the Report

Global Product Information Management Market, by Component

• Solution
• Services

Global Product Information Management Market, by Verticals

• BFSI
• Consumer goods and retail
• Manufacturing
• Others

Global Product Information Management Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $21.65 Billion
CAGR	19.14% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Component, Verticals
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	Oracle, SAP, IBM, Informatica, Pimcore, Akeneo, Inriver, Winshuttle, Riversand, SALSIFY
Key Market Opportunities	• Rising demand for PIM solutions from flourishing ecommerce industry Increasing need to offer enhanced customer services
Key Market Drivers	• Incorporation of AI and ML capabilities to improve information management and customer experience

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Product Information Management market trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities in the future
• Product Information Management market historical market size for the year 2021, and forecast from 2023 to 2033
• Product Information Management market share analysis at each product level
• Competitor analysis with detailed insight into its product segment, Government & Defense 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 Product Information Management market affected by the pandemic
• To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.