Catalog Management Systems Market by Component, Deployment Type, Organization Size, Industry Vertical (IT and Telecom, Retail and eCommerce, BFSI, Media and Entertainment, Travel and Hospitality), and Region - Global Forecast to 2023
“A growing need to present consistent product information for meeting the dynamic requirements of customers is expected to drive the catalog management systems market”
The global catalog management systems market size is expected to grow from USD 846.6 million in 2018 to USD 1,190.0 million by 2023, at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period. The indispensable requirement to have centrally managed product and service data will be a major growth driver of the market. With ever-changing customer requirements, a robust catalog management system helps enterprises in presenting consistent product information to its customers and aim toward providing a positive customer experience. Another factor driving the growth of the catalog management market is increasing number of digital transformation initiatives in the retail and eCommerce industry vertical. However, prevailing data security apprehensions and lack of awareness about the functionalities and benefits related to catalog management systems could hinder the growth of catalog management system market.
Solution segment to hold a larger market size during the forecast period
The solution segment is estimated to hold a larger market size in 2018. Catalog management systems solution helps enterprises save time and money when it comes to organizing and managing product information. An increasing need to streamline selling processes will drive the adoption of catalog management solution across industry verticals. However, the services segment would grow at a higher CAGR, as organizations are focusing on reducing operational costs and providing positive customer experience.
Cloud deployment type to grow at a higher CAGR during the forecast period
In the catalog management systems market, the cloud deployment model would grow at a higher CAGR during the forecast period. Major factors include enhanced security features, interactive dashboards, ease of flexibility, and better scalability could encourage enterprises across the globe to adopt the cloud deployment. Moreover, the cloud-based deployment model offers higher agility than the on-premises deployment model.
Asia Pacific (APAC) to be the fastest growing region during the forecast period
APAC is expected to be the fastest growing region in the global catalog management systems market during the forecast period. Rapid economic developments, globalization, digitalization, and the increased adoption of cloud-based technologies are expected to drive the catalog management systems market in the APAC region. The growing need for cost optimization and effective utilization of IT infrastructures is expected to propel the demand for catalog management systems solution and its associated services.
In the process of determining and verifying the total market size, several segments and subsegments were gathered through secondary research and extensive primary interviews were conducted with key people. The breakdown of the profiles of the primary participants is as follows:
By Company: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%
By Designation: C-level - 35%, Director level - 25%, and Others - 40%
By Region: North America - 40%, Europe - 28%, APAC - 25%, RoW - 7%
The catalog management systems ecosystem comprises service and solution providers, such as IBM (US), SAP SE (Germany), Oracle (US), CA Technologies (US), Coupa Software (US), ServiceNow (US), Proactis (UK), Fujitsu (Japan), Comarch (Poland), Zycus (US), GEP (US), Insite Software (US), Plytix (Denmark), Vroozi (US), Salsify (US), Mirakl (France), Ericsson (Sweden), SellerCloud (US), Sigma Systems (Canada), Vinculum (India), Claritum (US), eJeeva (US), SunTec (India), cellent (Germany), and Amdocs (US).
The report includes in-depth competitive analysis of key players in the catalog management systems market, with their company profiles, recent developments, and key market strategies. The research report segments the catalog management systems market by component, deployment type, organization size, industry vertical, and region.
Reasons to Buy the Report
The catalog management systems market report segments market by component, deployment type, organization size, industry vertical, and region. The report would help market leaders/new entrants in this market in the following ways:
1. The report segments the catalog management systems market comprehensively and provides the closest approximations of the revenue numbers for the overall market segments and subsegments. The market numbers are further split across different industry verticals and regions.
2. The report helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report helps stakeholders understand their competitors better and gain more insights to improve the position of their businesses. There is a separate section on the competitive landscape, including competitor ecosystems, and mergers and acquisitions. Besides, there are company profiles of major vendors offering catalog management systems solution and services.